Platts Asia & Middle East Heavy Distillates and Bitumen Daily Assessments - 22Mar24

Published:03/22/2024 19:46:17 SGT

$/mt FOB Singapore Mid Change
Sulfur ppm
FO 180 2.0% <PUAXS00> 497.88-497.92 497.900 +0.300
FO 180 3.5% <PUADV00> 486.92-486.96 486.940 +0.290
FO 380 3.5% <PPXDK00> 470.13-470.17 470.150 -1.720
<PPXDKSF>35000
Marine Fuel 0.5% <AMFSA00> 622.810 +0.310
Ex-Wharf 380 <AAFER00> 473.50-474.50 474.000 -2.000
Ex-Wharf 500 <AAVUP00> 468.50-469.50 469.000 -2.000
Bitumen <BTSGA00> 405.000 +0.000
$/mt FOB Arab Gulf
FO 180 <PUABE00> 458.96-459.00 458.980 +0.360
FO 380 <AAIDC00> 442.17-442.21 442.190 -1.650
380/180 spread <PPXDM00> -16.81/-16.77 -16.790 -2.010
Marine Fuel 0.5% <AMFFA00> 626.110 +0.060
$/mt FOB Singapore premium/discount
FO 180 3.5%* <AAGZF00> -5.82/-5.78 -5.800 +0.250
FO 380 3.5%** <PPXDL00> -3.05/-3.01 -3.030 -0.110
Marine Fuel 0.5%****<FOFSB00> 1.580 +0.160
Marine Fuel 0.5%** <AMOPA00> 149.630 +1.920
Bitumen** <BTSGB00> -68.180 +1.610
$/mt FOB Arab Gulf premium/discount
FO 180*** <AAXJA00> 6.98/7.02 7.000 +0.000
FO 380*** <AAXJB00> 9.98/10.02 10.000 +0.000
Marine Fuel 0.5% <FOFFB00> 2.000 +1.000
$/mt Mean of Platts Singapore strip
*MOPS FO 180 <AAPJX00> 492.72-492.76 492.740 +0.040
**MOPS FO 380 <AAPJW00> 473.16-473.20 473.180 -1.610
****MOPS MF 0.5% <FOFSA00> 621.230 +0.150

*Indicates relationship between premium and MOPS fuel oil 180 strip.
**Indicates relationship between premium and MOPS fuel oil 380 strip.
***Represents the premium/discount to the FOB Arab Gulf spot assessment
on day
of loading (20-40 days forward).
****Indicates relationship between premium and MOPS Marine Fuel
0.5%strip

Methodology: http://plts.co/UBJZ30rEfRO

Platts Refined Products master page index <PRF0101>

Feedback or questions? Please email pga@spglobal.com

Platts Asia and Middle East Gasoil Assessments - 22Mar24

Published:03/22/2024 20:03:12 SGT
$/b FOB Singapore Mid Change Sulfur
ppm
Gasoil 10 ppm <AAOVC00> 104.17-104.21 104.190 -0.220
Gasoil 50 ppm <AAPPF00> 103.84-103.88 103.860 -0.230
Gasoil 500 ppm <AAFEX00> 103.22-103.26 103.240 -0.260
Gasoil 0.25% <AACUE00> 101.92-101.96 101.940 -0.260
Gasoil <POABC00> 104.17-104.21 104.190 -0.220
<POABCSF> 10

HVO (PFAD)**** <HVSAA00> 173.100 -0.890

FOB Arab Gulf

Gasoil 10 ppm <AAIDT00> 97.88-97.92 97.900 -0.070
Gasoil 50 ppm <AASGJ00> 97.43-97.47 97.450 -0.070
Gasoil 500 ppm <AAFEZ00> 96.88-96.92 96.900 -0.070
Gasoil 0.25% <AACUA00> 95.00-95.04 95.020 -0.070
Gasoil <POAAT00> 97.88-97.92 97.900 -0.070
<POAATSF> 10

FOB Japan
Gasoil <POJAP00> 102.430 -0.470
FOB Korea
Gasoil <POAIE00> 102.51-102.55 102.530 -0.470
<POAIESF> 10
C+F Australia
Gasoil 10 ppm <AAQUD00> 112.58-112.62 112.600 -0.220
FOB West India
Gasoil 10ppm <AAQWN00> 98.970 -0.150
Gasoil 500 ppm <AAQWP00> 98.020 -0.190
Gasoil 0.25% <AAQWR00> 96.720 -0.190
$/mt FOB West India
Gasoil 10 ppm <AAQWO00> 737.330 -1.080
Gasoil 500 ppm <AAQWQ00> 730.250 -1.390
Gasoil 0.25% <AAQWS00> 720.560 -1.390

$/b CFR South Africa

Gasoil 10 ppm <AAQWU00> 111.580 -0.272
Gasoil 500 ppm <AAQWV00> 110.580 -0.272

$/mt C+F China

Gasoil LP <POAFA00> 780.75-784.75 782.750 -3.500
<POAFASF> 10
HVO (UCO)**** <HVNAA00> 1529.550 -6.510

$/b FOB Singapore premium/discount

Gasoil 10 ppm* <AAOVD00> -0.36/-0.32 -0.340 +0.050
Gasoil 50 ppm* <AAPPH00> -0.69/-0.65 -0.670 +0.040
Gasoil 500 ppm* <AAFFB00> -1.31/-1.27 -1.290 +0.010
Gasoil 0.25%* <AACQI00> -2.61/-2.57 -2.590 +0.010
Gasoil* <POAIC00> -0.36/-0.32 -0.340 +0.050
<POAICSF> 10

FOB Arab Gulf premium/discount**

Gasoil 10 ppm <AAIDU00> 2.18-2.22 2.200 +0.000
Gasoil 50 ppm <AASGK00> 1.73/1.77 1.750 +0.000
Gasoil 500 ppm <AAFFD00> 1.18/1.22 1.200 +0.000
Gasoil 0.25% <AACUC00> -0.70/-0.66 -0.680 +0.000
Gasoil <POAID00> 2.18/2.22 2.200 +0.000
<POAIDSF> 10
FOB Japan premium/discount
Gasoil* <POJBP00> -2.100 -0.200
<POJBPSF> 10
FOB Korea premium/discount
Gasoil* <POAIG00> -2.02/-1.98 -2.000 -0.200
<POAIGSF> 10
C+F China premium/discount
Gasoil* <AABJZ00> 0.53/0.57 0.550 -0.200
<AABJZSF> 10

$/b Mean of Platts Singapore strip 15-30 days

forward
*MOPS Gasoil <AAPJY00> 104.51/104.55 104.530 -0.270
<AAPJYSF> 10

*Premiums relate to MOPS strip; China C+F MOPS refers to MOPS strip 15-
35 days
forward.
**Represents the premium/discount to the FOB Arab Gulf spot assessment
on day of loading (15-30 days forward).
***Indicates relationship between gasoil premium and interim MOPS
Gasoil 10
ppm strip.
**** Methodology for biofuels can be found at
http://plts.co/onG630n8Tyj

Notes: (1) The "Gasoil" assessment reflects 10 ppm sulfur from January
2, 2018.
(2) FOB Arab Gulf Gasoil represents freight netback of Singapore spot
assessment.

Methodology: http://plts.co/8BAE30pYrKQ

Platts Refined Products master page index <PRF0101>

Feedback or questions? Please email CI.support@spglobal.com

Platts Asia and Middle East Gasoline Assessments - 22Mar24

Published:03/22/2024 19:38:18 SGT
$/b FOB Singapore mid
change
Gasoline 97 unl <PGAMS00> 106.09-106.13 106.110
+0.850
Gasoline 95 unl <PGAEZ00> 105.53-105.57 105.550
+0.770
Gasoline 92 unl <PGAEY00> 100.92-100.96 100.940
+0.390
Gasoline 91 unl(Non-Oxy) <AAYNA00> 103.150
+0.100
FOB Arab Gulf
Gasoline 95 unl <AAICY00> 99.68-99.72 99.700
+0.850
Gasoline 92 unl <AAGJA00> 95.090
+0.470
C+F Japan
Gasoline 91-92 unl <PGACW00> 105.57-105.61 105.590
+0.390
Gasoline 95 unl <PGAQQ00> 110.18-110.22 110.200
+0.770
FOB Korea
Gasoline 95 unl <PGAQO00> 104.96-105.00 104.980
+1.360
C+F Australia
Gasoline 92 unl <AACZF00> 108.29-108.33 108.310
+0.390
Gasoline 95 unl <AACZH00> 112.90-112.94 112.920
+0.770
FOB West India
Gasoline 92 unl <AARBP00> 96.360
+0.450
Gasoline 95 unl <AAQWH00> 100.970
+0.830
$/mt FOB West India
Gasoline 92 unl <AARBQ00> 819.100
+3.860
Gasoline 95 unl <AAQWI00> 858.290
+7.100

$/b CFR South Africa

Gasoline 95 unl <AAQWW00> 115.096
+0.063

FOB South China

Gasoline 92 unl <AAICW00> 849.25-853.25 851.250
+6.000

$/b FOB Singapore premium/discount

Gasoline 97 unl* <AAPKE00> 30.88/30.92 30.900
+1.230
Gasoline 95 unl* <AAPKF00> 30.32/30.36 30.340
+1.150
Gasoline 95 unl**** <AGUMA00> 0.800
+0.670
Gasoline 92 unl* <AAPKG00> 25.71/25.75 25.730
+0.770
Gasoline 92 unl** <AAXER00> 0.77/0.81 0.790
+0.290
Gasoline 91 unl**(Non-Oxy) <AAYNB00> 3.000
+0.000
Gasoline 92 unl(500 PPM)** <PGAFY00> 0.885
+0.280

FOB Arab Gulf premium/discount

Gasoline 95 unl*** <AAWUJ00> 7.98/8.02 8.000
+0.050
Gasoline 95 unl CFR*** <AAWUK00> 11.43/11.47 11.450
+0.000
Gasoline 92 unl *** <AAGZA00> 7.950
+0.050

$/b Mean of Platts Singapore strip

*MOPS Naphtha <AAPKA00> 75.19-75.23 75.210 -
0.380
**MOPS Gasoline 92 unl <AAXEQ00> 100.13-100.17 100.150
+0.100
****MOPS Gasoline 95 unl <AGUMS00> 104.750
+0.100

*Indicates relationship between premium/discount and MOPS naphtha

strip.
**Indicates relationship between premium/discount and MOPS gasoline 92
strip.
***Represents the premium/discount to the FOB Arab Gulf spot assessment
on day
of loading (20-40 days forward).
****Indicates relationship between premium/discount and MOPS gasoline
95 strip.

Methodology: http://plts.co/8BAE30pYrKQ

Platts Refined Products master page index <PRF0101>

Feedback or questions? Please email CI.support@spglobal.com

Platts Asia and Middle East Naphtha Assessments - 22Mar24

Published:03/22/2024 19:38:16 SGT
$/b FOB Singapore mid change
Naphtha <PAAAP00> 75.76-75.80 75.780 -0.970
$/b CFR Singapore
Naphtha <AAOVF00> 79.010 -0.680
$/mt FOB Arab Gulf
Naphtha <PAAAA00> 624.63-632.63 628.630 -0.150
Naphtha LR2 <AAIDA00> 628.51-636.51 632.510 +0.420
$/mt C+F Japan
Naphtha (min. 70%) <NCJCA00> 714.250 -2.250
Naphtha <PAAAD00> 710.25-718.25 714.250 -2.250
Nph 1st 1/2 May <PAAAE00> 721.75-722.25 722.000 -8.750
Nph 2nd 1/2 May <PAAAF00> 717.75-718.25 718.000 -3.500
Nph 1st 1/2 Jun <PAAAG00> 710.25-710.75 710.500 -1.000
$/mt C+F Korea
Naphtha <PAADE00> 727.50-728.00 727.750 -5.750
$/mt C+F East Asia mid change
Naphtha*** <CFRCT00> 724.750 -5.750
$/mt FOB West India
Naphtha <AAQWK00> 649.890 -1.220
$/b FOB West India
Naphtha <AAQWJ00> 72.210 -0.140
 CFR Singapore premium/discount
Naphtha* <AAOVG00> 3.800 -0.300
FOB Arab Gulf premium/discount**
Naphtha <AAPKH00> 39.75/40.25 40.000 -3.000
C+F Japan premium/discount
Naphtha (min. 70%) <NCJCB00> 16.000 -4.000
MOPJ Naphtha <AAXFI00> 27.25/27.75 27.500 +2.620
Naphtha spot <PAADI00> 15.75/16.25 16.000 -4.000
C+F Korea premium/discount
Naphtha <PAADG00> 13.25/13.75 13.500 -3.500
$/mt C+F East Asia premium/discount mid change
Naphtha*** <CFRCD00> 10.500 -3.500

$/b Mean of Platts Singapore strip

*MOPS Naphtha <AAPKA00> 75.19-75.23 75.210 -0.380
$/mt Mean of Platts Japan strip
Naphtha MOPJ strip <AAXFH00> 686.50-687.00 686.750 -4.880

*Notation indicates relationships between premiums and MOPS strips

**Represents the premium/discount to the FOB Arab Gulf spot assessment
on
day of loading (15-30 days forward).
***All-origin naphtha from commercial tanks

FOB Arab Gulf represents freight netback of Singapore spot assessments.

Freight assessments found on page PGA2910.

Methodology: http://plts.co/8BAE30pYrKQ

Platts Refined Products master page index <PRF0101>

Feedback or questions? Please email CI.support@spglobal.com

Platts Asia and Middle East Fuel Oil Daily Market Analysis
Published:03/22/2024 14:38:51 SGT
The Asian low sulfur fuel oil market structure and refining margins inched higher March 22, but
traders said any further major upsides would likely be capped due to ample near-term supplies.
The Singapore marine fuel 0.5%S April-May swaps time spread was pegged at $4.50/mt in
midafternoon trade March 22, compared with Platts' assessment of $4.05/mt at the Asian close
March 21. The prompt M1-M2 intermonth spread for FOB Singapore marine fuel oil swaps --
which has narrowed 48% in the last two weeks -- is currently at its weakest backwardation since
Jan. 16, when it was assessed at plus $3.55/mt, S&P Global Commodity Insights data showed.
The Singapore front-month crack spread for the 0.5% sulfur marine fuel grade against Brent
crude, which has shed nearly 10% so far this week, was assessed 56 cents lower on the day at
$12.10/b on March 21 -- the lowest since Feb. 6, when the refining margin was assessed at
$12.08/b, S&P Global data showed. The front-month crack for April, however, was pegged higher
on the session at $12.50/b on March 22.
Platts assessed the Singapore marine fuel 0.5%S cash premium over Mean of Platts Singapore
marine fuel 0.5%S cargo assessment 9 cents higher on the day at $1.42/mt on March 21.
Offers for term contractual ex-wharf marine fuel 0.5%S barrels for April's supply at the world's
largest bunkering hub of Singapore most recently softened to around $8-$10/mt to the
benchmark FOB Singapore marine fuel 0.5%S cargo values, traders said March 22, while
lackluster end-user demand weighed on the market.
Meanwhile, Platts assessed the benchmark Singapore 380 CST HSFO cash differential over
MOPS 380 CST HSFO swap values at a discount of $2.92/mt at the Asian close March 21,
compared with minus $2.95/mt on March 20, while the Singapore 180 CST HSFO cash
differential to MOPS 180 CST HSFO swap was assessed at a discount of $6.05/mt on March 21,
versus minus $6.30/mt in the preceding session.
The Singapore 180 CST high sulfur fuel oil cash differential plunged to a more than 13-month low
on March 19, but traders were hopeful the market would find support in the coming months as
peak summer boosts demand from the power generation sector, S&P Global reported earlier.
The Singapore 380 CST HSFO April-May market structure was pegged at around minus
$1.75/mt in midafternoon Asian trade March 22, against Platts' assessment of minus $1.95/mt at
the Asian close March 21.
Pak Arab Refinery Limited, Pakistan's second-largest refinery, was set to export around 50,000
mt of 180 CST high sulfur fuel oil grade over March 25-27, after a month-long hiatus in residual
fuel oil outflows from the South Asian country, S&P Global reported earlier.
The country's largest refiner Cnergyico also plans to make shipments of both low and high sulfur
fuel oil in the coming weeks, according to market sources, after data from the Oil Companies
Advisory Council on March 20 showed refineries in Pakistan did not export a single parcel of fuel
oil in February.
Singapore's commercial stockpiles of heavy distillates were up 3.2% on the week at a four-week
high of 22 million barrels in the week ended March 20, Enterprise Singapore data showed late
March 21, as imports into the world's largest bunkering hub rose on the back of recovering
European supplies.
The city-state's fuel oil inflows surged to 1.3 million mt in the week to March 20, up from 296,971
mt in the preceding week. Singapore also saw 196,277 mt of inflows from Europe in the latest
week, rebounding from nil in the week ended March 13, the data showed.
Platts is part of S&P Global Commodity Insights.

Platts Asia and Middle Eastern Gasoil Daily Market Analysis

Published:03/22/2024 21:27:30 SGT
The Asian gasoil complex saw a flurry of cargo offers in the week ended March 22, and poor
arbitrage economics for westbound cargoes weighed on fundamentals.
The paper market reflected weak trading sentiment, as brokers pegged the front month April-May
Singapore gasoil swap timespread at plus 8 cents/b in intraday trading, slightly narrowing from
plus 9 cents/b at the March 21 Asian close according to S&P Global Commodity Insights data.
In spot activity, South Korea's SK Energy was heard to have sold three cargoes of 300,000
barrels each, loading over April 16-18, April 18-20 and April 25-27, at discounts between $2.00
and $2.20/b to the loading-month average of Mean of Platts Singapore 10 ppm sulfur gasoil
assessment, FOB, market source said.
Singapore's onshore commercial stocks of middle distillates were down 4.1% on week at 10.35
million barrels over March 14-20, Enterprise Singapore data showed late March 21. The decline
comes after stocks hit a two-year high in the previous week of 10.78 million barrels.
Inventories of gasoil and jet fuel/kerosene remain at elevated levels and just below their previous
near-term high of 10.42 million barrels in the week to Nov. 22, 2023.
The city-state remained a net exporter of gasoil in the week ended March 20, with outflows of
336,354 mt outpacing inflows of 132,249 mt.
South Korea accounted for the bulk of gasoil inflows into Singapore with 62,241 mt, while Russia
and China respectively sent 39,917 mt and 30,090 mt.
Lower domestic demand in South Korea has spurred more outflows from the country, with
exports anticipated to grow in the coming months, market sources said.
Australia was the top destination for gasoil exports from Singapore, absorbing 114,234 mt. This
was followed by France and Malaysia respectively with 55,127 mt and 32,444 mt.
Australia has become more dependent on ultra low sulfur diesel import flows, following the
closure of two domestic refineries -- ExxonMobil's Altona and BP's Kwinana facilities -- over the
course of the coronavirus pandemic. It usually turns to regional outlets such as Northeast Asia's
China, Japan, South Korea and Taiwan and Southeast Asia's Singapore and Malaysia for oil
product supplies.
Platts is part of S&P Global Commodity Insights.

Platts Asia and Middle Eastern Gasoline Daily Market Analysis

Published:03/22/2024 15:03:09 SGT
The Asian gasoline complex strengthened March 22, on the back of a widening US RBOB-Brent
crack spread, ahead of planned refinery turnarounds and despite lackluster regional demand.
The US RBOB-Brent crack was pegged at $28.65/b at 0300 GMT March 22, up from the Platts
assessment of $28.24/b at the Asian close March 21, S&P Global Commodity Insights data
showed.
Thailand's Bangchak refinery will carry out a planned maintenance at its 120,000 b/d Phra
Khanong refinery in May, where the refinery will be fully shut, a spokesperson said in a
statement.
In a separate statement, Bangchak confirmed it plans to run its newly acquired 174,000 b/d
Sriracha refinery at a rate of 155,000 b/d in 2024, which would be the highest ever for the plant,
S&P Global previously reported.
Brokers pegged the front-month FOB Singapore 92 RON gasoline swaps crack spread against
Brent swaps in the $14.45-$14.50/b range at 0300 GMT, up from the Platts assessment at
$14.29/b at the Asian close March 21.
Brokers pegged the physical FOB Singapore 92 RON gasoline crack against front-month ICE
Brent crude oil futures in the $14.50-$14.55/b range at 0300 GMT, up from the Platts
assessment at $14.25/b on March 21.
Possibly reflecting slow regional demand for gasoline, Singapore’s gasoline exports plunged
83.4% on the week to 112,665 mt, outpacing a 33.99% fall in imports to 197,664 mt from a week
ago. This flipped Singapore into a net importer of gasoline, with Enterprise Singapore data
showing a total net import of 84,998 mt compared with the previous week, when net exports
totaled 379,252 mt, S&P Global previously reported.
In tenders, Taiwan’s Formosa was heard selling around 250,000 barrels of 93 RON gasoline for
April 18-22 loading, at a premium of around $2/b to the April average Mean of Platts Singapore
92 RON gasoline assessments, FOB.

Platts Asia and Middle Eastern Naphtha Daily Market Analysis

Published:03/22/2024 15:58:16 SGT
There was a trading lull in Asia’s naphtha market March 22 as sentiment in the derivatives
market firmed amid poor downstream petrochemical demand prompting lower cracker
operations, market sources said.
Brokers pegged the April-May Japan naphtha swap spread 50 cents/mt higher at $11/mt in mid-
morning Asian trade March 22. Platts assessed the spread at $10.50/mt at the Asian close
March 21.
"As the ethylene naphtha spread narrows, margins are lower, end-users are struggling and
looking to lower operating rates," a Singapore-based trader said.
The Platts-assessed CFR Northeast Asia ethylene spread to C+F Japan naphtha physical
narrowed to $218.50/mt at the Asian close March 21, from $251.50/mt Feb. 29.
In tender news, South Korea's GS Caltex closed March 21 a tender seeking three to four 25,000
mt heavy full-range naphtha cargoes/month for delivery over May-July or July-October, market
sources said. The company last bought two 25,000 mt cargoes of heavy full-range naphtha for
delivery in H2 April to Yeosu, S&P Global Commodity Insights reported earlier. Award details
could not be confirmed.
Meanwhile, naphtha purchases by South Korean petrochemical producers will continue as usual
despite the ongoing probe by South Korean authorities into the origin of naphtha imports by
these companies, with two end-users saying they would not avoid buying naphtha from
commercial storage tanks while the investigation is ongoing, petrochemical producers said.
South Korean authorities are conducting investigations into the true origin of cargoes purchased
by end-users in South Korea, market sources said, to determine if these cargoes could have
originated from Russia but with its origin changed once it's shipped to other countries before
flowing to South Korea.
In statistical news, Singapore's imports of naphtha, reformates and other blendstocks surged
91.27% to 309,343 mt in the week ended March 20, as imports from India and South Korea rose,
inflows from Russia resumed and rare shipments arrived from the US and Argentina, the
Enterprise Singapore data showed.
Russia led the inflow volumes with 135,726 mt of naphtha, after a two-week hiatus. The city-state
last imported 63,066 mt of naphtha from Russia in the week ended Feb. 28, S&P Global reported
previously.
Singapore's exports of naphtha soared 143.26% on the week to 50,098 mt in the week ended
March 20, the data showed.
Platts is part of S&P Global Commodity Insights.