Eum 20240322

Now available digitally on Platts Connect
Get access to this content

plattsconnect.spglobal.com | ci.support@spglobal.com
European Marketscan
Volume 56 / Issue 59 / March 22, 2024
European products ($/mt)
Code Mid Change Code Mid Change Code Mid Change
Mediterranean cargoes (PGA page 1114)
FOB Med (Italy) CIF Med (Genova/Lavera) MOPL Diff
Naphtha* PAAAI00 663.75–664.25 664.000 +7.250 PAAAH00 696.75–697.25 697.000 +6.500
Prem Unl 10 ppm AAWZA00 903.25–903.75 903.500 +3.000 AAWZB00 928.00–928.50 928.250 +2.500
Jet AAIDL00 811.50–812.00 811.750 +3.000 AAZBN00 855.50–856.00 855.750 +2.000
10 ppm ULSD AAWYY00 807.25–807.75 807.500 +0.750 AAWYZ00 832.00–832.50 832.250 +0.250 AMOPN00 4.96 -0.220
Gasoil 0.1% AAVJI00 783.75–784.25 784.000 +1.000 AAVJJ00 806.75–807.25 807.000 +0.500 AMOPI00 4.94 -0.120
Fuel oil 1.0% PUAAK00 524.25–524.75 524.500 +3.250 PUAAJ00 540.50–541.00 540.750 +2.500
Fuel oil 3.5% PUAAZ00 464.50–465.00 464.750 +2.500 PUAAY00 480.50–481.00 480.750 +1.750
*Basis East Med.
Northwest Europe cargoes (PGA page 1110)
FOB NWE CIF NWE/Basis ARA MOPL Diff
Naphtha (Apr) PAAAJ00 695.00–695.50 695.250 +1.250
Naphtha PAAAL00 719.00–719.50 719.250 +6.000
Gasoline 10 ppm AAXFQ00 959.50–960.00 959.750 +9.500
Jet PJAAV00 835.25–835.75 835.500 +2.250 PJAAU00 857.00–857.50 857.250 +2.000 AMOPJ00 -0.17 -0.300
ULSD 10 ppm AAVBF00 827.75–828.25 828.000 +0.750 AAVBG00 841.75–842.25 842.000 +0.500 AMOPL00 9.41 -0.580
Diesel 10 ppm NWE** AAWZD00 827.50–828.00 827.750 +0.750 AAWZC00 844.75–845.25 845.000 +0.500
Diesel 10ppm NWE all origin ALORA00 842.000 +0.500
Diesel 10ppm NWE all origin spread ALORB00 0.000 0.000
Diesel 10 ppm UK AAVBH00 847.00–847.50 847.250 +0.500 AUKMA00 14.663 -0.581
Gasoil 0.1% AAYWR00 781.50–782.00 781.750 +0.750 AAYWS00 808.75–809.25 809.000 +0.500 AMOPH00 0.37 -0.040
Fuel oil 1.0% PUAAM00 503.75–504.25 504.000 +2.500 PUAAL00 524.25–524.75 524.500 +2.500
Fuel oil 3.5% PUABB00 443.25–443.75 443.500 -2.250 PUABA00 462.00–462.50 462.250 -2.250
Bionaptha PAAAU00 2019.250 +6.000
Bionaptha premium PAADU00 1300.000 0.000
**Basis Le Havre.
Northwest Europe barges (PGA page 1112)
FOB Rotterdam*** MOPL Diff
Naphtha PAAAM00 715.00–715.50 715.250 +6.000
Eurobob AAQZV00 886.25–886.75 886.500 +17.250
E10 Eurobob AGEFA00 891.250 +20.500
98 RON gasoline 10 ppm AAKOD00 986.25–986.75 986.500 +17.250
Premium gasoline 10 ppm PGABM00 891.75–892.25 892.000 +5.250
Reformate AAXPM00 992.500 +15.250
Jet PJABA00 849.25–849.75 849.500 +2.000 AMOPK00 -3.78 -0.760
Diesel 10 ppm AAJUS00 829.00–829.50 829.250 +3.000 AMOPM00 2.87 +2.250
Gasoil 50 ppm AAUQC00 812.25–812.75 812.500 +15.500
Gasoil 0.1% AAYWT00 789.25–789.75 789.500 +1.250 AMOPG00 -0.71 +0.200
www.spglobal.com/commodityinsights
European Marketscan March 22, 2024
European products ($/mt) (continued) Euro-denominated assessments 16:30 London

Code Mid Change Med cargoes (€/mt) (PGA page 1120)
FOB Med CIF Med
DMA MGO 0.1% LGARD00 760.000 -2.000 (Italy) (Genova/Lavera)
Fuel oil 1.0% PUAAP00 503.75–504.25 504.000 +2.500 Naphtha* ABWHE00 614.246 ABWHD00 644.773
Fuel oil 3.5% PUABC00 463.00–463.50 463.250 -2.250 Prem Unl 10ppm ABWGV00 835.800 ABWGU00 858.696
Fuel oil 3.5% 500 CST PUAGN00 459.00–459.50 459.250 -2.250 Jet ABWGZ00 750.925 AAZBO00 791.628
Rotterdam bunker 380 CST PUAYW00 462.50–463.50 463.000 -6.000 10ppm ULSD ABWHM00 746.994 ABWHH00 769.889
Gasoil 0.1% ABWGQ00 725.254 ABWGO00 746.531
***See notes on delivery basis for this table. (see page 11)
Fuel oil 1.0% ABWGH00 485.199 ABWGF00 500.231
Fuel oil 3.5% ABWGM00 429.926 ABWGK00 444.727
*Naphtha FOB Med is basis East Med.
Northwest Europe cargoes (€/mt) (PGA page 1116)
FOB NWE CIF NWE/Basis ARA
Naphtha AAQCE00 665.356
Gasoline 10ppm ABWGS00 887.835
Jet ABWHB00 772.895 AAQCF00 793.016
Africa products European feedstocks and blendstocks ULSD 10 ppm ABWHO00 765.726 ABWHI00 781.684
Diesel 10ppm NWE ABWHP00 765.957 ABWHK00 778.908
Code Code
Mid Change Mid Change
Diesel 10 ppm UK ABWHJ00 783.765
CIF Northwest Europe cargo ($/mt) (PGF page 1760)
West Africa cargoes (PGA pages 1122, 2342 and 2412) Diesel 10ppm UK MOPL Diff AUKMB00 13.564
VGO 0.5-0.6% AAHMZ00 699.00–700.00 699.500 0.000 Gasoil 0.1% ABWGR00 723.173 ABWGP00 748.381
FOB NWE ($/mt) VGO 2% AAHND00 685.50–686.50 686.000 +0.250 Fuel oil 1.0% AAQCG00 466.235 ABWGG00 485.199
Gasoline AAKUV00 899.000 +3.750 Fuel oil 3.5% ABWGN00 410.268 ABWGL00 427.613
FOB Northwest Europe cargo ($/mt)
CIF West Africa ($/mt) Straight run 0.5-0.7% ABWHG00 571.693
VGO 0.5-0.6% AAHMX00 670.75–671.75 671.250 0.000
Gasoline AGNWC00 939.250 +3.250 West Africa cargoes (€/mt) (PGA page 1116)
VGO 2% AAHNB00 657.00–658.00 657.500 0.000
FOB NWE CIF WAF
FOB STS West Africa ($/mt) Straight Run 0.5-0.7% PKABA00 617.50–618.50 618.000 -4.000
Gasoline AGNWA00 831.637 AANWC00 868.871
Gasoil 0.3% AGNWD00 813.500 +1.750 FOB Black Sea cargo ($/mt) FOB STS West Africa
Jet AJWAA00 905.500 +2.750 Gasoil 0.3% AGNWE00 752.544
VGO 0.8% ABBAD00 663.250 +1.250
CFR South Africa ($/barrel) VGO 2% ABBAC00 650.250 +1.250 Jet AJWAB00 837.650
Gasoline 95 unleaded AAQWW00 115.096 +0.063 Northwest Europe barges (€/mt) (PGA page 1118)
CIF Mediterranean cargo ($/mt)
Jet kero AAQWT00 110.945 -0.375 FOB Rotterdam
Gasoil 10 ppm AAQWU00 111.580 -0.272 Straight Run 0.5-0.7% AAJNT00 626.250 0.000 Naphtha ABWHF00 661.656
Gasoil 500 ppm AAQWV00 110.580 -0.272 VGO 0.8% ABBAB00 683.250 0.000 Eurobob ABWGT00 820.074
VGO 2% ABBAA00 670.250 0.000 E10 Eurobob AGEFE00 824.468
98 RON gasoline 10 ppm ABWGX00 912.581
Jet Index (PGA page 115) FOB Rotterdam barge ($/mt)
Premium gasoline 10 ppm AAQCH00 825.162
March 22, 2024 Index $/mt MTBE* PHALA00 1144.75–1145.25 1145.000 +8.500 Reformate AAXPN00 918.131
Europe & CIS PJECI00 291.41 PJECI09 853.38 VGO 0.5-0.6% AAHNF00 667.75–668.75 668.250 +0.250 Jet ABWHC00 785.846
MidEast & Africa PJMEA00 304.41 PJMEA09 804.88 VGO 2% AAHNI00 654.00–655.00 654.500 0.000 Diesel 10 ppm* AAQCI00 767.114
Global PJGLO00 293.69 PJGLO09 848.42 *FOB Amsterdam-Rotterdam-Antwerp. Gasoil 50 ppm AAUQF00 751.619
Gasoil 0.1%* AAYWY00 730.342
DMA MGO 0.1%* LGARE00 703.053
Fuel oil 1.0% ABWGI00 466.235
Fuel oil 3.5% AAQCK00 428.538
Fuel oil 3.5% 500 CST PUAGO00 424.838
Rotterdam bunker 380 CST AAUHE00 428.307
*FOB Amsterdam-Rotterdam-Antwerp. Euro/US$ forex rate: 1.0810. Platts
Euro denominated European and US product assessments are based on
market values and a Euro/US$ forex rate at 4:30 PM local London time.
© 2024 by S&P Global Inc. All rights reserved. 2

Marine Fuel (PGA page 30) ICE futures Euro cents per liter assessments 16:30 London
$/mt Change Platts ICE 16:30 London assessments* (PGA page 703) Med cargoes (€ cents/liter) (PGA page 1370)
0.5% FOB Singapore cargo AMFSA00 622.810 +0.310 Low Sulfur Gasoil Brent FOB Med CIF Med
0.5% FOB Fujairah cargo AMFFA00 626.110 +0.060 Apr AARIN00 823.50 May AAYES00 85.51 Prem Unl 10 ppm ABXGA00 63.079 ABXGB00 64.807
0.5% FOB Rotterdam barge* PUMFD00 585.000 +2.500 May AARIO00 811.00 Jun AAYET00 84.95 Jet ABXGH00 61.350 ABXGI00 64.676
0.5% FOB US Gulf Coast barge AUGMB00 609.500 -7.750 Jun AARIP00 801.00 Jul AAXZY00 84.29 10 ppm ULSD ABXGO00 63.144 ABXGP00 65.079
0.5% Dlvd US Atlantic Coast barge AUAMB00 620.000 -7.500 Aug AAYAM00 83.60 Gasoil 0.1% ABXGY00 61.306 ABXGZ00 63.105
0.5% FOB Mediterranean cargo MFFMM00 587.750 +2.500 *Platts ICE assessments reflect the closing value of the ICE contracts at Northwest Europe cargoes (€ cents/liter) (PGA page 1370)
0.5% CIF Mediterranean cargo MFCMM00 602.000 +1.750 precisely 16:30 London time. FOB NWE CIF NWE/Basis ARA
$/barrel ICE gasoil settlements (PGA page 702) Gasoline 10 ppm ABXGC00 67.006
0.5% FOB US Gulf Coast barge AUGMA00 95.980 -1.220 Low Sulfur Gasoil Low Sulfur Gasoil Jet ABXGJ00 63.145 ABXGK00 64.789
0.5% Dlvd US Atlantic Coast barge AUAMA00 97.640 -1.180 Apr * ICLO001 823.75 Jul ICLO004 795.50 ULSD 10 ppm ABXGQ00 64.747 ABXGR00 65.842
vs FO 380 MOPS strip ($/mt) May ICLO002 810.75 Aug ICLO005 791.75 Diesel 10 ppm NWE ABXGS00 64.727 ABXGT00 66.076
0.5% FOB Singapore cargo AMOPA00 149.630 +1.920 Jun ICLO003 801.25 Sep ICLO006 789.25 Gasoil 0.1% ABXHA00 61.130 ABXHB00 63.261
Northwest Europe barges (€ cents/liter) (PGA page 1370)
*See notes on delivery basis for this table. (see page 11) *On day of ICE LS Gasoil midday expiry, M1 shows settlement value
FOB Rotterdam
NYMEX futures (16:30 London time) Eurobob ABXGD00 61.892
E10 Eurobob AGEFC00 62.224
NYMEX WTI (PGA page 703) 98 RON Gasoline 10 ppm ABXGE00 68.874
$/barrel $/barrel Premium Gasoline 10 ppm ABXGF00 62.276
May AASCR00 80.77 Jun AASCS00 80.30 Jet ABXGL00 64.203
NYMEX NY ULSD (PGA page 703) Diesel 10 ppm ABXGU00 64.845
¢/gal ¢/gal Gasoil 50 ppm ABXHC00 63.535
Apr XUHO100 266.30 May XUHO200 264.50 Gasoil 0.1% ABXHD00 61.736
NYMEX RBOB (unleaded gasoline) (PGA page 703)
¢/gal ¢/gal
Apr XUHU100 273.50 May XUHU200 271.58
Marine Fuel 0.5% Derivatives, Mar 22

Balance* Change Month 1 Change Month 2 Change
Mar Apr May GB pence per liter assessments 16:30 London
$/mt $/mt $/mt Northwest Europe cargoes (p/liter) (PGA page 1370)
0.5% FOB Singapore cargo FOFS000 622.950 -0.050 FOFS001 621.000 +0.250 FOFS002 616.300 -0.400 FOB NWE CIF NWE/Basis ARA
0.5% FOB Fujairah cargo FOFF000 NA NANA FOFF001 624.500 -0.750 FOFF002 622.500 -1.500 Gasoline 10 ppm ABXGG00 57.487
0.5% FOB Rotterdam barge AMRAB00 NA NANA AMRAM01 581.500 +1.750 AMRAM02 574.000 +1.250 Jet ABXGM00 54.174 ABXGN00 55.585
0.5% vs. 3.5% FOB Rotterdam barge AMRBB00 NA NANA AMRBM01 112.250 +1.250 AMRBM02 101.000 +0.750 ULSD 10 ppm ABXGV00 55.549 ABXGW00 56.488
$/barrel $/barrel $/barrel Diesel 10 ppm UK ABXGX00 56.840
0.5% FOB US Gulf Coast barge AMARB00 NA NANA AMARM01 94.200 -1.000 AMARM02 92.950 -0.650 Diesel 10ppm UK MOPL Diff AUKMC00 0.984
0.5% vs US Gulf Coast HSFO barge AUSBB00 NA NANA AUSBM01 22.250 -0.600 AUSBM02 20.300 -0.350 Gasoil 0.1% ABXHE00 52.446 ABXHF00 54.274
*Balance month swaps are assessed from the 1st through the 20th of the month; Asia swaps are assessed through the 14th of February.

European financial derivatives: March 22, 2024 ($/mt) (PPE page 1600)
Code March* Change Code April Change Code May Change
London MOC
Propane CIF NWE Large Cargo Financial ABWFX00 NA NANA AAHIK00 516.500 -0.500 AAHIM00 511.500 -0.500
Naphtha CIF NWE Cargo Financial ABWFV00 NA NANA PAAAJ00 695.250 +1.250 AAECO00 679.250 +1.000
Gasoline Prem Unleaded 10 ppm FOB ARA Barge Financial ABWFT00 NA NANA AAEBW00 915.500 +2.250 AAEBY00 898.500 -6.250
Gasoline Eurobob 10 ppm FOB ARA Barge Financial ABWFB00 NA NANA ABWFC00 909.000 +2.250 ABWFD00 892.000 -6.250
Gasoline Eurobob Non-oxy E10 Barge Financial AGEAB00 NA NANA AGEAM01 910.500 -5.500 AGEAM02 893.500 -14.000
Jet FOB Rdam Barge Financial AAXUH00 NA NANA AAXUM01 855.250 +2.000 AAXUM02 859.250 0.000
Jet CIF NWE Cargo Financial ABWCI00 NA NANA ABWCJ00 858.000 +2.000 ABWCK00 860.250 0.000
ULSD 10 ppmS FOB ARA Barge Financial ABWEA00 NA NANA ABWEB00 821.250 +0.750 ABWEC00 809.500 -0.750
ULSD 10 ppmS CIF NWE Cargo Financial ABWDM00 NA NANA ABWDN00 830.250 +1.250 ABWDO00 818.250 -0.750
ULSD 10 ppmS CIF Med Cargo Financial ABWCY00 NA NANA ABWCZ00 825.000 +0.750 ABWDA00 813.250 -0.750
LS Gasoil Frontline Financial ABWAO00 NA NANA AAPQS00 815.250 +0.750 AAPQT00 803.750 -0.750
Gasoil .1%S (1000 ppm) FOB ARA Barge Financial ABWBT00 NA NANA ABWBU00 789.250 +0.750 ABWBV00 786.750 -0.750
Gasoil 0.1%S CIF NWE Cargo Financial ABWBF00 NA NANA ABWBG00 806.750 +0.750 ABWBH00 797.000 -0.750
Gasoil .1%S (1000 ppm) CIF Med Cargo Financial ABWAS00 NA NANA ABWAT00 800.750 +0.750 ABWAU00 793.750 -0.750
FO 3.5%S FOB Rdam Barge Financial ABWAE00 NA NANA AAEHB00 469.250 +0.500 AAEHC00 473.000 +0.500
FO 3.5%S FOB Med Cargo Financial ABWAG00 NA NANA AAEHK00 460.250 +1.250 AAEHL00 464.000 +3.000
FO 3.5%S FOB Rdam Barge vs FO 3.5%S FOB Med Cargo Financial ABWAM00 NA NANA AAEHK01 9.000 -0.750 AAEHL01 9.000 -2.500
FO 1%S FOB Rdam Barge Financial ABWAA00 NA NANA AALTA00 501.250 +2.250 AALTC00 499.500 +2.250
FO 1%S FOB NWE Cargo Financial ABWAC00 NA NANA AAEGR00 505.250 +2.250 AAEGS00 503.500 +2.250
FO 1%S FOB NWE vs FO 3.5%S Barge (HiLo Diff) Financial ABWAI00 NA NANA AAEGR01 36.000 +1.750 AAEGS01 30.500 +1.750
*Balance month swaps are assessed from the 1st through the 20th of the month.
Singapore at London MOC
FO 380 CST 3.5%S FOB Spore Cargo at London MOC Financial FPLSM01 473.500 +1.250 FPLSM02 474.500 +0.750
FO 380 3.5% FOB Spore Cargo vs FO 3.5% FOB Rdam Barge (E-W) FQLSM01 4.250 +0.750 FQLSM02 1.500 +0.250
at London MOC Financial
FO 180 CST 3.5%S FOB Spore Cargo at London MOC Financial FOLSM01 493.000 +1.750 FOLSM02 491.500 +0.750
FO 180 3.5% FOB Spore Cargo vs FO 3.5% FOB Rdam Barge (E-W) F1BDM01 23.750 +1.250 F1BDM02 18.500 +0.250
at London MOC Financial

Calendar month averages for February 2024

Code Mid Code Mid
FOB Med cargo (Italy) (PGA page 1115) CIF NWE cargo (basis ARA) (PGA page 111)
Naphtha* PAAAI03 616.369–616.869 616.619 Naphtha physical PAAAL03 662.905–663.405 663.155
Prem Unl 10ppm AAWZA03 837.786–838.286 838.036 Gasoline 10ppm AAXFQ03 883.821–884.321 884.071
Jet AAIDM00 855.976–856.476 856.226 Jet PJAAU03 894.345–894.845 894.595
10ppm ULSD AAWYY03 844.905–845.405 845.155 ULSD 10ppm AAVBG03 869.952–870.452 870.202
Gasoil 0.1% AAVJI03 800.036–800.536 800.286 Diesel 10ppm NWE AAWZC03 872.833–873.333 873.083
Fuel oil 1.0% PUAAK03 478.143–478.643 478.393 Diesel 10ppm NWE all origin ALORA03 870.202
Fuel oil 3.5% PUAAZ03 450.464–450.964 450.714 Diesel 10ppm NWE all origin spread ALORB03 0.000
FOB Black Sea (PGF page 1761) Diesel 10ppm UK AAVBH03 874.536–875.036 874.786
VGO 0.8% ABBAD03 623.512 Diesel 10ppm UK MOPL Diff AUKMA03 19.661
VGO 2% max ABBAC03 613.786 Gasoil 0.1% AAYWS03 835.500–836.000 835.750

Fuel oil 1.0% PUAAL03 488.810–489.310 489.060
CIF Med cargo (Genova/Lavera) (PGA page 1115)
Fuel oil 3.5% PUABA03 442.024–442.524 442.274
Naphtha PAAAH03 643.893–644.393 644.143
VGO 0.5-0.6% AAHNA00 628.631–629.631 629.131
Prem Unl 10ppm AAWZB03 858.476–858.976 858.726
VGO 2% max AAHNE00 618.024–619.024 618.524
Jet AAZBN03 892.845–893.345 893.095
10ppm ULSD AAWYZ03 865.655–866.155 865.905 FOB Rotterdam barges (PGA page 1113)
Gasoil 0.1% AAVJJ03 819.226–819.726 819.476 Naphtha PAAAM03 658.905–659.405 659.155
Fuel oil 1.0% PUAAJ03 500.881–501.381 501.131 Eurobob AAQZV03 811.774–812.274 812.024
Fuel oil 3.5% PUAAY03 472.738–473.238 472.988 98 RON gasoline 10ppm AAKOE00 891.250–891.750 891.500
VGO 0.8% ABBAB03 651.560 Premium gasoline 10ppm PGABM03 830.821–831.321 831.071
VGO 2% max ABBAA03 641.821 MTBE** PHBFZ03 1073.560–1074.060 1073.810
Jet PJABA03 895.571–896.071 895.821
FOB NWE cargo (PGA page 1111)
Diesel 10ppm** AAJUW00 862.655–863.155 862.905
Bionaphtha PAAAU03 1963.155
Gasoil 50ppm AAUQC03 834.738–835.238 834.988
Bionaphtha premium PAADU03 1300.000
Gasoil 0.1%** AAYWT03 820.667–821.167 820.917
Jet PJAAV03 873.964–874.464 874.214
DMA MGO 0.1%* LGARD03 799.238
ULSD 10ppm AAVBF03 856.762–857.262 857.012
Fuel oil 1.0% PUAAP03 469.464–469.964 469.714
Diesel 10ppm NWE AAWZD03 856.702–857.202 856.952
Fuel oil 3.5% PUABC03 443.024–443.524 443.274
Gasoil 0.1% AAYWR03 810.024–810.524 810.274
Fuel oil 3.5% 500 CST PUAGN03 438.036–438.536 438.286
Fuel oil 1.0% PUAAM03 463.845–464.345 464.095
Rotterdam bunker 380 CST PUAYW03 444.548–445.548 445.048
Fuel oil 3.5% PUABB03 419.524–420.024 419.774
VGO 0.5-0.6% AAHNG00 588.476–589.476 588.976
Straight run 0.5-0.7% PKABA03 583.464–584.464 583.964
VGO 2% max AAHNJ00 577.048–578.048 577.548
VGO 0.5-0.6% AAHMY00 594.131–595.131 594.631
Reformate AAXPM03 886.500
VGO 2% max AAHNC00 583.571–584.571 584.071
*Naphtha FOB is basis east Med. **FOB Amsterdam/Rotterdam/Antwerp.
CIF West Africa cargo (PGA page 1111)
Gasoline AGNWC03 903.000
FOB NWE West Africa cargo (PGA page 1111)

Gasoline AAKUV03 860.024

Market Commentary Renewable fuels (PGA pages 1414, 483 and 2414)
Change
Platts European Gasoline Daily Market Northwest Europe ($/mt)

SAF Cost of Production BJNWA00 1998.136 +0.052
Analysis SAF CIF ARA MIRWD00 2857.250 +2.000
SAF CIF ARA Premium MIRWF00 2000.000 0.000
Winter barges heard below $50/mt cash value HVO HVNWA00 1840.377 +0.352
Summer barges heard above April swap USWC ($/mt)

SAF Cost of Production w/ credits ASAFA00 1528.807 +3.071
SAF Cost of Production w/o credits ASAFB00 602.585 +13.950
European gasoline markets were mixed March 22, RD w/ credits ARDFA00 1478.460 +2.003
RD w/o credits ARDFB00 669.264 +13.533
with a wider gap between summer and winter values
USWC ($/b)
driven by last-minute winter material selling. SAF Cost of Production w/ credits ASAFE00 188.853 +0.380
In the Amsterdam-Rotterdam-Antwerp hub, SAF Cost of Production w/o credits ASAFF00 74.437 +1.723
RD w/ credits 183.172 +0.248
gasoline stocks nudged up slightly by 0.8% during the ARDFE00
RD w/o credits ARDFF00 82.918 +1.677
week to March 21. Biodiesel price assessments USWC (¢/gal)
From the first week of the year to March 21, ARA Low-High Midpoint Change SAF Cost of Production w/ credits ASAFI00 449.649 +0.903
stocks have risen nearly 40%, amid a very steep SAF Cost of Production w/o credits ASAFJ00 177.231 +4.103
Northwest Europe differential to ICE gasoil ($/mt) (PBF page 1313) RD w/ credits ARDFI00 436.124 +0.591
contango. FAME 0 (RED) FOB ARA 358.00-363.00 360.50 -0.75
AAXNT00 RD w/o credits ARDFJ00 197.423 +3.992
In refinery news, Total’s Antwerp refinery was heard PME (RED) FOB ARA AAXNY00 288.00-293.00 290.50 -0.75 Southeast Asia ($/mt)
to be down for unplanned maintenance. The refinery RME (RED) FOB ARA AAXNU00 429.00-434.00 431.50 +18.00 SAF Cost of Production (PFAD) ASFAA00 1505.650 -7.500
SME (RED) FOB ARA AAXNX00 381.75-386.75 384.25 +5.50
previously had taken its fluid catalytic cracker offline. HVO (PFAD) HVSAB00 1397.080 -7.210
UCOME (RED) FOB ARA AUMEA00 504.25 +10.00
In other news, the spread between the front-month North Asia ($/mt)
ULSD barge crack and the equivalent Eurobob crack Carbon credits (PGA page 496) SAF Cost of Production (UCO)
HVO (UCO)
ASFAC00
HVNAA00
1649.290
1529.550
-6.760
-6.510
continued to narrow, assessed at $1.11/b on the day, Change
Platts CEC Foreign exchange rates (PGA page 1151)
down 16 cents/b. March 22, 2024 London 16:30
$/mtCO2e PCECA00 11.500 0.000
Sources and market commentators have said that Eur/mtCO2e PCECE00 10.632 +0.091 Dollar/Swiss franc BCADC00 0.8984
strength in both gasoline and diesel cracks could Jet Fuel Carbon Offset Premiums GB pound/Dollar BCADB00 1.2600
Dollar/Yen BCACW00 151.3900
cause questions for refiners around yield switching and $/b AJFCA00 55.324 0.000
Euro/Dollar BCADD00 1.0810
Eur/b AJFCB00 51.150 +0.440
potentially see tightness in gasoline. Dollar/Ruble AAUJO00 92.3500
The front-month FOB ARA Eurobob barge swap Carbon Intensity (PGA page 4207)
was assessed at $909/mt, up $2.25/mt on the day, Daily Carbon Intensity Premium Monthly Carbon Intensity
according to Platts assessments, with the equivalent Asia $/bbl Date kgCO2e/bbl
barge crack at $24.20/b, up 27 cents/b. Gasoline Unl 92 FOB Singapore Cargo ALCEJ00 0.621 ALCEI00 Feb-24 48.16
The April/May spread was unchanged at an $8.50/ Jet Kero FOB Singapore Cargo ALCEL00 0.244 ALCEK00 Feb-24 18.93
Gasoil 10ppm FOB Singapore Cargo ALCEH00 0.368 ALCEG00 Feb-24 28.54
mt backwardation, while May/June was 25 cents/mt
United States Gulf Coast ¢/gal Date kgCO2e/gal
wider at a $17/mt backwardation. Gasoline CBOB USGC Prompt Pipeline ALCEN00 1.316 ALCEM00 Feb-24 1.02
The Med/North gasoline differential — the spread Jet Kero 54 USGC Prompt Pipeline ALCEP00 0.619 ALCEO00 Feb-24 0.48
between the April FOB Mediterranean 10 ppm cargo ULSD USGC Prompt Pipeline ALCER00 0.800 ALCEQ00 Feb-24 0.62
swap and the equivalent FOB Amsterdam-Rotterdam Northwest Europe $/mt Date kgCO2e/mt
Gasoline Eurobob (E5) FOB NWE Barge 4.854 Feb-24 376.28
Eurobob barge — was assessed unchanged at minus ALCEB00 ALCEA00
Jet FOB NWE Barge ALCED00 2.211 ALCEC00 Feb-24 171.36
$3.50/mt, with May unchanged at minus $4.50/mt. ULSD 10ppm FOB NWE Barge ALCEF00 2.491 ALCEE00 Feb-24 193.12

Platts NWE Gasoline FOB Barge Daily Rationales corresponding with April dates and with the paper to winter Eurobob values and a $30/mt premium for
& Exclusions structure applied. summer specification, in the absence of competitive
Gasoline Prem Unleaded 10ppmS FOB AR Barge Gasoline E10 Eurobob FOB AR Barge <AGEFA00> indications in the Platts Market on Close assessment
<PGABM00> assessment rationale: assessment rationale: process.
The FOB AR 10 ppm premium unleaded gasoline E10 Eurobob gasoline barges were at a $4.75/mt Gasoline Prem Unleaded 10ppmS FOB Med Cargo
barge was assessed at $904/mt and at $5.50/mt premium to the physical E5 Eurobob market, from <AAWZA00> assessment rationale:
premium to Eurobob barges, compared with a $17.50/ a $1.50/mt premium, based on information heard FOB Mediterranean gasoline cargoes were
mt discount, assessed using the previously assessed from the market and in the absence of competitive assessed at $903.50/mt. The previous cash
differentials to the Eurobob April swap for the summer indications in the MOC. A 10 cents/day contango differential between the Med April swap for summer
and winter curves, which saw neither outstanding was applied to the winter curve, while the summer dates was applied to the new assessment with the
offers come into contention in the Platts Market on curve was assessed on heard values corresponding M1/2 structure applied. The assessment was at a $2/
Close assessment process. The paper structure was with April dates and with the paper structure mt discount to the FOB Med April swap, from a $2.75/
interpolated on the summer portion of the curve, and applied. mt discount.
a 10 cents/day structure was applied to the winter Exclusions: None Gasoline Prem Unleaded 10ppmS CIF Med Cargo
portion. Platts is part of S&P Global Commodity Insights <AAWZB00> assessment rationale:
Gasoline Eurobob FOB AR Barge <AAQZV00> The CIF Mediterranean gasoline cargo assessment
assessment rationale: Platts NWE Med Gasoline Cargo Daily Rationale was derived as a freight net-forward from the FOB
Eurobob gasoline barges were assessed at & Exclusions Mediterranean gasoline cargo assessment, using the
$886.50/mt and at a $22.50/mt discount to the front- Gasoline 10ppmS CIF NWE Cargo <AAXFQ00> following: FOB Med gasoline cargo assessment plus
month Eurobob swap, from a $37.50/mt discount, assessment rationale: the cost of transporting a 30,000 mt clean cargo
based on information heard in the market in the The CIF NWE gasoline cargo assessment was from a basket of Mediterranean ports to a basket of
absence of indications in the MOC. A 10 cents/day assessed at $959.75/mt and at a $73.25/mt differential Mediterranean destinations.
contango was applied to the winter curve, while to physical Eurobob, down from an $81/mt premium. Exclusions: None
the summer curve was assessed on heard values The assessment was based on a $71/mt differential Platts is part of S&P Global Commodity Insights
only for your personal use or, if you or your company has a license for the Data from completeness of the Data or any component thereof or any communications
S&P Global Commodity Insights and you are an authorized user, for your company’s (whether written, oral, electronic or in other format), and shall not be subject to any
internal business use only. You may not publish, reproduce, extract, distribute, damages or liability, including but not limited to any indirect, special, incidental,
retransmit, resell, create any derivative work from and/or otherwise provide access punitive or consequential damages (including but not limited to, loss of profits,
to the Data or any portion thereof to any person (either within or outside your trading losses and loss of goodwill).
European Marketscan company, including as part of or via any internal electronic system or intranet), firm
or entity, including any subsidiary, parent, or other entity that is affiliated with your
ICE index data and NYMEX futures data used herein are provided under S&P Global
Commodity Insights’ commercial licensing agreements with ICE and with NYMEX.
company, without S&P Global Commodity Insights’ prior written consent or as
You acknowledge that the ICE index data and NYMEX futures data herein are
Contact Client Services: ci.support@spglobal.com; Americas: +1-800-752-8878; otherwise authorized under license from S&P Global Commodity Insights. Any use
Europe & Middle East: +44-20-7176-6111; Asia Pacific: +65-6530-6430 confidential and are proprietary trade secrets and data of ICE and NYMEX or its
or distribution of the Data beyond the express uses authorized in this paragraph
licensors/suppliers, and you shall use best efforts to prevent the unauthorized
above is subject to the payment of additional fees to S&P Global Commodity
publication, disclosure or copying of the ICE index data and/or NYMEX futures data.
Trade Data: S&P Global Commodity Insights has defined standards for entities it Insights.
Permission is granted for those registered with the Copyright Clearance Center
considers to be related and verifies through a variety of inputs whether S&P Global Commodity Insights, its affiliates and all of their third-party licensors
(CCC) to copy material herein for internal reference or personal use only, provided
counterparties in reported trades meet these criteria. disclaim any and all warranties, express or implied, including, but not limited to, any
that appropriate payment is made to the CCC, 222 Rosewood Drive, Danvers, MA
© 2024 by S&P Global Inc. All rights reserved. warranties of merchantability or fitness for a particular purpose or use as to the
01923, phone +1-978-750-8400. Reproduction in any other form, or for any other
Data, or the results obtained by its use or as to the performance thereof. Data in
S&P Global, the S&P Global logo, S&P Global Commodity Insights, and Platts are purpose, is forbidden without the express prior permission of S&P Global Inc. For
this publication includes independent and verifiable data collected from actual
trademarks of S&P Global Inc. Permission for any commercial use of these article reprints contact: The YGS Group, phone +1-717-505-9701 x105 (800-501-9571
market participants. Any user of the Data should not rely on any information and/or
trademarks must be obtained in writing from S&P Global Inc. from the U.S.).
assessment contained therein in making any investment, trading, risk management
You may view or otherwise use the information, prices, indices, assessments and or other decision. S&P Global Commodity Insights, its affiliates and their third-party For all other queries or requests pursuant to this notice, please contact S&P Global
other related information, graphs, tables and images (“Data”) in this publication licensors do not guarantee the adequacy, accuracy, timeliness and/or Inc. via email at ci.support@spglobal.com.

Platts European Gasoline, Cargo, Bids, Russian domestic refined products netbacks
Refinery Port Code Rb/mt Change Code $/mt Change Underlying marker
Offers, Trades Middle Distillates (PGA page 1440)
Gasoil and Diesel 10 ppm
Bids: None Moscow St Peter AAWRP00 97,183.897 -631.488 AAWRO00 1,056.922 +1.582 ULSD CIF NWE Crg
Yaroslavl St Peter AAXKP00 98,156.965 -631.488 AAXKO00 1,067.505 +1.666 ULSD CIF NWE Crg
Offers: None NORSI Novorossiysk AAXKA00 89,061.591 -484.201 AAWRU00 968.588 +2.469 ULSD FOB Med Crg
Trades: None Syzran Novorossiysk AAXKI00 90,077.715 -484.201 AAXKH00 979.639 +2.557 ULSD FOB Med Crg
Komsomolsk Nakhodka AAWRJ00 88,184.335 -865.773 AAWRI00 959.048 -1.723 GO 0.05% SporeCrg
This assessment commentary applies to the Khabarovsk Nakhodka AAWRD00 89,270.959 -865.773 AAWRC00 970.865 -1.630 GO 0.05% SporeCrg
following market data codes: Gasoline 10ppm CIF Ufa Primorsk AAXYF00 95,950.073 -635.128 AAXYJ00 1,043.504 +1.436 ULSD CIF NWE Crg
Omsk Novorossiysk AAWKQ00 85,840.755 -484.201 AAWKP00 933.560 +2.191 GO 0.1% Med Crg
NWE Cargo <AAXFQ00> Prem Unl 10ppm FOB Italy Yaroslavl Primorsk AAWJZ00 98,865.269 -635.128 AAWJY00 1,075.208 +1.688 ULSD CIF NWE Crg
<AAWZA00> Prem Unl 10ppm CIF Genoa/Lavera NORSI Primorsk AAWJX00 98,870.453 -635.128 AAWJW00 1,075.264 +1.688 ULSD CIF NWE Crg
Kirishi Primorsk AAWJV00 100,893.545 -635.128 AAWJU00 1,097.267 +1.864 ULSD CIF NWE Crg
<AAWZB00> Volgograd Novorossiysk ABXKR00 92,569.119 -484.201 ABXKQ00 1,006.734 +2.772 ULSD FOB Med Crg
Diesel damping value RNDCD00 30,152.598
Platts European Naphtha Daily Market Gasoline (PGA page 1340)
Moscow Vysotsk AAWRT00 107,396.316 +1191.634 AAWRS00 1,167.987 +22.134 Eurobob ARA Brg
Analysis Yaroslavl Vysotsk AAXKT00 108,286.116 +1191.634 AAXKS00 1,177.664 +22.210 Eurobob ARA Brg
NORSI Novorossiysk AAXKE00 105,201.820 -318.758 AAXKD00 1,144.121 +5.648 Prem Unl Med Crg
Backwardation slightly steeper NORSI Vysotsk AAWIN00 106,999.980 +1191.634 AAWIO00 1,163.677 +22.100 Eurobob ARA Brg
Syzran Novorossiysk AAXKL00 106,217.944 -318.758 AAXKK00 1,155.172 +5.736 Prem Unl Med Crg
Naphtha ARA stocks jump Komsomolsk Nakhodka AAWRL00 103,535.854 -360.123 AAWRK00 1,126.003 +5.058 Unl 92 Spore Crg
Khabarovsk Nakhodka AAWRF00 104,622.478 -360.123 AAWRE00 1,137.820 +5.152 Unl 92 Spore Crg
Kirishi Vysotsk AAWIW00 110,274.276 +1191.634 AAWIP00 1,199.287 +22.383 Eurobob ARA Brg
In the European naphtha market March 22 Ufa Vysotsk AAWJE00 104,661.936 +1191.634 AAWJD00 1,138.250 +21.898 Eurobob ARA Brg
Omsk Vysotsk AAWJC00 103,219.992 +1191.634 AAWIX00 1,122.568 +21.773 Eurobob ARA Brg
the backwardation structure was slightly steeper Gasoline damping value RNGCD00 36,406.215
on the day, on the back of combined strength in Fuel oil (PGA page 1540)
Moscow St Peter AAWRN00 42,451.238 -625.989 AAWRM00 461.678 -3.087 FO 3.5% ARA Brg
petrochemical and gasoline blending demand. Yaroslavl St Peter AAXKN00 43,424.306 -625.989 AAXKM00 472.261 -3.002 FO 3.5% ARA Brg
Gasoline blending demand for naphtha, particularly NORSI Novorossiysk AAXKC00 40,838.986 +28.630 AAXKB00 444.144 +3.837 FO 3.5% Med Crg
Syzran Novorossiysk AAXKG00 41,855.110 +28.630 AAXKF00 455.195 +3.925 FO 3.5% Med Crg
heavy and aromatic product, remained robust as Komsomolsk Nakhodka AAWRH00 42,477.635 -577.499 AAWRG00 461.965 -2.561 380 CST Spore Crg
gasoline entered summer specification season which Khabarovsk Nakhodka AAWRB00 43,564.259 -577.499 AAWRA00 473.783 -2.467 380 CST Spore Crg
Kirishi Vysotsk AAWJG00 45,241.679 -627.808 AAWJF00 492.025 -2.866 FO 3.5% ARA Brg
requires lower RVP under higher temperatures. As Ufa Vysotsk AAWJK00 39,629.339 -627.808 AAWJJ00 430.988 -3.351 FO 3.5% ARA Brg
naphtha is pulled into gasoline blending, the widening Omsk Vysotsk AAWJI00 38,187.395 -627.808 AAWJH00 415.307 -3.474 FO 3.5% ARA Brg
spread between gasoline and naphtha further Spot prices assessed by Platts in key markets are used as underlying markers for netback calculations.
strengthens this pull. Platts, part of S&P Global

Commodity Insights, assessed the discount of the 477,000 mt, according to Insights Global data. which included the naphtha cracker and the polymer
front-month NWE naphtha swap to the equivalent On the petrochemical side, the European market site. It lasted between late September and early
gasoline swap at $212.75/mt March 21, up from $208/ was experiencing strong propylene and ethylene February 2024.
mt March 15. production, largely driven by supply tightness. This Germany’s 310,000 b/d Mineraloelraffinerie
Anticipation of strength in gasoline blending in turn increased demand for naphtha, particularly Oberrhein (MiRo) refinery will start major maintenance
demand for naphtha ahead of the peak driving light and paraffinic product, to go into petrochemical April 8, local media reported March 22. The refinery
season has led to increased stocking up by market production. had previously expected to carry out maintenance this
participants on the week in the Amsterdam- In recent refinery news, there was an unplanned spring, most likely from April. The maintenance was
Rotterdam-Antwerp hub despite steepening maintenance at TotalEnergies’ Antwerp refinery which expected to last four weeks and involve 25 units from
backwardation in the naphtha market structure. Stocks started March 21, according to market sources. In late Plant 2. Such maintenance takes place once every six
increased 25.5% in the week to March 21 reaching 2023, there was a maintenance at the Antwerp facility, years. The works will affect nearly half of the refinery’s

capacity. Traders also said the refinery is expected to Asia products

Code Mid Change Code Mid Change
have 50% less product in April.
Singapore (PGA page 2002)
The front-month CIF NWE naphtha crack rose
FOB Singpore ($/barrel)
15 cents/b on the day at minus $6.80/b, Platts
Naphtha PAAAP00 75.76–75.80 75.780 -0.970
assessments showed. Gasoline 92 unleaded PGAEY00 100.92–100.96 100.940 +0.390
The front-month CIF NWE naphtha swap was Gasoline 95 unleaded PGAEZ00 105.53–105.57 105.550 +0.770
assessed up $1.25/mt at $695.25/mt. The April/May Gasoline 97 unleaded PGAMS00 106.09–106.13 106.110 +0.850
spread was assessed up 25 cents/mt at $16/mt, while Kerosene PJABF00 103.10–103.14 103.120 -0.650
Gasoil 0.05% sulfur AAFEX00 103.22–103.26 103.240 -0.260
May/June rose 50 cents/mt to $10/mt.
Gasoil 0.25% sulfur AACUE00 101.92–101.96 101.940 -0.260
The front-month East-West spread – the spread Gasoil POABC00 104.17–104.21 104.190 -0.220
between the CFR Japan naphtha cargo swap and the Fuel oil 180 CST 2% ($/mt) PUAXS00 497.88–497.92 497.900 +0.300
CIF NWE equivalent – was assessed up 25 cents/mt at HSFO 180 CST ($/mt) PUADV00 486.92–486.96 486.940 +0.290
$9/mt, while May was unchanged at $13.50/mt. HSFO 380 CST ($/mt) PPXDK00 470.13–470.17 470.150 -1.720
In petrochemical feedstocks, the front-month CIF Gasoline components (PBF page 2010)
NWE propane swap discount to the equivalent naphtha FOB Singapore ($/mt)
MTBE PHALF00 987.25–989.25 988.250 +3.250
swap was up $1.75/mt at $178.75/mt.
Singapore swaps (PPA page 2654)
Platts is part of S&P Global Commodity Insights
April ($/barrel) May ($/barrel)
Naphtha Japan ($/mt) AAXFE00 702.25–702.75 702.500 -4.250 AAXFF00 691.25–691.75 691.500 -4.750
Platts NW Europe Naphtha CIF Cargo Daily Naphtha PAAAQ00 75.13–75.17 75.150 -0.350 PAAAR00 73.93–73.97 73.950 -0.400
Rationale & Exclusions Gasoline 92 unleaded AAXEL00 100.06–100.10 100.080 +0.130 AAXEM00 98.63–98.67 98.650 -0.140
The CIF NWE naphtha cargo <PAAAL00> Reforming Spread AAXEO00 24.91/24.95 24.930 +0.480 AAXEP00 24.68/24.72 24.700 +0.260
assessment was based on the following inputs: Kerosene PJABS00 102.88–102.92 102.900 -0.380 PJABT00 102.93–102.97 102.950 -0.260
Gasoil POAFC00 104.51–104.55 104.530 -0.260 POAFG00 104.41–104.45 104.430 -0.270
Value on April 9 was assessed at $718.91/mt
HSFO 180 CST ($/mt) PUAXZ00 492.68–492.72 492.700 0.000 PUAYF00 491.93–491.97 491.950 -0.700
based on an outstanding bid for a 12,500 mt cargo. A
Middle East (PGA page 2004)
structure implied by the outstanding bid was applied
FOB Arab Gulf ($/barrel)
throughout the curve. Naphtha ($/mt) PAAAA00 624.63–632.63 628.630 -0.150
Exclusions: None Naphtha LR2 ($/mt) AAIDA00 628.51–636.51 632.510 +0.420
Kerosene PJAAA00 97.17–97.21 97.190 -0.510
Platts NW Europe Naphtha CIF Cargo Bids, Gasoil 10 ppm AAIDT00 97.88–97.92 97.90 -0.070
Offers, Trades Gasoil 0.005% sulfur

Gasoil 0.05% sulfur
AASGJ00
AAFEZ00
97.43–97.47
96.88–96.92
97.450
96.900
-0.070
-0.070
Gasoil 0.25% sulfur AACUA00 95.00–95.04 95.020 -0.070
PLATTS EU NAPHTHA PVO MOC TRADES ON CLOSE Gasoil POAAT00 97.88–97.92 97.900 -0.070
NO TRADES REPORTED HSFO 180 CST ($/mt) PUABE00 458.96–459.00 458.980 +0.360
PLATTS EU NAPHTHA PVO MOC BIDS ON CLOSE Japan (PGA page 2006)
CIF BASIS ROTTERDAM C+F Japan ($/mt) Premium/Discount
CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE Naphtha PAAAD00 710.25–718.25 714.250 -2.250
Naphtha MOPJ Strip AAXFH00 686.50–687.00 686.750 -4.880 AAXFI00 27.25/27.75 27.500 +2.620
CRG 12.5 KT +/- 10%: 10-25: APRIL 1-5: SHELL BIDS
Naphtha 1st 1/2 May PAAAE00 721.75–722.25 722.000 -8.750
11250.0MT AT NAPHTHA CIF NWE CRG $17.00 ANY DAY Naphtha 2nd 1/2 May PAAAF00 717.75–718.25 718.000 -3.500
SEE TQC; TQC: {‘INDIC 9. PRICING 6-26 APRIL 2024. Naphtha 1st 1/2 Jun PAAAG00 710.25–710.75 710.500 -1.000
(continued on page 11) Gasoline unleaded ($/barrel) PGACW00 105.57–105.61 105.590 +0.390
Kerosene ($/barrel) PJAAN00 104.76–104.80 104.780 -0.390

US Products: March 21, 2024

Code Mid Change Code Mid Change Code Mid Change
New York Harbor (PGA page 152)

CIF cargoes (¢/gal) RVP
Unleaded 87 AAMHG00 259.66–259.76 259.710 -0.610 AAMHGRV 13.5

$/barrel 1% strip NYH vs 1% strip
No. 6 1.0%** PUAAO00 83.52–83.54 83.530 -0.180 AAUGG00 82.03–82.05 82.040 -0.180 AAUGD00 1.48/1.50 1.490 0.000
USAC HSFO PUAAX00 77.90–77.92 77.910 -0.110 AAUGF00 -4.14/-4.12 -4.130 +0.070

Settle-based Residual swaps ($/barrel)
No. 6 1.0% paper Bal M AFOAB00 NA NANA
No. 6 1.0% paper 1st month AFOAM01 81.700 -0.150
No. 6 1.0% paper 2nd month AFOAM02 80.800 -0.150
NY numbers include duty.
FOB Gulf Coast (PGA page 156 & 338)

¢/gal RVP
Unleaded 87 PGACT00 262.17–262.27 262.220 -0.960 PGACTRV 9.0
Unleaded 89 PGAAY00 276.37–276.47 276.420 -0.960 PGAAYRV 9.0
Unleaded 93 PGAJB00 297.67–297.77 297.720 -0.960 PGAJBRV 9.0
MTBE PHAKX00 299.86–299.96 299.910 -7.360
Jet 54 PJABM00 260.86–260.96 260.910 -4.910
Jet 55 PJABN00 261.86–261.96 261.910 -4.910
ULS Kero AAVTK00 271.86–271.96 271.910 -4.910
No. 2 POAEE00 247.58–247.68 247.630 -2.690
Alkylate* AAFIE00 41.45/41.55 41.500 +0.250
*Premium to US Gulf Coast pipeline gasoline; DAP

Cargo (¢/gal) Cargo ($/mt)
FOB Naphtha AAXJP00 166.000 -0.250 AAXJU00 627.480 -0.950
Export ULSD AAXRV00 252.650 -3.290 AAXRW00 790.540 -10.300

$/barrel USGC HSFO strip vs 1% strip
Slurry Oil PPAPW00 74.08–74.10 74.090 -0.390 AAUGS00 2.01/2.03 2.020 -0.260
No. 6 1.0% 6 API PUAAI00 81.77–81.79 81.780 -0.490 AAUGT00 9.70/9.72 9.710 -0.360
USGC HSFO PUAFZ00 71.54–71.56 71.550 -0.390 AAUGW00 72.06–72.08 72.070 -0.130 AAUGU00 -0.53/-0.51 -0.520 -0.260
RMG 380 PUBDM00 71.54–71.56 71.550 -0.390 AAUGV00 -0.53/-0.51 -0.520 -0.260

Settle-based Residual swaps ($/barrel)
USGC HSFO swap M1(Apr) AWATM01 72.350 -0.050
USGC HSFO swap M2(May) AWATM02 72.950 +0.150

OPTOL @ +5. ; IT IS A CONDITION OF THIS BID THAT Delivery basis

THE GOODS SOLD AND DELIVERED BY SELLER WILL
NOT BE OF RUSSIAN FEDERATION (RF) ORIGIN, NOR Please note that the assessments which appear in the FOB Rotterdam barge section have varying delivery bases as
HAVE BEEN BLENDED WITH ANY PRODUCT THAT WAS noted below:
PRODUCED IN RF, NOR WILL THE TRANSPORT OF THE Code Delivery basis
GOODS SOLD COMMENCE FROM OR INVOLVE TRANSIT Naphtha PAAAM00 FOB Amsterdam-Rotterdam-Antwerp
THROUGH RF.’} Eurobob AAQZV00 FOB Amsterdam-Rotterdam
CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE E10 Eurobob AGEFA00 FOB Amsterdam-Rotterdam
CRG 12.5 KT +/- 10%: 10-25: APRIL 7-11: SHELL BIDS 98 RON gasoline 10 ppm AAKOD00 FOB Amsterdam-Rotterdam
11250.0MT AT NAPHTHA CIF NWE CRG $26.00 ANY Premium gasoline 10 ppm PGABM00 FOB Amsterdam-Rotterdam
DAY SEE TQC; TQC: {‘INDIC 1. PRICING 6-26 APRIL 2024. Reformate AAXPM00 FOB Amsterdam-Rotterdam
OPTOL @ +5. ; IT IS A CONDITION OF THIS BID THAT Jet PJABA00 FOB Flushing-Amsterdam-Rotterdam-Antwerp-Ghent
THE GOODS SOLD AND DELIVERED BY SELLER WILL Diesel 10 ppm AAJUS00 FOB Amsterdam-Rotterdam-Antwerp
NOT BE OF RUSSIAN FEDERATION (RF) ORIGIN, NOR Gasoil 50 ppm AAUQC00 FOB Amsterdam-Rotterdam-Antwerp
HAVE BEEN BLENDED WITH ANY PRODUCT THAT WAS Gasoil 0.1% AAYWT00 FOB Amsterdam-Rotterdam-Antwerp
PRODUCED IN RF, NOR WILL THE TRANSPORT OF THE DMA MGO 0.1% LGARD00 FOB Amsterdam-Rotterdam-Antwerp
GOODS SOLD COMMENCE FROM OR INVOLVE TRANSIT Fuel oil 1.0% PUAAP00 FOB Rotterdam
THROUGH RF.’} Fuel oil 3.5% PUABC00 FOB Rotterdam
CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE Fuel oil 3.5% 500 CST PUAGN00 FOB Rotterdam
CRG 12.5 KT +/- 10%: 10-25: APRIL 11-15: SHELL BIDS Marine fuel 0.5% PUMFD00 FOB Rotterdam-Antwerp
11250.0MT AT NAPHTHA CIF NWE CRG $12.00 ANY DAY Rotterdam bunker 380 CST PUAYW00 Rotterdam Delivered bunkers
SEE TQC; TQC: {‘INDIC 5. PRICING 6-26 APRIL 2024.
OPTOL @ +5. ; IT IS A CONDITION OF THIS BID THAT THROUGH RF.’} THE GOODS SOLD AND DELIVERED BY SELLER WILL
THE GOODS SOLD AND DELIVERED BY SELLER WILL CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE NOT BE OF RUSSIAN FEDERATION (RF) ORIGIN, NOR
NOT BE OF RUSSIAN FEDERATION (RF) ORIGIN, NOR CRG MIN QTY 24 KT: 10-25: APRIL 11-15: SHELL BIDS HAVE BEEN BLENDED WITH ANY PRODUCT THAT WAS
HAVE BEEN BLENDED WITH ANY PRODUCT THAT WAS 24000.0MT AT NAPHTHA CIF NWE CRG $12.00 ANY PRODUCED IN RF, NOR WILL THE TRANSPORT OF THE
PRODUCED IN RF, NOR WILL THE TRANSPORT OF THE DAY SEE TQC; TQC: {‘INDIC 6. PRICING 6-26 APRIL 2024. GOODS SOLD COMMENCE FROM OR INVOLVE TRANSIT
GOODS SOLD COMMENCE FROM OR INVOLVE TRANSIT OPTOL @ +5. ; IT IS A CONDITION OF THIS BID THAT THROUGH RF.’}
THROUGH RF.’} THE GOODS SOLD AND DELIVERED BY SELLER WILL CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE
CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE NOT BE OF RUSSIAN FEDERATION (RF) ORIGIN, NOR CRG MIN QTY 28 KT: 10-25: APRIL 10-14: GLENCORE
CRG MIN QTY 24 KT: 10-25: APRIL 7-11: SHELL BIDS HAVE BEEN BLENDED WITH ANY PRODUCT THAT WAS BIDS 28000.0MT AT NAPHTHA CIF NWE CRG $13.00
24000.0MT AT NAPHTHA CIF NWE CRG $20.00 ANY PRODUCED IN RF, NOR WILL THE TRANSPORT OF THE FULL MNTH APR; TQC: {‘INDIC 1: OPTOL +10’}
DAY SEE TQC; TQC: {‘INDIC 2. PRICING 6-26 APRIL 2024. GOODS SOLD COMMENCE FROM OR INVOLVE TRANSIT CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE
OPTOL @ +5. ; IT IS A CONDITION OF THIS BID THAT THROUGH RF.’} CRG MIN QTY 28 KT: 10-25: APRIL 11-15: SHELL BIDS
THE GOODS SOLD AND DELIVERED BY SELLER WILL CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE 28000.0MT AT NAPHTHA CIF NWE CRG $12.00 ANY
NOT BE OF RUSSIAN FEDERATION (RF) ORIGIN, NOR CRG MIN QTY 28 KT: 10-25: APRIL 7-11: SHELL BIDS DAY SEE TQC; TQC: {‘INDIC 7. PRICING 6-26 APRIL 2024.
HAVE BEEN BLENDED WITH ANY PRODUCT THAT WAS 28000.0MT AT NAPHTHA CIF NWE CRG $19.00 ANY OPTOL @ +5. ; IT IS A CONDITION OF THIS BID THAT
PRODUCED IN RF, NOR WILL THE TRANSPORT OF THE DAY SEE TQC; TQC: {‘INDIC 3. PRICING 6-26 APRIL 2024. THE GOODS SOLD AND DELIVERED BY SELLER WILL
GOODS SOLD COMMENCE FROM OR INVOLVE TRANSIT OPTOL @ +5. ; IT IS A CONDITION OF THIS BID THAT NOT BE OF RUSSIAN FEDERATION (RF) ORIGIN, NOR

HAVE BEEN BLENDED WITH ANY PRODUCT THAT WAS Platts Mediterranean Naphtha FOB Cargo Daily million mt in March, up 32.2% on the month and the
PRODUCED IN RF, NOR WILL THE TRANSPORT OF THE Rationale highest volume recorded since November, according
GOODS SOLD COMMENCE FROM OR INVOLVE TRANSIT Naphtha FOB Med Cargo <PAAAI00> assessment to data from S&P Global Commodities at Sea retrieved
THROUGH RF.’} rationale: March 22.
CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE The FOB Mediterranean naphtha cargo assessment The two largest suppliers are Kuwait and India,
CRG MIN QTY 32 KT: 10-25: APRIL 7-11: SHELL BIDS was derived as a freight netback from the CIF NWE providing 539,000 mt and 322,000 mt of jet fuel
32000.0MT AT NAPHTHA CIF NWE CRG $17.00 ANY DAY naphtha cargo assessment, using the following respectively.
SEE TQC; TQC: {‘INDIC 4. PRICING 6-26 APRIL 2024. assessments: CIF NWE naphtha cargo assessment The ARA refining and storage hub in particular
OPTOL @ +5. ; IT IS A CONDITION OF THIS BID THAT minus the cost of transporting a 27,500 mt naphtha is set to take 616,800 mt of volumes over March,
THE GOODS SOLD AND DELIVERED BY SELLER WILL cargo from Alexandria in the Mediterranean to with the second largest receiver being the UK taking
NOT BE OF RUSSIAN FEDERATION (RF) ORIGIN, NOR Rotterdam. 536,400 mt.
HAVE BEEN BLENDED WITH ANY PRODUCT THAT WAS The Mediterranean is expected to take 446,000 mt
PRODUCED IN RF, NOR WILL THE TRANSPORT OF THE Platts European Jet Daily Market Analysis of volumes for March, “not unusual for this time of the
GOODS SOLD COMMENCE FROM OR INVOLVE TRANSIT year, and what couldn’t be absorbed locally found its
Jet differentials edge upward with premiums in
THROUGH RF.’} way to the North,” said the first source.
recovery mode
CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE So far, April volumes of jet fuel imports into Europe
CRG MIN QTY 32 KT: 10-25: APRIL 11-15: SHELL BIDS Complex remains slow to absorb volumes with ARA stand at 916,300 mt, with the ARA hub taking 471,900
32000.0MT AT NAPHTHA CIF NWE CRG $12.00 ANY stocks flat mt of the total.
DAY SEE TQC; TQC: {‘INDIC 8. PRICING 6-26 APRIL 2024. “April looks a bit better [than March], but still a bit
OPTOL @ +5. ; IT IS A CONDITION OF THIS BID THAT European jet differentials were flat March 22 with heavy,” said a second ARA-based source.
THE GOODS SOLD AND DELIVERED BY SELLER WILL the complex slow to clear ongoing heaviness on the Platts is part of S&P Global Commodity Insights
NOT BE OF RUSSIAN FEDERATION (RF) ORIGIN, NOR supply front.
HAVE BEEN BLENDED WITH ANY PRODUCT THAT WAS Platts assessed both the CIF NWE jet cargo and Platts NWE Jet Barge Daily Rationale &
PRODUCED IN RF, NOR WILL THE TRANSPORT OF THE FOB FARAG jet barge differential up 25 cents/mt on Exclusions
GOODS SOLD COMMENCE FROM OR INVOLVE TRANSIT the day. Jet FOB FARAG <PJABA00> assessment rationale:
THROUGH RF.’} While this capped off a week of upward movement The FOB FARAG jet fuel barge assessment was based
PLATTS EU NAPHTHA PVO MOC OFFERS ON CLOSE in cash premiums as they continued to recover from on the previously established relationship between
CIF BASIS ROTTERDAM 16-month lows reached March 7, aviation demand the jet fuel cargo and barge markets, in the absence of
CIF BASIS ROTTERDAM: PLATTS NAPHTHA remained steady but seasonally depressed. competitive indications in the Platts Market on Close
NWE CRG MIN QTY 28 KT: 10-25: APRIL 12-16: “The weakness is still there for sure because there assessment process.
REPSOL OFFERS 28000.0MT AT NAPHTHA CIF NWE is little demand in sight,” said a source. “That’s the Exclusions: None
CRG $13.00 BALMNTH NEXT DAY; TQC: {‘OPTOL issue right now, but it will change post-Easter.” Platts is part of S&P Global Commodity Insights
+16.5 $/T’} On the supply front, inventories of jet and kerosene
CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE in the Amsterdam-Rotterdam-Antwerp hub fell less Platts NWE Jet Barge Bids, Offers, Trades
CRG MIN QTY 32 KT: 10-25: APRIL 12-16: TRAFIGURA than a percentage point on the week to 769,000 mt in
OFFERS 32000.0MT AT NAPHTHA CIF NWE CRG $28.00 the seven days to March 21, data from market research PLATTS EU MIDDIST BARGE MOC TRADES
FULL MNTH APR; TQC: {‘OPTOL +20’} firm Insights Global showed. ON CLOSE
This assessment commentary applies to the This put stock levels up 10.4% on the year. NO TRADES REPORTED
following market data codes: Naphtha CIF NWE Cargo Europe has been slow to clear the ongoing PLATTS EU MIDDIST BARGE MOC BIDS ON CLOSE
<PAAAL00> oversupply, with imports of jet fuel set to reach 1.899 NO BIDS REPORTED

PLATTS EU MIDDIST BARGE MOC OFFERS COD AT $3.0; TQC: {‘INDICATION 1; LAYCAN : BUYER since Feb. 9, which participants have pointed to as the
ON CLOSE TO DECLARE A 5 DAY WINDOW AT THE TIME OF THE cause of the current tightness in supply.
FARAG: PLATTS JET BRG 2-4KT CCM: FE1: MARCH TRADE (IF APPLICABLE); SPEC: JET A1 DEFSTAN 91-091, “If the spread is more than $10/mt, refineries will
27-31: BP OFFERS 4KMT AT $5.00 MEETING JFSCL LATEST ISSUE (CURRENT AT BILL OF avoid producing 50 ppm gasoil,” said a second source.
FARAG: PLATTS JET BRG 2-4KT CCM: FE1: MARCH LADING) WITH POSSIBLE EXCEPTION OF ELECTRICAL “Yes demand is bad, but there [has also been] less
27-31: TOTAL OFFERS 4KMT AT $2.00 CONDUCTIVITY (STADIS TO BE PROVIDED ON BOARD production.”
This assessment commentary applies to the IN DRUMS), ISPS COMPLIANT ; CP OPTIONS: MIN Although buying interest remains weak currently,
following market data codes: Jet FOB Rdam Barge NWE OPTIONS AT CP RATE.; GTCS: BPOI 2015V1.2; upcoming German refinery maintenance could begin
<PJABA00> VESSEL CLEARANCES: BP/TOTSA/SHELL; OTHER:NON pulling volumes from the ARA hub going forward.
RUSSIAN ORIGIN’} Germany’s Mineraloelraffinerie Oberrhein (MiRo)
Platts NWE Jet Cargo Daily Rationales & This assessment commentary applies to the refinery will be halting units from March 28 for a major
Exclusions following market data codes: Jet CIF NWE cargo maintenance with the actual works starting on April 8,
Jet CIF NWE Cargo <PJAAU00> assessment <PJAAU00> Jet FOB Italy cargo <AAIDL00> the refinery said March 22.
rationale: The CIF NWE jet fuel cargo assessment Such maintenance takes place once every six years,
was based on the previously established relationship Platts European Gasoil Daily Market local media reported, adding that the works will affect
between the physical and swaps markets, and cut by Analysis nearly half of the refinery’s capacity.
25 cents/mt, in the absence of competitive indications While 50 ppm gasoil was seeing some signs of life,
FOB ARA 50 ppm gasoil jumps to four-week high
in the Platts Market on Close assessment process. the higher sulfur front continued to note little activity.
Jet FOB Med Cargo <AAIDL00> assessment ARA diesel, gasoil stocks down 2.8% on week Weakness in physical fundamentals was translating
rationale: The FOB Mediterranean jet cargo to weakness in the related derivatives markets, with
assessment was derived as a freight netback to the The European 50 ppm gasoil market jumped the CIF Mediterranean and NWE 0.1%S gasoil swap
CIF Northwest Europe jet cargo assessment, using the to a four-week high March 22 off the back of values seeing softening toward the back of the
following calculation: CIF NWE jet cargo assessment competitive bidding activity in the Platts Market on forward curve.
minus the cost of transporting a 27,500 mt clean cargo Close assessment process, as participants reported “[Gasoil 0.1%S paper is] a very illiquid market at the
from Augusta, Italy, to Rotterdam, Netherlands. poor supply in the region even as end-user demand moment, and we are not seeing much demand on it at
Exclusions: None remained weak. all beyond the front-months,” said a third source. “In
Platts is part of S&P Global Commodity Insights The Platts MOC saw five bids for a barge of 50 ppm fact, most people are selling CIF NWE gasoil.”
gasoil across the 5-15 day forward laycan from Gunvor, In other news, diesel and gasoil stocks in the
Platts NWE Daily Jet Cargo Bids, Offers, Trafigura and Totsa, a notable uptick in activity in an Amsterdam-Rotterdam-Antwerp refining hub fell 2.8%
Trades illiquid market. to 2.046 million mt in the seven days to March 21,
“I think people have realized that there is not much according to Insights Global data, falling back from a
PLATTS EU MIDDIST PVO MOC TRADES ON CLOSE around,” said a source. seven-month high.
NO TRADES REPORTED As a result, Platts assessed the FOB ARA 50 ppm Platts is part of S&P Global Commodity Insights
PLATTS EU MIDDIST PVO MOC BIDS ON CLOSE gasoil differential up $13.75/mt on the day to an $11/mt
NO BIDS REPORTED discount to the front-month ICE LSGO futures contract, Platts NWE Gasoil 0.1% Barge Daily Rationale &
PLATTS EU MIDDIST PVO MOC OFFERS ON CLOSE the highest value since Feb. 16. Exclusions
CIF BASIS LE HAVRE CIM TERMINAL Notably, the sulfur spread between ULSD and 50 Gasoil .1%S (1000ppm) FOB ARA Barge <AAYWT00>
PLATTS NWE JET CRG: 10-25: APRIL 1-9: BP ppm narrowed $12.50/mt to $16.75/mt, the tightest assessment rationale:
OFFERS 27000.0MT AT JET CIF NWE CRG $3.00 FULL value since Feb. 5. The FOB ARA 0.1% gasoil barge assessment was
MNTH APR; OPTOL:0.0-6000.0MT JET CIF NWE CRG The spread had remained above the $30/mt mark based on the previously established relationship

between the physical and paper markets, and cut by Platts NWE Gasoil 0.1%S Cargo Bids, Offers, PLATTS EU MIDDIST PVO MOC BIDS ON CLOSE
25 cents/mt, in the absence of competitive indications Trades NO BIDS REPORTED
in the Platts MOC. PLATTS EU MIDDIST PVO MOC OFFERS ON CLOSE
Exclusions: None PLATTS EU MIDDIST PVO MOC TRADES ON CLOSE NO OFFERS REPORTED
Platts is part of S&P Global Commodity Insights NO TRADES REPORTED This assessment commentary applies to the
PLATTS EU MIDDIST PVO MOC BIDS ON CLOSE following market data codes: Gasoil 0.1% FOB Italy
Platts NWE Gasoil 50ppm Barge Daily Rationale NO BIDS REPORTED <AAVJI00> Gasoil 0.1% CIF Genoa/Lavera <AAVJJ00>
& Exclusions PLATTS EU MIDDIST PVO MOC OFFERS ON CLOSE
Gasoil .005%S (50ppm) FOB ARA Barge NO OFFERS REPORTED Platts European Diesel Daily Market
<AAUQC00> assessment rationale: This assessment commentary applies to the Analysis
The FOB ARA 50 ppm gasoil barge assessment following market data codes: Gasoil 0.1% FOB
Resumption of diesel flows from India, Persian Gulf
was based on the following inputs expressed as a NWE cargo <AAYWR00> Gasoil 0.1% CIF NWE cargo
and US to Europe
differential to the front-month ICE low sulfur gasoil <AAYWS00>
futures contract: Value on March 29 was assessed Vessel rerouting leaves Europe exposed to supply
at minus $9.75/mt, above an outstanding bid. A Platts Mediterranean Gasoil 0.1%S Cargo Daily disruptions
backwardation structure of 38 cents/mt per day was Rationales & Exclusions
applied to the curve. Gasoil 0.1%S FOB Med Cargo <AAVJI00> Resumed diesel flows to Europe from the India, the
Exclusions: None assessment rationale: Persian Gulf and US have staved off concerns around
Platts is part of S&P Global Commodity Insights The FOB Mediterranean 0.1% gasoil cargo tight supplies ahead of peak refinery maintenance
assessment was derived as a freight netback from season, according to traders.
Platts NWE Gasoil 0.1%S Cargo Daily Rationale & the CIF Med 0.1% gasoil cargo assessment, using the Front-month ICE low sulfur gasoil futures were
Exclusions following assessments: CIF Med 0.1% gasoil cargo assessed at $823.50/mt on March 22, down from a
Gasoil 0.1%S FOB NWE Cargo <AAYWR00> assessment minus the cost of transporting a 30,000 mt peak of $856.50/mt on March 18, while backwardation
assessment rationale: clean cargo from a basket of ports in the Mediterranean has narrowed as an influx of supply has cooled
The FOB Northwest Europe 0.1% gasoil cargo and Black Sea to Genoa, Italy, and Lavera, France. markets.
assessment was derived as a freight netback from Gasoil .1%S (1000ppm) CIF Med Cargo <AAVJJ00> According to S&P Global Commodities at Sea, more
the CIF NWE 0.1% gasoil cargo assessment, using the assessment rationale: than 2.5 million b/d of diesel/gasoil is due to discharge
following assessments: CIF NWE 0.1% gasoil cargo The CIF Mediterranean 0.1% gasoil cargo at European ports on the week to March 17, touching a
assessment minus the cost of transporting a 22,000 assessment was based on the previous relationship 10-week high as inflows from the US and East-of-Suez
mt clean cargo from a basket of ports in the Baltic and between the physical and paper markets in the have rebounded.
Northwest Europe to Le Havre, France. absence of competitive indications in the Platts The combination of heavy maintenance schedules
Gasoil 0.1%S CIF NWE Cargo <AAYWS00> Market on Close assessment process. in the US and disrupted Red Sea flows had previously
assessment rationale: Exclusions: None triggered concerns around squeezed diesel inventories,
The CIF Northwest Europe 0.1% gasoil cargo Platts is part of S&P Global Commodity Insights though sluggish demand had mitigated price rises.
assessment was based on the previous relationship Notably, 376,300 b/d is due to arrive in Europe
between the physical and paper markets in the Platts Mediterranean Gasoil 0.1%S Cargo from the US in March, marking the highest recorded
absence of competitive indications in the Platts Bids, Offers, Trades level since July 2017, as refineries returning from
Market on Close assessment process. maintenance have ramped up exports across the
Exclusions: None PLATTS EU MIDDIST PVO MOC TRADES ON CLOSE Atlantic.
Platts is part of S&P Global Commodity Insights NO TRADES REPORTED Traders had initially feared that soaring freight rates

and Red Sea risk premiums could deter shipments competitive bid in the MOC. Optol: 0-6kt in S.O ; diff as per main, pricing COD+3
from Asia, particularly as prominent suppliers such as A linear structure was drawn between March 29 and quotations (COD=0)
India’s Reliance were seen diverting cargoes to East-of- April 1 and extended to the front of the curve. Spec: ULSD 10ppm UK Summer, min 60 flash, clear
Suez consumers. A linear structure was drawn between April 1 and & bright
Yet with the conclusion of Autumn maintenance, April 4 and extended to the back of the curve. CP: Hamburg-Bdx, North Spain + ECUK, others
flows from India and the Arab Gulf have conspicuously Exclusions: None obtainable at cost
returned to the market. In March, Europe is due to Platts is part of S&P Global Commodity Insights Vessel: BP/Shell/Total”
receive some 327,200 b/d and 583,300 b/d from India Fri 12 Apr - Tue 16 Apr
and Saudi Arabia respectively, as strength in European Platts NWE ULSD Cargo Daily Rationales & Immingham
distillates has become sufficient for suppliers to Exclusions Main: 27 kt
swallow higher freight costs. ULSD 10ppmS CIF NWE Cargo <AAVBG00> 100% of main at ULSD CIF UK Crg $3.00/mt, COD,
According to CAS, the majority of exports have assessments rationale: +3 quotes
continued to opt for the longer Cape of Good Hope The CIF NWE diesel cargo assessment was based GLENCOREUK Bid [16:30:00]
route to avoid the Red Sea, and only five of the 14 on the previous relationship between the physical “Indication 2
diesel/gasoil cargoes loaded East of Suez and bound and paper markets, moved down by 50 cents, in the Optol: 0-6kt in S.O ; diff as per main, pricing COD +3
for Europe opted to sail via the Suez Canal. absence of competitive indications in the Platts quotations (COD=0)
Steeply backwardated European diesel markets Market on Close assessment process. Spec: ULSD 10ppm UK Summer, clear & bright
continue to place a premium on prompt supply, ULSD 10ppmS CIF NWE Basis UK Cargo <AAVBH00> CP: Hamburg-Bdx, North Spain + ECUK
however high insurance costs continue to neutralize assessments rationale: Vessel: BP/Total/Shell”
the time advantages of sailing via the Suez, sources The CIF UK diesel cargo assessment was based Thu 11 Apr - Mon 15 Apr
have said. on the previous relationship between the physical Thames
Yet a pivot to journeys via the Cape of Good and paper markets in the absence of competitive Main: 27 kt
Hope leaves Europe exposed to more intermittent indications in the MOC. 100% of main at ULSD CIF UK Crg $0.50/mt, COD,
supplies, traders cautioned, noting that longer journey ULSD 10ppmS CIF NWE Basis Le Havre Cargo +3 quotes
routes afford suppliers less flexibility to respond to <AAWZC00> assessments rationale: GLENCOREUK Bid [16:30:00]
demand shifts. The CIF Northwest Europe (Le Havre) diesel cargo “Indication 1
assessment was derived as a freight net forward from Optol: 0-6kt in S.O ; diff as per main, pricing COD+3
Platts NWE ULSD Barge Daily Rationale & the CIF NWE (ARA) diesel cargo assessment, using the quotations (COD=0)
Exclusions following assessments: CIF NWE (ARA) diesel cargo Spec: ULSD 10ppm UK Summer, min 60 flash, clear
ULSD 10ppmS FOB ARA Barge <AAJUS00> assessment plus the cost of transporting a 30,000 & bright
assessment rationale: mt clean cargo from a basket of ports in Northwest CP: Hamburg-Bdx, North Spain + ECUK, others
The ULSD FOB ARA barge assessment was based Europe to Le Havre, France. obtainable at cost
on the following input, expressed as differentials to the Exclusions: None Vessel: BP/Shell/Total”
front-month ICE LSGO futures contract: Platts is part of S&P Global Commodity Insights Mon 08 Apr - Fri 12 Apr
Value on March 29 was assessed at $7.25/mt Immingham
above a competitive bid in the Platts Market on Close Platts NWE ULSD Cargo Bids, Offers, Trades Main: 27 kt
assessment process; 100% of main at ULSD CIF UK Crg $3.50/mt, COD,
Value on April 1 was assessed at $5/mt based on a Bids: +3 quotes
trade in the MOC; GLENCOREUK Bid [16:30:00] TOTSA Bid [16:30:00]
Value on April 4 was assessed at $4.25/mt above a “Indication 3 “Main volume: as per efp

Optol: 0-6kt in S.O ; as per efp, same premium Optol: 0-6kt in S.O ; diff as per main, pricing COD+3 This assessment commentary applies to the
than main quotations (COD=0) following market data code: Diesel 10ppm UK Cargoes
Spec: ULSD 10ppm German Inter, min 59 flash, clear Spec: ULSD 10ppm UK Summer, min 60 flash, clear <AAVBH00>
& bright & bright
CP: Hamburg-Bdx, North Spain + ECUK + Poland CP: Hamburg-Bdx, North Spain + ECUK, others Platts Mediterranean ULSD Cargo Daily
Vessel: BP/Total/Shell obtainable at cost Rationale & Exclusions
non Russian” Vessel: BP/Shell/Total” ULSD 10ppmS CIF Med Cargo <AAWYZ00>
Mon 08 Apr - Fri 12 Apr Fri 12 Apr - Tue 16 Apr assessment rationale:
Bremen Immingham The CIF Med diesel cargo assessment was based
Main: 27 kt Main: 27 kt on the following input, expressed as differentials to the
100% of main at EFP ICE LS GO $14.00/mt, 100% of main at ULSD CIF UK Crg $3.00/mt, COD, front-month ICE LSGO futures contract:
Month, Apr +3 quotes Value on April 3 was assessed at $10.75/mt below
GUNVORSA Bid [16:30:00] GLENCOREUK Bid [16:30:00] a competitive offer in the Platts Market on Close
“Main volume: 13.5kt pricing COD+3 “Indication 2 assessment process.
quotations (COD=0) Optol: 0-6kt in S.O ; diff as per main, pricing COD +3 The previously established paper structure of
Optol: 0-3kt in S.O ; diff as per main, pricing COD +3 quotations (COD=0) around 38 cents/mt in backwardation was then applied
quotations (COD=0) Spec: ULSD 10ppm UK Summer, clear & bright to the rest of the curve.
Spec: ULSD 10ppm UK Summer, 0.842 max density, CP: Hamburg-Bdx, North Spain + ECUK Exclusions: None
60 min flash, 150 min conductivity, 0 bio, non Belarus Vessel: BP/Total/Shell” Platts is part of S&P Global Commodity Insights
origin, FBT 2.52 max, C&B, max 10k particulates Thu 11 Apr - Mon 15 Apr
CP: Hamburg-Bdx, North Spain + ECUK Thames Platts Mediterranean ULSD 10ppm FOB Cargo
Vessel: BP/VALERO/IRVING” Main: 27 kt Daily Rationale
Fri 12 Apr - Tue 16 Apr 100% of main at ULSD CIF UK Crg $0.50/mt, COD, ULSD 10ppmS FOB Med Cargo <AAWYY00>
Dublin +3 quotes assessment rationale:
Main: 13.5 kt GLENCOREUK Bid [16:30:00] The FOB Mediterranean 10ppm ULSD cargo
100% of main at ULSD CIF UK Crg $8.00/mt, Any “Indication 1 assessment was derived as a freight netback from the
Day, See TQC Optol: 0-6kt in S.O ; diff as per main, pricing COD+3 CIF Med 10ppm ULSD cargo assessment, using the
Offers: none. quotations (COD=0) following assessments: CIF Med 10ppm ULSD diesel
Trades: none. Spec: ULSD 10ppm UK Summer, min 60 flash, clear cargo assessment minus the cost of transporting a
This assessment commentary applies to the & bright 30,000 mt clean cargo from a basket of ports in the
following market data codes: Diesel 10ppm CIF UK NWE CP: Hamburg-Bdx, North Spain + ECUK, others Med to Genoa, Italy, and Lavera, France.
cargo <AAVBH00> Diesel 10 ppm NWE CIF NWE cargo obtainable at cost
<AAWZC00> ULSD 10 ppm CIF NWE cargo <AAVBG00> Vessel: BP/Shell/Total” Platts Oil Diesel Mediterranean Bids,
Mon 08 Apr - Fri 12 Apr Offers, Trades
Platts UK ULSD Cargo MOC Bids, Offers, Immingham
Trades Main: 27 kt Bids:
100% of main at ULSD CIF UK Crg $3.50/mt, COD, BP Bid [16:30:00]
Bids: +3 quotes “Main volume pxg COD +5
GLENCOREUK Bid [16:30:00] Offers: none. optol 0-6kt diff as per main pxg
“Indication 3 Trades: none. Spec ULSD French summer C+B

CP Euromed neobig exc y/y, including CP Euromed neobig exc y/y,including bearish outlook.
slovenia+croatia+som+turkish med+ morocco+ others slovenia+croatia+turkish med Flat prices for 3.5%S FOB Rotterdam barges
obtainable Vessel:Repsol/Saras/ENI were assessed at $463.725/mt. Crack spreads for
vessel: BP/ENI/Exxon 100%non russian HSFO remained steady having recovered from their
100% non russian” GTC BP2015” January lows.
Fri 12 Apr - Tue 16 Apr Mon 01 Apr - Fri 05 Apr Fuel oil stocks in the Amsterdam-Rotterdam-
Sete Lavera Antwerp hub rose 0.4% to 1.513 million mt in the week
Main: 27 kt Main: 27 kt to March 21, resuming the recent trend of increasing
100% of main at ULSD CIFMed Crg $3.50/mt, COD, 100% of main at EFP ICE LS GO $11.00/mt, stock builds, according to Insights Global data.
+5 quotes Month, Apr In the paper market, 3.5% HSFO barge swaps
TOTSA Bid [16:30:00] VITOL Offer [16:30:00] remained in contango in the week to March 22, which
“Main volume:pricing 5 after COD “main volume 15-21 Apr may incentivize further stock building.
Optol: 0-6kt: pricing and premium as per main optol 0-6kt premium as per main 3 quotes after In European very low sulfur fuel oil markets, demand
Spec: ULSD 10ppm French Summer Spec, clear COD(COD=0) remained stable. The Hi-5 spread finished the week
& bright Spec ULSD French Summer down slightly amid strengthening HSFO prices with
CP: Euromed neobig exc y/y, including CP Euromed neobig exc y/y,including marginally weaker VLSFO activity.
slovenia+croatia+som+turkish med+ slovenia+croatia While the 0.5%S East-West spread – the premium of
Morocco+lebanon other cp options available/ Vessel:Repsol/Totsa/BP VLSFO in the FOB Singapore cargo market over its FOB
obtainable at cost 100%non russian Rotterdam Barge counterpart – remained rangebound
Vessel:Total/BP/Shell GTC BP2015” at around a $40/mt premium.
Origin: 100% Non-Russian Sun 07 Apr - Tue 16 Apr (wide laycan) However, this did not appear to be incentivizing
It is a condition of this Agreement that the Lavera market participants to use the arbitrage which,
product delivered by the Seller and purchased by Main: 27 kt according to one trader, remained “slightly closed for
the Buyer shall not be, in all or in part, of Russian 100% of main at ULSD CIFMed Crg $10.00/mt, Any now...but it depends on freight costs.”
Federation origin and shall not have been loaded in or Day, See TQC Although one Suezmax carrying fuel oil from Europe
transported from the Russian Federation. For these Trades: none. was expected to discharge in Malaysia in early April,
purposes product shall be considered to be of Russian This assessment commentary applies to the most participants were not utilizing this arbitrage due
Federation origin if it is produced in the Russian following market data codes: 10 ppm ULSD CIF Genoa/ to ongoing security issues in the Red Sea. Elevated
Federation. Upon Buyer’s request,”” Seller shall provide Lavera cargo <AAWYZ00> freight costs associated with the longer Cape of
a proof of origin of the product” Good Hope route meant that a higher premium in
Mon 08 Apr - Fri 12 Apr Platts European Fuel Oil Daily Market the Singapore market was required to lead to the
Lavera Analysis reopening of this arbitrage.
Main: 27 kt
HSFO markets show signs of strength amid weak
100% of main at ULSD CIFMed Crg $3.00/mt, Any Platts FOB Rotterdam 0.5% Marine Fuel Barge
market backdrop
Day, See TQC Daily Rationale & Exclusions
Offers: VLSFO East-West spread too narrow to incentivize Marine Fuel 0.5% FOB Rotterdam barge $/mt
VITOL Offer [16:30:00] open arbitrage <PUMFD00> assessment rationale:
“main volume EFP The Marine Fuel 0.5% FOB Rotterdam barge $/mt
optol 0-6kt EFP as per main The high sulfur 3.5%S fuel oil market ended the <PUMFD00> assessment rationale was based on the
Spec ULSD French Summer week showing signs of strength amid a more generally following inputs:

Value on April 4 was assessed at $584.25/mt, above PLATTS MARINE FUEL: MW: MARCH 30-APRIL 3: indications in the Platts Market on Close assessment
a competitive outstanding bid for the back-end dates TOTAL OFFERS 2KMT AT $587.00 process.
in the Platts Market on Close assessment process. PLATTS MARINE FUEL: MW: MARCH 30-APRIL 3: Exclusions: None
A daily backwardation of around 24 cents/mt was SHELL OFFERS 2KMT AT $588.00 Platts is part of S&P Global Commodity Insights
applied to the front and back of the physical curve. PLATTS MARINE FUEL: MW: MARCH 30-APRIL 3:
Exclusions: None GLENCORE OFFERS 2KMT AT $588.00 Platts Oil Med Daily 0.5% Marine Fuel Bids,
Platts is part of S&P Global Commodity Insights PLATTS MARINE FUEL: BE: APRIL 2-6: TOTAL Offers, Trades
OFFERS 2KMT AT $586.50
Platts FOB Rotterdam 0.5% Marine Fuel PLATTS MARINE FUEL: BE: APRIL 2-6: SHELL Platts 0.5% FOB Med Marine Fuel Bids,
Barge Bids, Offers, Trades OFFERS 2KMT AT $588.00 Offers, Trades:
PLATTS MARINE FUEL: BE: APRIL 2-6: GLENCORE Bids: None.
Bids: OFFERS 2KMT AT $588.00 Offers: None
PLATTS MARINE FUEL: FE: MARCH 27-31: ORIM Trades: Trades: None.
BIDS 2KMT AT $584.50 PLATTS MARINE FUEL: MW: MARCH 30-APRIL 3: This assessment commentary applies to the
PLATTS MARINE FUEL: FE: MARCH 27-31: BP BIDS ORIM BUYS FROM TOTAL* 2KMT AT $585.50 (16:29:08) following market data codes: Marine Fuel 0.5% FOB
2KMT AT $584.00 PLATTS MARINE FUEL: MW: MARCH 30-APRIL 3: Mediterranean cargo $/mt<MFFMM00>
PLATTS MARINE FUEL: FE: MARCH 27-31: UNITED ORIM BUYS FROM TOTAL* 2KMT AT $585.50 (16:29:15) Platts 0.5% CIF Med Marine Fuel Bids,
BIDS 2KMT AT $584.00 PLATTS MARINE FUEL: BE: APRIL 2-6: MERCURIA Offers, Trades:
PLATTS MARINE FUEL: FE: MARCH 27-31: TOTAL SELLS TO MAERSK* 2KMT AT $585.00 (16:29:52) Bids: None.
BIDS 2KMT AT $580.00 This assessment commentary applies to the Offers: None
PLATTS MARINE FUEL: MW: MARCH 30-APRIL 3: following market data codes: Marine Fuel 0.5% FOB Trades: None.
ORIM BIDS 2KMT AT $584.50 Rdam barge $/mt <PUMFD00> This assessment commentary applies to the
PLATTS MARINE FUEL: MW: MARCH 30-APRIL 3: following market data codes: Marine Fuel 0.5% CIF
BP BIDS 2KMT AT $584.00 Platts Med 0.5% Marine Fuel Daily Rationale & Mediterranean cargo $/mt <MFCMM00>
PLATTS MARINE FUEL: MW: MARCH 30-APRIL 3: Exclusions
UNITED BIDS 2KMT AT $583.00 Marine Fuel 0.5% FOB Mediterranean cargo $/mt Platts Rotterdam Fuel Oil Barge Daily Rationales
PLATTS MARINE FUEL: MW: MARCH 30-APRIL 3: <MFFMM00> assessment rationale: & Exclusions
TOTAL BIDS 2KMT AT $580.00 The FOB Mediterranean 0.5%S marine fuel cargo FO 1%S FOB Rdam Barge <PUAAP00> assessment
PLATTS MARINE FUEL: BE: APRIL 2-6: BP BIDS assessment was derived as a freight netback to rationale:
2KMT AT $584.00 the CIF Mediterranean 0.5%S marine fuel cargo The 1% FOB Rotterdam barges were assessed flat
PLATTS MARINE FUEL: BE: APRIL 2-6: TOTAL BIDS assessment, using the following assessments: the CIF to 1% FOB NWE physical cargoes, based on market
2KMT AT $580.00 Mediterranean 0.5%S marine fuel cargo assessment indications.
Offers: minus the cost of transporting a 30,000 mt marine fuel FO 3.5%S FOB Rdam Barge <PUABC00>
PLATTS MARINE FUEL: FE: MARCH 27-31: TOTAL cargo between a basket of Mediterranean ports. assessment rationale:
OFFERS 2KMT AT $587.00 Marine Fuel 0.5% CIF Mediterranean cargo $/mt The 3.5% FOB Rotterdam assessment was based
PLATTS MARINE FUEL: FE: MARCH 27-31: <MFCMM00> assessment rationale: was based on the following inputs:
GLENCORE OFFERS 2KMT AT $588.00 The 0.5%S CIF Med cargoes were assessed based Value on March 29 was assessed at $462.75/mt,
PLATTS MARINE FUEL: FE: MARCH 27-31: SHELL on the previously established differential to the below a competitive outstanding offer in the front end
OFFERS 2KMT AT $588.00 0.5% FOB Rotterdam barge swaps, in the absence of in the Platts Market on Close assessment process;

Value on April 1 was assessed at $465.50/mt, below Platts NW Europe Fuel Oil 1%S Cargo Bids, paper structure.
a competitive outstanding offer in the mid-window in Offers, Trades FO 3.5%S FOB Med Cargo <PUAAZ00> assessment
the MOC. rationale:
A daily contango of around 25 cents/mt was implied Bids: None The FOB Mediterranean high sulfur fuel oil cargo
between the front end and mid-window and extended Offers: None assessment was derived as a freight netback to the CIF
to the front of the physical curve. Trades: None Mediterranean high sulfur fuel oil cargo assessment,
A daily contango of around 12 cents/mt was applied This assessment commentary applies to the using the following assessments: CIF Mediterranean
to the back of the physical curve in line with the paper following market data codes: Fuel oil 1%S CIF NWE high sulfur fuel oil cargo assessment minus the cost
structure. Cargo <PUAAL00> Fuel oil 1%S FOB NWE Cargo of transporting a 30,000 mt fuel oil cargo between a
FO 3.5%S 500 CST FOB Rdam Barge <PUAGN00> <PUAAM00> basket of Mediterranean ports.
assessment rationale: Exclusions: None
The 500 CST FOB Rotterdam barges were assessed Platts Mediterranean Fuel Oil 1%S, 3.5%S Daily Platts is part of S&P Global Commodity Insights
at a $4/mt discount to the 3.5%S FOB Rotterdam Rationales & Exclusions
barges, based on previously heard indications from the FO 1%S CIF Med Cargo <PUAAJ00> assessment Platts Mediterranean Fuel Oil 1%S, 3.5%S
market. rationale: Bids, Offers, Trades
Exclusions: None The CIF Mediterranean low sulfur fuel oil cargo
Platts is part of S&P Global Commodity Insights assessment was derived as a freight net-forward to Bids:
the FOB Northwest European low sulfur fuel oil cargo Platts HSFO Med Crg CIF bss Algeciras 10-25,
Platts NW Europe Fuel Oil 1%S Cargo Daily assessment, using the following assessments: The FOB PENINSULA raises bid Apr 1-Apr 5 100% 3.5% CIF Med
Rationales & Exclusions Northwest European low sulfur fuel cargo plus the cost cargoes Any Day See TQC $5.00 for 27000-27000 “Main
FO 1%S CIF NWE Cargo <PUAAL00> assessment of transporting a 30,000 mt fuel oil cargo from Antwerp volume pricing 01-30 Apr 2024 (both dates included).
rationale: to assessment basis port of Milazzo. Basis 3.5 High CIFMed Cargoes. Optol 0-6kt pricing
The CIF Northwest European low sulfur fuel FO 1%S FOB Med Cargo <PUAAK00> assessment 3 quotations after COD, same differentials as main
oil cargo assessment was derived by a freight net rationale: volume. Spec RMG 380, ISO 8217 2010 with sulphur
forward to the FOB Northwest European low sulfur The FOB Mediterranean low sulfur fuel oil cargo 3.50pct max and H2s 2ppmmax in liquid phase. Non-
fuel oil cargo assessment using the following input: assessment was derived as a freight netback to Russian CP: Full Med (excluding israel/syria/libya/
the FOB Northwest European low sulfur fuel oil cargo the CIF Mediterranean low sulfur fuel oil cargo albania/yugo, formeryugo/toc). Vessel acceptable to
assessment plus the cost of transporting a 30,000 assessment, using the following assessments: the CIF ENI/Repsol/Cepsa” OCO
mt fuel oil cargo from a basket of NWE ports to the Mediterranean low sulfur fuel oil cargo assessment Platts HSFO Med Crg CIF bss Algeciras 10-25,
assessment basis port of Antwerp. minus the cost of transporting a 30,000 mt fuel oil PENINSULA raises bid Apr 3-Apr 7 100% 3.5% CIF Med
FO 1%S FOB NWE Cargo <PUAAM00> assessment cargo between a basket of Mediterranean ports cargoes Any Day See TQC $5.00 for 27000-27000 “Main
rationale: FO 3.5%S CIF Med Cargo <PUAAY00> assessment volume pricing 01-30 Apr 2024 (both dates included).
1%S FOB NWE cargoes were assessed in line with rationale: Basis 3.5 High CIFMed Cargoes. Optol 0-6kt pricing
the previously established differential between the 3.5%S CIF Med cargoes were assessed based on 3 quotations after COD, same differentials as main
physical and paper markets, adjusted 25 cents/mt the following inputs: volume. Spec RMG 380, ISO 8217 2010 with sulphur
higher, in the absence of competitive indications in the Value on April 5 was assessed at $479.97/mt, above 3.50pct max and H2s 2ppmmax in liquid phase. Non-
Platts Market on Close assessment process. a competitive outstanding bid for April 1-5 delivery in Russian CP: Full Med (excluding israel/syria/libya/
Exclusions: None the Platts Market on Close assessment process. albania/yugo, formeryugo/toc). Vessel acceptable to
Platts is part of S&P Global Commodity Insights A daily contango of around 12 cents/mt was applied ENI/Repsol/Cepsa” OCO
to the front and back of the physical curve in line with Platts HSFO Med Crg CIF bss Algeciras 10-25,

PENINSULA raises bid Apr 5-Apr 9 100% 3.5% CIF Med supply and avoid a potential export ban. Low sulfur straight run fuel differentials were strong
cargoes Any Day See TQC $1.00 for 27000-27000 “Main While a diesel export ban did not appear to be March 22, with the US arbitrage displaying strength,
volume pricing 01-30 Apr 2024 (both dates included). on the cards, the government recommended oil while the mid-sulfur equivalent market displayed low
Basis 3.5 High CIFMed Cargoes. Optol 0-6kt pricing companies ensure that diesel prices for the farming levels of liquidity.
3 quotations after COD, same differentials as main sector do not exceed the market level, the energy LSSR 0.2%-0.3% differentials were strong in
volume. Spec RMG 380, ISO 8217 2010 with sulphur ministry said after a meeting lead by Deputy Prime Northwest Europe, according to a trader operating
3.50pct max and H2s 2ppmmax in liquid phase. Non- Minister Alexander Novak. in Northwest Europe. This was due to the upcoming
Russian CP: Full Med (excluding israel/syria/libya/ Spring agricultural works started in the second summer driving season in the US, which meant that
albania/yugo, formeryugo/toc). Vessel acceptable to decade of February, Minister of Agriculture Dmitry US refineries were seeking feedstocks to produce
ENI/Repsol/Cepsa” OCO Patrushev told a government meeting. Patrushev gasoline. This was in addition to current high gasoline
Offers: also said there were no significant problems with cracks which have led to upward price pressure in
Platts HSFO Med Crg CIF bss Algeciras 10-25, GLTD fuel deliveries, although authorities are continuing to recent weeks. The strength of the US arbitrage meant
offers Apr 1-Apr 5 100% 3.5% FOB Rdam barges Any monitor the situation. that feedstock supply in Northwest Europe and the
Day See TQC $23.00 for 27000-27000 “Full cargo main Separately, the energy ministry said after the Mediterranean is set to worsen.
volume pricing 10-15 apr both ends included on 3.5% meeting with Novak that the priority of domestic The demand outlook for LSSR was uncertain as
fob rdam barges optol: 0-6 kt 3 quotes after COD supply and the dynamics of fuel prices will remain fluid catalytic cracker units across Northwest Europe
differential as per main volume spec: rmg 380 iso 2010 closely watched by the government. were down for maintenance.
bunker fuel oil with 3.5% sulphur max and 2ppm h2s Novak asked oil companies and Russian Railways to Meanwhile, the mid-sulfur equivalent market
max in liquid phase cp rates and conditions to apply secure smooth transportation of oil products. He also was not as active, with “not too many buyers and
with full med options with usual exclusions: syria israel recommended that refinery throughput matches plans producers” for this material, according to the trader.
libya yugo former yugo albania and toc acceptable and rising spring demand. As these feedstocks have a higher sulfur content, they
vessels: cepsa repsol exxon The energy ministry reiterated its previous assurances are not suitable as feeds for FCCs, which typically
Trades: None that stocks remain high — 1.9 million mt of gasoline and produce gasoline. As a result, there were lower levels
This assessment commentary applies to the 3.4 million mt of diesel, adding that domestic deliveries of demand for this type of feedstock, which are used in
following market data codes: Fuel oil 1% FOB Italy so far in March are up 13,000 mt/day for gasoline and hydrocrackers.
cargo <PUAAK00> Fuel oil 3.5% FOB Italy cargo 15,500 mt/day for diesel compared with February. VGO markets were experiencing tight supply and high
<PUAAZ00> Fuel oil 1% CIF Genoa/Lavera cargo Meanwhile, the Russian government asked the demand, with prices on an upward trend in recent weeks.
<PUAAJ00> Fuel oil 3.5% CIF Genoa/Lavera cargo relevant authorities to secure “increased priority” of
<PUmercY00> shipments of oil products via rail as a way to address VGO Deal reported
refinery outages following recent drone attacks,
Platts Russian Refined Products Daily Kommersant newspaper reported. Russian Railways None.
Commentary and the energy and transport ministries have been
asked to prepare a monthly schedule for oil product Platts North Sea Crude Daily Market
Diesel prices come off amid more supply, no export
shipments for the whole of 2024. Analysis
ban expected
Slack physical fundamentals close the week
Authorities ask for refinery throughput to match Platts European Feedstocks Daily
rising demand Commentary Troll cargo nominated into BFOE forward chains
LSSR fundamentals mixed

Russian domestic diesel prices ended the week Physical fundamentals slackened as the North Sea
mostly on a weak note as refineries were keen to up VGO availability tight market ended the week March 22, with sellers battling

muted demand. Oseberg, Ekofisk and Troll was assessed unchanged Platts North Sea Dated Brent, BFOE, CFD
A retreat in differentials across premiere North Sea April 1-21 with flat structures rolled over back-end Bids, Offers, Trades
grades accelerated on the day, reflecting a broader dates reflecting steady market fundamentals and
Atlantic Basin complex increasingly well served for in the absence of indications testing the March 21 Bids:
the light sweet grades as refineries lay dormant under assessments. NORTH SEA: None
maintenance. FOB WTI Midland was assessed higher reflecting a CASH BFOE: PLATTS CASH BFOE SPREAD: MAY24/
Prompt weakness was reflected by an ongoing higher CIF Rotterdam assessment and a higher freight JUN24: CHEVRON BIDS 100KB AT $0.50
contango in the Brent CFD market where traders adjustment factor. CIF WTI Midland was assessed PLATTS CASH BFOE SPREAD: MAY24/JUN24:
increasingly traded around gathering weakness at the unchanged April 3-21 with a flat structure rolled over PETROINEOS BIDS 100KB AT $0.45
front of the curve through the week. back-end dates reflecting steady market fundamentals BRENT CFDS: PLATTS BRENT DIFF: APR1-APR5
Downstream, a seasonal advance in gasoline and in the absence of indications testing the March 21 (JUN): DARE BIDS 100KB AT $0.12
cracks lent some support to an otherwise soft market assessment. PLATTS BRENT DIFF: APR1-APR5 (JUN): ONYX BIDS
across lighter crudes. European gasoline cracks WTI Midland was the most competitive grade in 100KB AT $0.10
eclipsed jet fuel late in the week for the first time the Dated Brent assessment April 1-3. Forties was the PLATTS BRENT DIFF: APR1-APR5 (JUN): CHEVRON
since July 2023 and stood at near parity with gasoil most competitive grade April 4-24. BIDS 100KB AT $0.10
amid relative weakness in the middle distillates BFOE (PCAAQ00-PCAAR00,PCARR00> assessment PLATTS BRENT DIFF: APR1-APR5 (JUN): DV TRADING
complex. rationale: BIDS 100KB AT $0.05
Meanwhile, in the forward market, one Troll May Cash BFOE was assessed using a traded offer PLATTS BRENT DIFF: APR8-APR12 (JUN): SHELL
cargo loading April 24-26 was heard to have been in the MOC. June Cash BFOE was assessed using an BIDS 100KB AT $0.18
nominated into BFOE forward chains late in the week outstanding May/June spread bid in the MOC. July PLATTS BRENT DIFF: APR8-APR12 (JUN): DARE BIDS
, according to market participants, the first for several Cash BFOE was assessed using a June/July EFP roll 100KB AT $0.17
months. Two WTI Midland cargoes and one Brent heard during the day. PLATTS BRENT DIFF: APR8-APR12 (JUN): ONYX BIDS
Blend and Forties cargo each were also heard running CFD (PCAKA00-AALDA00) assessment rationale: 100KB AT $0.12
in chains on their final day of eligibility through the April 1-5 was assessed using a traded bid. April PLATTS BRENT DIFF: APR8-APR12 (JUN):
afternoon. 8-12 was assessed using a traded offer. April 15-19 PETROCHINA BIDS 100KB AT $0.10
It is generally rare to see Troll nominated into was assessed using an outstanding bid. April 22-26 PLATTS BRENT DIFF: APR8-APR12 (JUN): DV
forward chains given it is ordinarily one of the higher- was assessed using an April 22-26 versus April 15-19 TRADING BIDS 100KB AT $0.05
value crudes in the Dated Brent basket. CFD roll heard during the day. April 29 to May 3 was PLATTS BRENT DIFF: APR15-APR19 (JUN): SHELL
assessed using an April 29 to May 3 versus April 22-26 BIDS 100KB AT $0.36
Platts North Sea Dated Brent, BFOE, CFD CFD roll heard during the day. PLATTS BRENT DIFF: APR15-APR19 (JUN): DV
Assessment Rationales & Exclusions Johan Sverdrup FOB North Sea (AJSVA00, TRADING BIDS 500KB AT $0.35
Dated Brent <PCAAS00> assessment rationale: AJSVB00) assessment rationale: PLATTS BRENT DIFF: APR15-APR19 (JUN): ONYX
Of the six crudes in the Dated Brent basket, Forties Johan Sverdrup was assessed unchanged April BIDS 300KB AT $0.35
was seen in the Platts Market on Close assessment 1-21 with a flat structure rolled over back-end dates PLATTS BRENT DIFF: APR15-APR19 (JUN): EQUINOR
process. Forties was assessed in a flat structure April reflecting steady sour market fundamentals and BIDS 100KB AT $0.33
1-4 using an outstanding offer April 4. April 4-15 was in the absence of indications testing the March 21 PLATTS BRENT DIFF: APR15-APR19 (JUN): DARE
assessed in a 0.45 cent/day backwardated structure assessment. BIDS 100KB AT $0.25
using a traded offer April 15. April 15-24 was assessed Exclusions: None PLATTS BRENT DIFF: APR15-APR19 (JUN): PETRACO
in a 1 cent/day contango structure. Brent Blend, Platts is part of S&P Global Commodity Insights BIDS 100KB AT $0.25

PLATTS BRENT DIFF: APR15-APR19 (JUN): PLATTS BRENT DIFF: APR8-APR12 (JUN): CHEVRON BUYS FROM PETROCHINA* 100KB AT $0.20 (16:29:39)
PETROCHINA BIDS 100KB AT $0.25 OFFERS 100KB AT $0.25 PLATTS BRENT DIFF: APR15-APR19 (JUN):
PLATTS BRENT DIFF: APR22-APR26 (JUN): SHELL PLATTS BRENT DIFF: APR8-APR12 (JUN): TRAFIGURA SELLS TO ONYX* 100KB AT $0.35 (16:21:03)
BIDS 100KB AT $0.37 TRAFIGURA OFFERS 100KB AT $0.25 PLATTS BRENT DIFF: APR15-APR19 (JUN): SHELL
PLATTS BRENT DIFF: APR22-APR26 (JUN): PETRACO PLATTS BRENT DIFF: APR8-APR12 (JUN): DARE BUYS FROM DARE* 100KB AT $0.35 (16:21:45)
BIDS 100KB AT $0.35 OFFERS 100KB AT $0.25 PLATTS BRENT DIFF: APR15-APR19 (JUN): SHELL
PLATTS BRENT DIFF: APR22-APR26 (JUN): OMV PLATTS BRENT DIFF: APR8-APR12 (JUN): DV BUYS FROM CHEVRON* 100KB AT $0.35 (16:28:52)
BIDS 100KB AT $0.35 TRADING OFFERS 100KB AT $0.35 This assessment commentary applies to the
PLATTS BRENT DIFF: APR22-APR26 (JUN): DARE PLATTS BRENT DIFF: APR8-APR12 (JUN): ONYX following market data codes: Dated Brent <PCAAS00>
BIDS 100KB AT $0.34 OFFERS 100KB AT $0.40 CFD Week 1 <PCAKA00> CFD Week 2 <PCAKC00> Brent
PLATTS BRENT DIFF: APR22-APR26 (JUN): ONYX PLATTS BRENT DIFF: APR15-APR19 (JUN): DARE Mo01 <PCAAQ00> CFD Week 3 <PCAKE00> Brent
BIDS 100KB AT $0.33 OFFERS 100KB AT $0.39 Mo02 <PCAAR00> CFD Week 4 <PCAKG00> Brent
PLATTS BRENT DIFF: APR22-APR26 (JUN): PLATTS BRENT DIFF: APR15-APR19 (JUN): DV Mo03 <PCARR00> CFD Week 5 <AAGLU00> CFD Week
PETROCHINA BIDS 100KB AT $0.30 TRADING OFFERS 100KB AT $0.40 6 <AAGLV00> CFD Week 7 <AALCZ00> CFD Week 8
PLATTS BRENT DIFF: APR22-APR26 (JUN): DV PLATTS BRENT DIFF: APR15-APR19 (JUN): CHEVRON <AALDA00> Johan Sverdrup FOB North Sea <AJSVA00>
TRADING BIDS 100KB AT $0.25 OFFERS 100KB AT $0.40 Johan Sverdrup FOB North Sea vs North Sea Dtd Strip
Offers: PLATTS BRENT DIFF: APR15-APR19 (JUN): <AJSVB00>
NORTH SEA: FOB BASIS HOUND POINT: PLATTS PETROCHINA OFFERS 100KB AT $0.45
NSEA FORTIES: APRIL 3-5: REPSOL OFFERS 700000.0B PLATTS BRENT DIFF: APR15-APR19 (JUN): ONYX Platts NW Europe Fuel Oil SR 0.5-0.7%S Daily
AT DTD $-0.30 . . OFFERS 100KB AT $0.50 Rationale & Exclusions
CASH BFOE: PLATTS CASH BFOE: MAY24: OMV PLATTS BRENT DIFF: APR15-APR19 (JUN): PETRACO Straight Run 0.5-0.7%S FOB NWE cargo <PKABA00>
OFFERS 100KB AT $85.68 OFFERS 100KB AT $0.50 assessment rationale:
IMPLIED: PLATTS CASH BFOE: JUN24: PETROINEOS PLATTS BRENT DIFF: APR22-APR26 (JUN): DARE The LSSR FOB NWE differential was assessed $5.79/
OFFERS 100KB AT $85.23 OFFERS 100KB AT $0.45 mt above April Brent crude futures, based on previous
BRENT CFDS: PLATTS BRENT DIFF: APR1-APR5 PLATTS BRENT DIFF: APR22-APR26 (JUN): ONYX market indications. The outright LSSR price was derived
(JUN): UNIPEC OFFERS 100KB AT $0.20 OFFERS 100KB AT $0.50 using the dollars per barrel to metric ton conversion
PLATTS BRENT DIFF: APR1-APR5 (JUN): DARE PLATTS BRENT DIFF: APR22-APR26 (JUN): DV factor of 6.77 for LSSR. No bids or offers were reported
OFFERS 100KB AT $0.23 TRADING OFFERS 100KB AT $0.55 in the Platts Market on Close assessment process.
PLATTS BRENT DIFF: APR1-APR5 (JUN): DV TRADING PLATTS BRENT DIFF: APR22-APR26 (JUN): PETRACO Exclusions: None
OFFERS 100KB AT $0.25 OFFERS 100KB AT $0.55 Platts is part of S&P Global Commodity Insights
PLATTS BRENT DIFF: APR1-APR5 (JUN): Trades:
PETROCHINA OFFERS 100KB AT $0.25 NORTH SEA: FOB BASIS HOUND POINT: PLATTS Platts NW Europe Fuel Oil SR 0.5-0.7%S
PLATTS BRENT DIFF: APR1-APR5 (JUN): ONYX NSEA FORTIES: APRIL 14-16: GLENCORE BUYS FROM Bids, Offers, Trades
OFFERS 100KB AT $0.25 ENI* 700000.0B AT DTD $-0.40 . . (16:27:04)
PLATTS BRENT DIFF: APR8-APR12 (JUN): CASH BFOE: PLATTS CASH BFOE: MAY24: Bids: None.
PETROCHINA OFFERS 100KB AT $0.22 MERCURIA BUYS FROM GUNVOR* 100KB AT $85.51 Offers: None.
PLATTS BRENT DIFF: APR8-APR12 (JUN): PETRACO (16:29:48) Trades: None.
OFFERS 100KB AT $0.24 BRENT CFDS: PLATTS BRENT DIFF: APR1-APR5 This assessment commentary applies to the
PLATTS BRENT DIFF: APR8-APR12 (JUN): UNIPEC (JUN): BP SELLS TO SHELL* 100KB AT $0.13 (16:29:58) following market data codes: St Run 0.5-0.7% FOB
OFFERS 100KB AT $0.25 PLATTS BRENT DIFF: APR8-APR12 (JUN): DARE NWE cargo <PKABA00>

Subscriber Notes Please also note that on March 28 all European oil Calendar for FOB AR gasoline barge winter-to-
assessments will be basis 12:30 pm London time, with summer change
Platts corrects March 21, 2024, naphtha and gasoline all cut-offs and timings commensurate with a close at Effective March 18, Platts, part of S&P Global
Balmo swap assessments that time. Commodity Insights, has started reflecting summer
Please note that Platts, part of S&P Global For further details on services affected, please grades of gasoline on a pro-rata basis in its FOB
Commodity Insights, has corrected some of its naphtha consult the published holiday schedule at: https:// Amsterdam-Rotterdam gasoline barges assessments.
and gasoline derivative swaps assessments for March www.spglobal.com/platts/en/our-methodology/ The following calendar applies:
21, 2024. holiday. March 18: First day reflecting summer-grade
The following derivative assessments should read Please send any comments or questions gasoline
as “N/A”. They were populated with values for a brief to europe_products@spglobal.com, March 21: First full five-day period reflecting
period of time. europe_crude@spglobal.com, or summer grade
EU Gasoline E5 EBOB (code: ABWFB00) pricegroup@spglobal.com. March 22: Last full-five day period reflecting
EU Gasoline E5 Intermonth Spread (code: winter grade
GAMBM01) Arion Investment Management Limited (Akari Trading March 26: Last day reflecting winter-grade gasoline
EU Gasoline E5/ Brent Crack (code: ABWFK00) Limited) to join EMEA Fuel Oil, Gasoil/Diesel, Jet Fuel March 27: Summer grade fully reflected
EU Gasoline E10 EBOB (code: AGEAB00) and Mogas Paper MOCs A spreadsheet detailing the changes is available on
EU Gasoline E10 Intermonth Spread (code: Arion Investment Management Limited (Akari request.
GFMBM01) Trading Limited) has advised Platts, part of S&P Please send feedback and questions to
EU Gasoline Med Cargo Outright Price (code: Global Commodity Insights, that it would like to pl_lightendseurope@spglobal.com, with a cc to
GPWSM00) participate in the Platts Market on Close assessment pricegroup@spglobal.com.
EU Gasoline Med/ North spreads (code: GPWSD00) processes for EMEA - Fuel Oil - Paper; EMEA - Gasoil/ Platts will consider all comments received and will
EU Gasoline Med Cracks (code: AMGCM00) Diesel- Paper; EMEA - Jet Fuel-Paper and EMEA - make comments not marked as confidential available
EU Gasoline 10PPM Prem Unl Outright Price (code: Mogas-Paper. upon request.
ABWFT00) Platts has reviewed Arion Investment Management
EU Gasoline 10PPM Prem Unl Cracks (code: Limited (Akari Trading Limited) and will consider Circle K Energy Trading SA to join EMEA - NWE Gasoil/
ABWFU00) information from the entity in the EMEA paper Diesel - Physical; EMEA - NWE Mogas Cargoes -
EU Naphtha (code: ABWFV00) assessment processes for Fuel Oil, Gasoil/Diesel, Jet Physical MOC
EU Naphtha Intermonth Spread (code: NNMBM01) Fuel and Mogas, subject at all times to adherence with Circle K Energy Trading SA has advised Platts, part
EU Naphtha/Brent Crack (code: ABWFW00) Platts editorial standards. of S&P Global Commodity Insights, that it would like to
The assessments appear in Platts European Platts will publish all relevant information from participate in the Platts Market on Close assessment
Marketscan and Platts Global Alert. Arion Investment Management Limited (Akari Trading processes for EMEA - NWE Gasoil/Diesel - Physical;
Please send any questions to Limited) accordingly. EMEA - NWE Mogas Cargoes - Physical.
Europe_Products@spglobal.com with a cc to Platts welcomes all relevant feedback regarding Platts has reviewed Circle K Energy Trading SA
pricegroup@spglobal.com MOC participation. Platts considers bids, offers and will consider information from the entity in the
and transactions by all credible and credit- assessment processes for EMEA - NWE Gasoil/Diesel
European oil Easter 2024 publishing schedule worthy parties in its assessment processes. For - Physical; EMEA - NWE Mogas Cargoes - Physical,
Platts, part of S&P Global Commodity Insights, comments and feedback, please contact Platts subject at all times to adherence with Platts editorial
wishes to remind subscribers that March 29 and April editors at Europe_products@spglobal.com and standards.
1 are UK public holidays and no oil assessments will be market_integrity_review@spglobal.com. Platts will publish all relevant information from
published out of London on those days. Circle K Energy Trading SA accordingly.

Platts welcomes all relevant feedback regarding The change also affects the related netbacks. NWE ULSD Cargoes, CIF Med ULSD and in its CIF Med
MOC participation. March 7: First day reflecting summer-grade gasoline Gasoil Cargo assessments. The change also affects the
Platts considers bids, offers and transactions by all March 11: First full five-day period reflecting summer following related netbacks.
credible and credit-worthy parties in its assessment gasoline The following calendar applies:
processes. March 15: Last full five-day period reflecting winter Winter-to-summer transition:
For comments and feedback, please contact gasoline March 7: First day of reflecting summer grade
Platts editors at pl_middisteurope@spglobal.com, March 21: Last day reflecting winter gasoline March 11: First full five-day period reflecting
pl_lightendseurope@spglobal.com and March 22: Summer grade fully reflected summer grade
market_integrity_review@spglobal.com. A spreadsheet detailing the changes is available on March 15: Last full five-day period reflecting
request. winter grade
Reliance International Limited to join EMEA - Gasoil/ Please send feedback and questions to March 21: Last day reflecting winter grade
Diesel Barges - Physical;EMEA - NWE Gasoil/Diesel - pl_lightendseurope@spglobal.com, with a cc to March 22: Summer grade fully reflected
Physical MOC pricegroup@spglobal.com. The following codes are affected: ULSD 10 ppm
Reliance International Limited has advised Platts, CIF NWE Cargo AAVBG00; ULSD 10 ppm CIF NWE
part of S&P Global Commodity Insights, that it would ORLEN Trading Switzerland GmbH to join EMEA - Basis Le Havre Cargo AAWZC00; ULSD 10 ppm CIF
like to participate in the Platts Market on Close NWE Mogas Cargoes - Physical MOC NWE Basis UK Cargo AAVBH00; ULSD 10 ppm FOB
assessment processes for EMEA - Gasoil/Diesel Barges ORLEN Trading Switzerland GmbH has advised NWE Cargo AAVBF00; ULSD 10 ppm FOB NWE Basis
- Physical; EMEA - NWE Gasoil/Diesel - Physical. Platts, part of S&P Global Commodity Insights, that it Le Havre Cargo AAWZD00; ULSD 10 ppm Cargoes CIF
Platts has reviewed Reliance International Limited would like to participate in the Platts Market on Close NWE (all origin) ALORA00; ULSD 10 ppm CIF Med Cargo
and will consider information from the entity in the assessment process for EMEA - NWE Mogas Cargoes - AAWYZ00; ULSD 10 ppm FOB Med Cargo AAWYY00;
assessment processes for EMEA - Gasoil/Diesel Physical. Gasoil .1%S (1000ppm) CIF Med Cargo AAVJJ00; Gasoil
Barges - Physical; EMEA - NWE Gasoil/Diesel - Physical, Platts has reviewed ORLEN Trading Switzerland 0.1%S FOB Med Cargo AAVJI00.
subject at all times to adherence with Platts editorial GmbH and will consider information from the entity A spreadsheet detailing the changes is available
standards. in the assessment process for EMEA - NWE Mogas on request. Please send any comments or questions
Platts will publish all relevant information from Cargoes - Physical, subject at all times to adherence to europe_products@spglobal.com and cc
Reliance International Limited accordingly. with Platts editorial standards. pricegroup@spglobal.com. For written comments,
Platts welcomes all relevant feedback regarding Platts will publish all relevant information from please provide a clear indication if comments are not
MOC participation. Platts considers bids, offers ORLEN Trading Switzerland GmbH accordingly. intended for publication by Platts for public viewing.
and transactions by all credible and credit- Platts welcomes all relevant feedback regarding Platts will consider all comments received and will
worthy parties in its assessment processes. For MOC participation. Platts considers bids, offers make comments not marked as confidential available
comments and feedback, please contact Platts and transactions by all credible and credit- upon request.
editors at pl_middisteurope@spglobal.com and worthy parties in its assessment processes. For
market_integrity_review@spglobal.com. comments and feedback, please contact Platts Platts launches European ULSD, gasoil, jet cash
editors at pl_lightendseurope@spglobal.com and differential assessments
Calendar for gasoline cargo winter-to-summer market_integrity_review@spglobal.com. Platts, part of S&P Global Commodity Insights,
transition in Med, NWE launched new daily Mean of Platts London (MOPL)
Effective March 7, 2024, Platts, part of S&P Global 2024 Calendar for CIF NWE ULSD, CIF Med Gasoil and cash differential assessments on March 1, 2024 for
Commodity Insights, has started to reflect summer ULSD cargoes winter-to-summer transition a number of benchmark European middle distillate
grades of gasoline on a pro-rated basis in its CIF Effective March 7, Platts, part of S&P Global markets, in response to industry feedback.
Northwest European and FOB Mediterranean gasoline Commodity Insights, has started to reflect summer- These new MOPL differential assessments reflect
cargo assessments. grade specifications on a pro-rated basis in its CIF the value of the physical product in relation to the

underlying forward curve aligned with the loading or Please send any comments or feedback Omsk to Latvian border AAWKF00/AAWKF03
delivery window reflected in the physical assessment, to europe_products@spglobal.com and Ventspils to Moscow AAWKS00/AAWKS03
also known as the MOPL strip. The MOPL strip is pricegroup@spglobal.com Flat rate ARA to Ventspils RNWSAVN
defined as the average of the forward values for For written comments, please provide a clear The following pages will be affected: 1440, 1441, and
the sequence of the 16 days for cargoes and either indication if comments are not intended for publication European Marketscan.
11 or 13 days for barges that represent the future by Platts for public viewing. Platts will consider all Please send any comments or questions
delivery or loading dates reflected in Platts middle comments received and will make comments not to europe_products@spglobal.com and
distillates physical assessments. These strip values marked as confidential available upon request. pricegroup@spglobal.com.
are calculated using Platts assessments of related For written comments, please provide a clear
derivatives for balance month, month one and Platts has discontinued Russian diesel, jet fuel indication if comments are not intended for publication
month two. Platts has also backfilled the new MOPL netbacks via Ventspils by Platts for public viewing.
differential assessments to September 1, 2020, based Platts, part of S&P Global Commodity Insights, Platts will consider all comments received and will
on the published values of physical assessment and has discontinued Russian diesel and jet fuel export make comments not marked as confidential available
corresponding underlying strip values on the day. netbacks via Ventspils in order to reflect market to the public upon request.
For example, on March 1, 2024, the ULSD 10ppmS changes for Russian flows, effective March 1, 2024.
CIF NWE Cargo assessment will reflect delivery over This change is due to reduced market liquidity for Uniper Energy DMCC changes entity name to Fort
March 11-March 26. The MOPL strip will equate to Russian export flows via the Latvian port of Ventspils Energy Refining Middle East DMCC
the average of March 11-March 26 calculated on the since Russia’s invasion of Ukraine in 2022 and Fort Energy Refining Middle East DMCC has advised
assessed forward curve. The MOPL cash differential subsequent Western sanctions. Platts, part of S&P Global Commodity Insights, that it
will equate to the outright ULSD 10ppmS CIF NWE The discontinuation will apply to the following daily would like to participate in the Platts EMEA physical
Cargo assessment value on March 1 minus the MOPL and monthly assessments: Market on Close assessment processes for Med Fuel
strip value. Diesel and jet fuel netbacks Oil Cargoes and NWE Fuel Oil Cargoes. This follows
The new differential assessments will be published Moscow Vents AAWRR00/AAWRR03; the Uniper Energy DMCC name change to Fort Energy
alongside and complement the following Platts middle AAWRQ00/AAWRQ03 Refining Middle East DMCC
distillates assessments, which are informed by bids, Syzran Vents AAWJQ00/AAWJQ03; Platts has reviewed Fort Energy Refining Middle
offers and trades reported in the Platts Market on AAWJP00/AAWJP03 East DMCC and will consider information from Fort
Close Assessment process: Ufa Vents AAWJT00/AAWJT03; AAWJR00/AAWJR03 Energy Refining Middle East DMCC in the EMEA
Assessment Code MOPL Differential Omsk Vents AAWJO00/AAWJO03; physical assessment processes for Med Fuel Oil
ULSD 10ppmS CIF NWE Cargo AAVBG00 AMOPL00
ULSD 10ppmS CIF Med Cargo AAWYZ00 AMOPN00
AAWJN00/AAWJN03 Cargoes and NWE Fuel Oil Cargoes, subject at all times
ULSD 10ppmS FOB ARA Barge AAJUS00 AMOPM00 Moscow Vents AAWKB00/AAWKB03; in adherence with Platts editorial standards.
Gasoil 0.1%S CIF NWE Cargo AAYWS00 AMOPH00
Gasoil .1%S (1000ppm) CIF Med Cargo AAVJJ00 AMOPI00
AAWKA00/AAWKA03 Platts will publish all relevant information from Fort
Gasoil .1%S (1000ppm) FOB ARA Barge AAYWT00 AMOPG00 Transshipment and freight Energy Refining Middle East DMCC.
Jet CIF NWE Cargo PJAAU00 AMOPJ00
Jet Barges FOB FARAG PJABA00 AMOPK00
Ventspils transshipment AAXLR00/AAXLR03 Platts welcomes all relevant feedback regarding
Ventspils clean freight AAYKX00/AAYKX03 MOC participation. Platts considers bids, offers
The new differential assessments appear in Platts Ventspils rail freight AAWKT00/AAWKT03 and transactions by all credible and credit-
European Marketscan, US Marketscan, Oilgram Price Pipeline and rail fees worthy parties in its assessment processes. For
Report, Asia-Pacific-Arab Gulf Marketscan and Platts Moscow to Latvian border AAXKU00/AAXKU03 comments and feedback, please contact Platts
Global Alert and Platts Refined Products Alert pages Syzran to Latvian border AAWKJ00/AAWKJ03 editors at europe_products@spglobal.com and
1110, 1112, 1114, 1410 and 1420. Ufa to Latvian border AAWKK00/AAWKK03 market_integrity_review@spglobal.com.

Valero Energy Ltd to join EMEA - LPG-Physical MOC Please note that Aug. 26 is a UK public holiday and Europe barge MOC dates ahead of early May bank
Valero Energy Ltd. has advised Platts, part of no European oil assessments will be published. For holiday May 6, 2024
S&P Global Commodity Insights, that it would like to further details on services affected, please consult the Effective May 1, May 2 and May 3 and in line with
participate in the Platts Market on Close assessment published holiday schedule at https://www.spglobal. the published holiday schedule, Platts, part of S&P
process for EMEA - LPG-Physical. com/platts/en/our-methodology/holiday Global Commodity Insights, will reflect bids, offers and
Platts has reviewed Valero Energy Ltd. and will Please send any comments or questions to trades of refined product barges that load 6-15 days
consider information from the entity in the assessment europe_products@spglobal.com with a copy to forward, not the usual 3-15/5-15 days forward in its
process for EMEA - LPG-Physical, subject at all times pricegroup@spglobal.com European Market on Close assessment process. The
to adherence with Platts editorial standards. assessment continues to reflect the usual 3-15/5-15
Platts will publish all relevant information from Europe barge MOC dates ahead of UK spring bank days forward date range.
Valero Energy Ltd. accordingly. holiday May 27, 2024 The full detail for each day can be seen below:
Platts welcomes all relevant feedback regarding Effective May 22, May 23 and May 24 and in line On May 1, MOC dates will be May 7-May 16 (FE dates:
MOC participation. Platts considers bids, offers with the published holiday schedule, Platts, part of S&P May 7-May 11; MW dates: May 9-May 13; BE dates: May
and transactions by all credible and credit- Global Commodity Insights, will reflect bids, offers and 12-May 16)
worthy parties in its assessment processes. For trades of refined product barges that load 6-15 days On May 2, MOC dates will be May 8-May 17 (FE
comments and feedback, please contact Platts forward, not the usual 3-15/5-15 days forward in its dates: May 8-May 12; MW dates: May 10-May 14; BE
editors at pl_lightendseurope@spglobal.com and European Market on Close assessment process. The dates: May 13-May 17)
market_integrity_review@spglobal.com. assessment continues to reflect the usual 3-15/5-15 On May 3, MOC dates will be May 9-May 18 (FE
days forward date range. dates: May 9-May 13; MW dates: May 11-May 15; BE
Europe barge MOC dates ahead of UK summer bank The full detail for each day can be seen below: dates: May 14-May 18)
holiday Aug 26, 2024 On May 22, MOC dates will be May 28-June 6 (FE Please note that May 6 is a UK public holiday and
Effective Aug. 21, Aug. 22 and Aug. 23 and in line dates: May 28-June 1; MW dates: May 30-June 3; BE no European oil assessments will be published. For
with the published holiday schedule, Platts, part of S&P dates: June 2-6) further details on services affected, please consult the
Global Commodity Insights, will reflect bids, offers and On May 23, MOC dates will be May 29-June 7 (FE published holiday schedule at https://www.spglobal.
trades of refined product barges that load 6-15 days dates: May 29-June 2; MW dates: May 31-June 4; BE com/platts/en/our-methodology/holiday
forward, not the usual 3-15/5-15 days forward in its dates: June 3-7) Please send any comments or questions to
European Market on Close assessment process. The On May 24, MOC dates will be May 30-June 8 (FE europe_products@spglobal.com with a copy to
assessment continues to reflect the usual 3-15/5-15 dates: May 30-June 3; MW dates: June 1-5; BE dates: pricegroup@spglobal.com
days forward date range. June 4-8)
The full detail for each day can be seen below: Please note that May 27 is a UK public holiday and Europe barge MOC dates ahead of Easter holidays
On Aug. 21, MOC dates will be Aug. 27-Sept. 5 (FE no European oil assessments will be published out 2024
dates: Aug. 27-31; MW dates: Aug. 29-Sept. 2; BE dates: of London. For further details on services affected, Effective March 26, March 27 and March 28, and in
Sept. 1-5) please consult the published holiday schedule line with the published holiday schedule, Platts, part
On Aug. 22, MOC dates will be Aug. 28-Sept. 6 (FE at https://www.spglobal.com/platts/en/our- of S&P Global Commodity Insights, will reflect bids,
dates: Aug. 28-Sept. 1; MW dates: Aug. 30-Sept. 3; BE methodology/holiday offers and trades of refined product barges that load
dates: Sept. 2-6) Please send any comments or questions to 7-15 days forward, not the usual 3-15/5-15 days forward
On Aug. 23, MOC dates will be Aug. 29-Sept. 7 (FE europe_products@spglobal.com with a copy to in its European Market on Close assessment process.
dates: Aug. 29-Sept. 2; MW dates: Aug. 31-Sept. 4; BE pricegroup@spglobal.com The assessment continues to reflect the usual 3-15/5-
dates: Sept. 3-7) 15 days forward date range.

The full detail for each day can be seen below: methodology guide posted online here. March 27: Summer grade fully reflected
On March 26, MOC dates will be April 2 - April 10 (FE Platts reviews all methodologies annually to ensure A spreadsheet detailing the changes is available on
dates: April 2 - April 6; MW dates: April 4 - April 8; BE they continue to reflect the physical markets under request.
dates: April 6 - April 10) assessment, and regularly assesses the relevance Please send feedback and questions to
On March 27, MOC dates will be April 3 - April 11 (FE of methodologies through continuous contact with pl_lightendseurope@spglobal.com, with a cc to
dates: April 3 - April 7; MW dates: April 5 - April 9; BE the market. Feedback on methodologies is always pricegroup@spglobal.com.
dates: April 7 - April 11) welcomed by Platts. Platts will consider all comments received and will
On March 28 , MOC dates will be April 4 - April 12 (FE Please send all feedback, comments or make comments not marked as confidential available
dates: April 4 - April 8; MW dates: April 6 - April 10; BE questions to oilgroup@spglobal.com and upon request.
dates: April 8 - April 12) pricegroup@spglobal.com.
On March 28, all European oil assessments will For written comments, please provide a clear Calendar for gasoline cargo winter-to-summer
be on 12:30 London time basis, with all cut-offs and indication if comments are not intended for publication transition in Med, NWE
timings commensurate with a close at that time. by Platts for public viewing. Platts will consider all Effective March 7, Platts, part of S&P Global
Please note that March 29 and April 1 are UK comments received and will make comments not Commodity Insights, will start to reflect summer grades
bank holidays and no European oil assessments marked as confidential available upon request. of gasoline on a pro-rated basis in its CIF Northwest
will be published. For further details on services European and FOB Mediterranean gasoline cargo
affected, please consult the published holiday Calendar for FOB AR gasoline barge winter-to- assessments.
schedule at https://www.spglobal.com/platts/en/our- summer change The change also affects the related netbacks.
methodology/holiday Effective March 18, Platts, part of S&P Global March 7: First day reflecting summer-grade gasoline
Please send any comments or questions to Commodity Insights, will start to reflect summer grades March 11: First full five-day period reflecting summer
europe_products@spglobal.com with a copy to of gasoline on a pro-rata basis in its FOB Amsterdam- gasoline
pricegroup@spglobal.com Rotterdam gasoline barges assessments. March 15: Last full five-day period reflecting winter
The following calendar applies: gasoline
Platts invites feedback on Global Oil Timing and March 18: First day reflecting summer-grade March 21: Last day reflecting winter gasoline
Increment Guidelines gasoline March 22: Summer grade fully reflected
As part of its commitment to open and transparent March 21: First full five-day period reflecting A spreadsheet detailing the changes is available on
pricing and product specifications, Platts, part of summer grade request.
S&P Global Commodity Insights, would like to invite March 22: Last full-five day period reflecting Please send feedback and questions to
feedback on its Global Oil Timing and Increment winter grade pl_lightendseurope@spglobal.com, with a cc to
Guidelines, specifically the guidelines described in the March 26: Last day reflecting winter-grade gasoline pricegroup@spglobal.com.

Deals Summary Gasoil 50ppm barges Diesel barges

Trades (PGA page 1417) Trades (PGA page 1476)
Premium gasoline 10 ppm barges No trades reported PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE: BP*
Trades (PGA page 1304) * Denotes market maker. All times GMT sold to TOTSA 3kt: kt $8.00/mt 16:29:05
Bids (PGA page 1415) PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE: BP*
No trades reported sold to TOTSA 3kt: kt $8.00/mt 16:29:33
* Denotes market maker. All times GMT PLATTS GASOIL 50PPM BARGE 1-3KT ICE LSGO M1: ARA: FE:
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: MW: BP*
Bids (PGA page 1302) TRAFI bids 1-3kt: $-10/mt
sold to GUNVORSA 3kt: kt $5.00/mt 16:28:23
PLATTS GASOIL 50PPM BARGE 1-3KT ICE LSGO M1: ARA: FE:
No bids reported PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: MW: BP*
GUNVORSA bids 1-3kt: $-11.75/mt
Withdrawals sold to GUNVORSA 3kt: kt $5.00/mt 16:29:09
PLATTS GASOIL 50PPM BARGE 1-3KT ICE LSGO M1: ARA: FE:
No bids reported PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: MW: BP*
TOTSA bids 1-3kt: $-14/mt
sold to VITOL 2.4kt: kt $5.00/mt 16:29:24
** Denotes OCO order. PLATTS GASOIL 50PPM BARGE 1-3KT ICE LSGO M1: ARA:
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: BE: BP*
Offers (PGA page 1303) MW: TOTSA bids 1-3kt: $-16/mt
sold to TOTSA 2kt: kt $5.00/mt 16:27:48
10PPM: NWE Brg Wnt 10ppm: FE: EQUINOR offers 1kt: PLATTS GASOIL 50PPM BARGE 1-3KT ICE LSGO M1: ARA: BE:
$875.00/mt TOTSA bids 1-3kt: $-17/mt
sold to TOTSA 2kt: kt $5.00/mt 16:28:31
10PPM: NWE Brg Smr 10ppm: BE: STR offers 1kt: Withdrawals
$939.00/mt No bids reported sold to TOTSA 2kt: kt $5.00/mt 16:28:52
Withdrawals ** Denotes OCO order. * Denotes market maker. All times GMT
No offers reported Offers (PGA page 1416) Bids (PGA page 1474)
** Denotes OCO order. No offers reported PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE:
Withdrawals GUNVORSA bids 1-3kt: $5.25/mt
EBOB Barges No offers reported PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE: VITOL
Trades (PGA page 1304) ** Denotes OCO order. bids 1-3kt: $6.00/mt
No trades reported PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE:
* Denotes market maker. All times GMT Gasoil 0.1% Barges GLENCOREUK bids 1-3kt: $5.00/mt
Bids (PGA page 1302) Trades (PGA page 1426) PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE:
TOTSA bids 1-3kt: $7.00/mt
No bids reported No trades reported
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: MW:
Withdrawals * Denotes market maker. All times GMT
GUNVORSA bids 1-3kt: $3.25/mt
No bids reported Bids (PGA page 1424) PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: MW:
** Denotes OCO order. No bids reported VITOL bids 1-3kt: $2.00/mt
Offers (PGA page 1303) Withdrawals PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: MW:
No offers reported No bids reported
** Denotes OCO order.
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: BE:
Withdrawals
FSTBV bids 1-3kt: $1.25/mt
No offers reported Offers (PGA page 1425)
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: BE: VITOL
** Denotes OCO order. No offers reported bids 1-3kt: $1.00/mt
Withdrawals PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: BE: PSX
No offers reported bids 1-3kt: $1.50/mt
** Denotes OCO order. PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: BE:

Withdrawals Withdrawals Withdrawals

No bids reported PLATTS FUEL OIL 3.5% RDAM BARGES: FE: PENINSULA no PLATTS FUEL OIL 3.5% RDAM BARGES: FE: GUNVORSA
** Denotes OCO order. longer bids 2kt: $464.00/mt Withdraws offer 2kt: $462.00/mt
Offers (PGA page 1475) PLATTS FUEL OIL 3.5% RDAM BARGES: FE: BPBV Withdraws ** Denotes OCO order.
bid 2kt: $462.00/mt
No offers reported
PLATTS FUEL OIL 3.5% RDAM BARGES: MW: PENINSULA no LSFO barges
Withdrawals longer bids 2kt: $464.00/mt Trades (PGA page 1505)
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE: BP no PLATTS FUEL OIL 3.5% RDAM BARGES: BE: PENINSULA no
longer offers 1-3kt: $8.00/mt No trades reported
longer bids 2kt: $464.00/mt
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE: BP no * Denotes market maker. All times GMT
PLATTS FUEL OIL 3.5% RDAM BARGES: BE: BPBV Withdraws
longer offers 1-3kt: $8.00/mt bid 2kt: $462.00/mt Bids (PGA page 1503)
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: MW: BP ** Denotes OCO order. No bids reported
no longer offers 1-3kt: $5.00/mt
Offers (PGA page 1504) Withdrawals
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: BE: BP no
PLATTS FUEL OIL 3.5% RDAM BARGES: FE: BPBV offers 2kt: No bids reported
longer offers 1-3kt: $5.00/mt
$468.00/mt ** Denotes OCO order.
PLATTS FUEL OIL 3.5% RDAM BARGES: FE: TOTSA offers Offers (PGA page 1504)
2kt: $468.00/mt
HSFO barges No offers reported
PLATTS FUEL OIL 3.5% RDAM BARGES: FE: VITOL offers 2kt:
Trades (PGA page 1505) Withdrawals
$469.00/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: FE: BPBV sold to No offers reported
PLATTS FUEL OIL 3.5% RDAM BARGES: MW: MERCURIASA
PENINSULA* 2kt: kt $465.00/mt 16:24:58 ** Denotes OCO order.
offers 2kt: $463.75/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: FE: BPBV sold to PLATTS FUEL OIL 3.5% RDAM BARGES: MW: GUNVORSA
PENINSULA* 2kt: kt $465.00/mt 16:25:09 offers 2kt: $464.00/mt HSFO RMK 500 barges
PLATTS FUEL OIL 3.5% RDAM BARGES: FE: GUNVORSA sold PLATTS FUEL OIL 3.5% RDAM BARGES: MW: TOTSA offers Trades (PGA page 1505)
to PENINSULA* 2kt: kt $464.00/mt 16:25:26 2kt: $468.00/mt No trades reported
PLATTS FUEL OIL 3.5% RDAM BARGES: MW: GUNVORSA PLATTS FUEL OIL 3.5% RDAM BARGES: MW: BPBV offers * Denotes market maker. All times GMT
sold to PENINSULA* 2kt: kt $464.00/mt 16:26:00 2kt: $469.00/mt
Bids (PGA page 1503)
PLATTS FUEL OIL 3.5% RDAM BARGES: BE: OEI sold to PLATTS FUEL OIL 3.5% RDAM BARGES: MW: VITOL offers
PENINSULA* 2kt: kt $464.00/mt 16:26:12 2kt: $469.00/mt No bids reported
* Denotes market maker. All times GMT PLATTS FUEL OIL 3.5% RDAM BARGES: BE: GUNVORSA Withdrawals
Bids (PGA page 1503) offers 2kt: $466.00/mt No bids reported
PLATTS FUEL OIL 3.5% RDAM BARGES: FE: UNITEDBUNK PLATTS FUEL OIL 3.5% RDAM BARGES: BE: TOTSA offers ** Denotes OCO order.
bids 2kt: $459.00/mt 2kt: $468.00/mt Offers (PGA page 1504)

PLATTS FUEL OIL 3.5% RDAM BARGES: MW: UNITEDBUNK PLATTS FUEL OIL 3.5% RDAM BARGES: BE: VITOL offers 2kt:
No offers reported
bids 4kt: $460.00/mt $469.00/mt
Withdrawals
PLATTS FUEL OIL 3.5% RDAM BARGES: BE: UNITEDBUNK PLATTS FUEL OIL 3.5% RDAM BARGES: BE: BPBV offers 2kt:
$472.00/mt No offers reported
bids 2kt: $460.00/mt

Eum 20240322

Uploaded by

Copyright:

Available Formats

Eum 20240322

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Eum 20240322

Uploaded by

Copyright:

Available Formats

Now available digitally on Platts Connect

Get access to this content

European products ($/mt) (continued) Euro-denominated assessments 16:30 London

© 2024 by S&P Global Inc. All rights reserved. 2

Marine Fuel 0.5% Derivatives, Mar 22

© 2024 by S&P Global Inc. All rights reserved. 3

© 2024 by S&P Global Inc. All rights reserved. 4

Calendar month averages for February 2024

VGO 2% max ABBAC03 613.786 Gasoil 0.1% AAYWS03 835.500–836.000 835.750

FOB NWE West Africa cargo (PGA page 1111)

© 2024 by S&P Global Inc. All rights reserved. 5

Platts European Gasoline Daily Market Northwest Europe ($/mt)

 Summer barges heard above April swap USWC ($/mt)

© 2024 by S&P Global Inc. All rights reserved. 6

© 2024 by S&P Global Inc. All rights reserved. 7

strengthens this pull. Platts, part of S&P Global

© 2024 by S&P Global Inc. All rights reserved. 8

capacity. Traders also said the refinery is expected to Asia products

Offers, Trades Gasoil 0.005% sulfur

© 2024 by S&P Global Inc. All rights reserved. 9

US Products: March 21, 2024

© 2024 by S&P Global Inc. All rights reserved. 10

OPTOL @ +5. ; IT IS A CONDITION OF THIS BID THAT Delivery basis

© 2024 by S&P Global Inc. All rights reserved. 11

© 2024 by S&P Global Inc. All rights reserved. 12

© 2024 by S&P Global Inc. All rights reserved. 13

© 2024 by S&P Global Inc. All rights reserved. 14

© 2024 by S&P Global Inc. All rights reserved. 15

© 2024 by S&P Global Inc. All rights reserved. 16

© 2024 by S&P Global Inc. All rights reserved. 17

© 2024 by S&P Global Inc. All rights reserved. 18

© 2024 by S&P Global Inc. All rights reserved. 19

 LSSR fundamentals mixed

© 2024 by S&P Global Inc. All rights reserved. 20

© 2024 by S&P Global Inc. All rights reserved. 21

© 2024 by S&P Global Inc. All rights reserved. 22

© 2024 by S&P Global Inc. All rights reserved. 23

© 2024 by S&P Global Inc. All rights reserved. 24

© 2024 by S&P Global Inc. All rights reserved. 25

© 2024 by S&P Global Inc. All rights reserved. 26

© 2024 by S&P Global Inc. All rights reserved. 27

Deals Summary Gasoil 50ppm barges Diesel barges

© 2024 by S&P Global Inc. All rights reserved. 28

Withdrawals Withdrawals Withdrawals

bids 2kt: $459.00/mt 2kt: $468.00/mt Offers (PGA page 1504)

© 2024 by S&P Global Inc. All rights reserved. 29

You might also like

Summer barges heard above April swap USWC ($/mt)

LSSR fundamentals mixed