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European Marketscan
Volume 56 / Issue 52 / March 13, 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 661.00–661.50 661.250 +10.250 PAAAH00 692.50–693.00 692.750 +10.250
Prem Unl 10 ppm AAWZA00 874.25–874.75 874.500 +12.250 AAWZB00 898.00–898.50 898.250 +12.250
Jet AAIDL00 818.50–819.00 818.750 +14.000 AAZBN00 860.50–861.00 860.750 +14.000
10 ppm ULSD AAWYY00 812.25–812.75 812.500 +12.000 AAWYZ00 836.00–836.50 836.250 +12.000 AMOPN00 8.06 -0.300
Gasoil 0.1% AAVJI00 787.75–788.25 788.000 +13.000 AAVJJ00 809.75–810.25 810.000 +13.000 AMOPI00 4.64 -0.010
Fuel oil 1.0% PUAAK00 511.00–511.50 511.250 +6.250 PUAAJ00 529.00–529.50 529.250 +6.250
Fuel oil 3.5% PUAAZ00 441.00–441.50 441.250 +15.750 PUAAY00 458.75–459.25 459.000 +15.750
*Basis East Med.
Northwest Europe cargoes (PGA page 1110)
FOB NWE CIF NWE/Basis ARA MOPL Diff
Naphtha (Apr) PAAAJ00 688.50–689.00 688.750 +12.750
Naphtha PAAAL00 714.00–714.50 714.250 +10.250
Gasoline 10 ppm AAXFQ00 924.50–925.00 924.750 +10.500
Jet PJAAV00 841.25–841.75 841.500 +14.000 PJAAU00 862.00–862.50 862.250 +14.000 AMOPJ00 1.71 +0.100
ULSD 10 ppm AAVBF00 830.00–830.50 830.250 +14.000 AAVBG00 843.50–844.00 843.750 +14.000 AMOPL00 9.47 +0.940
Diesel 10 ppm NWE** AAWZD00 830.00–830.50 830.250 +14.000 AAWZC00 846.50–847.00 846.750 +14.000
Diesel 10ppm NWE all origin ALORA00 843.750 +14.000
Diesel 10ppm NWE all origin spread ALORB00 0.000 0.000
Diesel 10 ppm UK AAVBH00 848.25–848.75 848.500 +14.000 AUKMA00 14.218 +0.943
Gasoil 0.1% AAYWR00 789.50–790.00 789.750 +12.750 AAYWS00 815.50–816.00 815.750 +12.750 AMOPH00 2.71 -0.120
Fuel oil 1.0% PUAAM00 490.25–490.75 490.500 +6.750 PUAAL00 512.00–512.50 512.250 +6.500
Fuel oil 3.5% PUABB00 430.25–430.75 430.500 +14.250 PUABA00 450.00–450.50 450.250 +14.000
Bionaptha PAAAU00 2014.250 +10.250
Bionaptha premium PAADU00 1300.000 0.000
**Basis Le Havre.
Northwest Europe barges (PGA page 1112)
FOB Rotterdam*** MOPL Diff
Naphtha PAAAM00 710.00–710.50 710.250 +10.250
Eurobob AAQZV00 842.00–842.50 842.250 +8.250
E10 Eurobob AGEFA00 839.500 +7.500
98 RON gasoline 10 ppm AAKOD00 942.00–942.50 942.250 +13.250
Premium gasoline 10 ppm PGABM00 844.75–845.25 845.000 +8.250
Reformate AAXPM00 947.250 +13.250
Jet PJABA00 854.25–854.75 854.500 +19.750 AMOPK00 -0.99 +5.060
Diesel 10 ppm AAJUS00 828.00–828.50 828.250 +8.500 AMOPM00 1.15 -2.450
Gasoil 50 ppm AAUQC00 797.00–797.50 797.250 +8.500
Gasoil 0.1% AAYWT00 796.50–797.00 796.750 +12.750 AMOPG00 0.02 -0.050
www.spglobal.com/commodityinsights
European Marketscan March 13, 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 770.000 +5.000 (Italy) (Genova/Lavera)
Fuel oil 1.0% PUAAP00 490.25–490.75 490.500 +6.750 Naphtha* ABWHE00 604.212 ABWHD00 632.995
Fuel oil 3.5% PUABC00 451.00–451.50 451.250 +14.000 Prem Unl 10ppm ABWGV00 799.068 ABWGU00 820.769
Fuel oil 3.5% 500 CST PUAGN00 446.00–446.50 446.250 +14.000 Jet ABWGZ00 748.127 AAZBO00 786.504
Rotterdam bunker 380 CST PUAYW00 450.50–451.50 451.000 +10.000 10ppm ULSD ABWHM00 742.416 ABWHH00 764.117
Gasoil 0.1% ABWGQ00 720.029 ABWGO00 740.132
***See notes on delivery basis for this table. (see page 11)
Fuel oil 1.0% ABWGH00 467.151 ABWGF00 483.598
Fuel oil 3.5% ABWGM00 403.189 ABWGK00 419.408
*Naphtha FOB Med is basis East Med.
Northwest Europe cargoes (€/mt) (PGA page 1116)
FOB NWE CIF NWE/Basis ARA
Naphtha AAQCE00 652.641
Gasoline 10ppm ABWGS00 844.984
Jet ABWHB00 768.914 AAQCF00 787.875
Africa products European feedstocks and blendstocks ULSD 10 ppm ABWHO00 758.635 ABWHI00 773.712
Diesel 10ppm NWE ABWHP00 758.635 ABWHK00 770.970
Code Code
Mid Change Mid Change
Diesel 10 ppm UK ABWHJ00 775.311
CIF Northwest Europe cargo ($/mt) (PGF page 1760)
West Africa cargoes (PGA pages 1122, 2342 and 2412) Diesel 10ppm UK MOPL Diff AUKMB00 12.992
VGO 0.5-0.6% AAHMZ00 657.75–658.75 658.250 +7.000 Gasoil 0.1% ABWGR00 721.628 ABWGP00 745.386
FOB NWE ($/mt) VGO 2% AAHND00 644.25–645.25 644.750 +7.250 Fuel oil 1.0% AAQCG00 448.191 ABWGG00 468.065
Gasoline AAKUV00 890.250 +15.750 Fuel oil 3.5% ABWGN00 393.366 ABWGL00 411.413
FOB Northwest Europe cargo ($/mt)
CIF West Africa ($/mt) Straight run 0.5-0.7% ABWHG00 556.469
VGO 0.5-0.6% AAHMX00 627.75–628.75 628.250 +7.500
Gasoline AGNWC00 933.250 +17.500 West Africa cargoes (€/mt) (PGA page 1116)
VGO 2% AAHNB00 614.00–615.00 614.500 +7.500
FOB NWE CIF WAF
FOB STS West Africa ($/mt) Straight Run 0.5-0.7% PKABA00 608.50–609.50 609.000 +7.500
Gasoline AGNWA00 813.459 AANWC00 852.750
Gasoil 0.3% AGNWD00 811.000 +13.250 FOB Black Sea cargo ($/mt) FOB STS West Africa
Jet AJWAA00 909.000 +14.750 Gasoil 0.3% AGNWE00 741.045
VGO 0.8% ABBAD00 647.500 +7.500
CFR South Africa ($/barrel) VGO 2% ABBAC00 634.500 +7.500 Jet AJWAB00 830.592
Gasoline 95 unleaded AAQWW00 109.029 -0.620 Northwest Europe barges (€/mt) (PGA page 1118)
CIF Mediterranean cargo ($/mt)
Jet kero AAQWT00 106.521 -1.480 FOB Rotterdam
Gasoil 10 ppm AAQWU00 106.778 -1.820 Straight Run 0.5-0.7% AAJNT00 620.750 +7.750 Naphtha ABWHF00 648.986
Gasoil 500 ppm AAQWV00 105.628 -1.870 VGO 0.8% ABBAB00 670.000 +7.500 Eurobob ABWGT00 769.600
VGO 2% ABBAA00 657.000 +7.500 E10 Eurobob AGEFE00 767.087
98 RON gasoline 10 ppm ABWGX00 860.974
Jet Index (PGA page 115) FOB Rotterdam barge ($/mt)
Premium gasoline 10 ppm AAQCH00 772.113
March 13, 2024 Index $/mt MTBE* PHALA00 1098.75–1099.25 1099.000 +25.750 Reformate AAXPN00 865.543
Europe & CIS PJECI00 293.12 PJECI09 858.38 VGO 0.5-0.6% AAHNF00 624.75–625.75 625.250 +7.500 Jet ABWHC00 780.793
MidEast & Africa PJMEA00 302.66 PJMEA09 800.23 VGO 2% AAHNI00 611.00–612.00 611.500 +7.500 Diesel 10 ppm* AAQCI00 756.807
Global PJGLO00 293.49 PJGLO09 847.85 *FOB Amsterdam-Rotterdam-Antwerp. Gasoil 50 ppm AAUQF00 728.481
Gasoil 0.1%* AAYWY00 728.024
DMA MGO 0.1%* LGARE00 703.582
Fuel oil 1.0% ABWGI00 448.191
Fuel oil 3.5% AAQCK00 412.326
Fuel oil 3.5% 500 CST PUAGO00 407.758
Rotterdam bunker 380 CST AAUHE00 412.098
*FOB Amsterdam-Rotterdam-Antwerp. Euro/US$ forex rate: 1.0944. 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 607.320 -4.750 Low Sulfur Gasoil Brent FOB Med CIF Med
0.5% FOB Fujairah cargo AMFFA00 618.340 -3.680 Apr AARIN00 821.00 May AAYES00 83.56 Prem Unl 10 ppm ABXGA00 60.307 ABXGB00 61.945
0.5% FOB Rotterdam barge* PUMFD00 575.750 +5.500 May AARIO00 806.25 Jun AAYET00 83.06 Jet ABXGH00 61.121 ABXGI00 64.257
0.5% FOB US Gulf Coast barge AUGMB00 608.000 +13.250 Jun AARIP00 795.00 Jul AAXZY00 82.47 10 ppm ULSD ABXGO00 62.757 ABXGP00 64.591
0.5% Dlvd US Atlantic Coast barge AUAMB00 620.750 +13.500 Aug AAYAM00 81.83 Gasoil 0.1% ABXGY00 60.865 ABXGZ00 62.564
0.5% FOB Mediterranean cargo MFFMM00 575.250 +9.000 *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 591.250 +9.000 precisely 16:30 London time. FOB NWE CIF NWE/Basis ARA
$/barrel ICE gasoil settlements (PGA page 702) Gasoline 10 ppm ABXGC00 63.772
0.5% FOB US Gulf Coast barge AUGMA00 95.750 +2.090 Low Sulfur Gasoil Low Sulfur Gasoil Jet ABXGJ00 62.820 ABXGK00 64.369
0.5% Dlvd US Atlantic Coast barge AUAMA00 97.760 +2.130 Apr * ICLO001 821.25 Jul ICLO004 788.50 ULSD 10 ppm ABXGQ00 64.128 ABXGR00 65.171
vs FO 380 MOPS strip ($/mt) May ICLO002 806.50 Aug ICLO005 784.25 Diesel 10 ppm NWE ABXGS00 64.128 ABXGT00 65.403
0.5% FOB Singapore cargo AMOPA00 152.520 -6.290 Jun ICLO003 795.25 Sep ICLO006 781.50 Gasoil 0.1% ABXHA00 61.000 ABXHB00 63.008
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 58.083
E10 Eurobob AGEFC00 57.893
NYMEX WTI (PGA page 703) 98 RON Gasoline 10 ppm ABXGE00 64.979
$/barrel $/barrel Premium Gasoline 10 ppm ABXGF00 58.273
Apr AASCR00 79.24 May AASCS00 78.87 Jet ABXGL00 63.790
NYMEX NY ULSD (PGA page 703) Diesel 10 ppm ABXGU00 63.974
¢/gal ¢/gal Gasoil 50 ppm ABXHC00 61.579
Apr XUHO100 267.07 May XUHO200 263.99 Gasoil 0.1% ABXHD00 61.541
NYMEX RBOB (unleaded gasoline) (PGA page 703)
¢/gal ¢/gal
Apr XUHU100 265.55 May XUHU200 264.65
Marine Fuel 0.5% Derivatives, Mar 13

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 608.500 -4.750 FOFS001 604.250 -4.500 FOFS002 598.250 -4.000 FOB NWE CIF NWE/Basis ARA
0.5% FOB Fujairah cargo FOFF000 619.250 -4.000 FOFF001 617.000 -3.500 FOFF002 613.500 -3.000 Gasoline 10 ppm ABXGG00 54.534
0.5% FOB Rotterdam barge AMRAB00 577.750 +8.500 AMRAM01 570.500 +7.750 AMRAM02 562.500 +7.250 Jet ABXGM00 53.719 ABXGN00 55.044
0.5% vs. 3.5% FOB Rotterdam barge AMRBB00 123.750 -4.750 AMRBM01 111.500 -5.000 AMRBM02 101.000 -4.250 ULSD 10 ppm ABXGV00 54.838 ABXGW00 55.730
$/barrel $/barrel $/barrel Diesel 10 ppm UK ABXGX00 56.043
0.5% FOB US Gulf Coast barge AMARB00 95.850 +2.150 AMARM01 93.650 +2.150 AMARM02 92.050 +2.150 Diesel 10ppm UK MOPL Diff AUKMC00 0.939
0.5% vs US Gulf Coast HSFO barge AUSBB00 24.900 -0.800 AUSBM01 22.700 -0.350 AUSBM02 21.100 -0.300 Gasoil 0.1% ABXHE00 52.163 ABXHF00 53.880
*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 13, 2024 ($/mt) (PPE page 1600)
Code March* Change Code April Change Code May Change
London MOC
Propane CIF NWE Large Cargo Financial ABWFX00 525.000 +6.000 AAHIK00 508.000 +5.000 AAHIM00 501.000 +4.500
Naphtha CIF NWE Cargo Financial ABWFV00 707.000 +11.500 PAAAJ00 688.750 +12.750 AAECO00 673.750 +12.000
Gasoline Prem Unleaded 10 ppm FOB ARA Barge Financial ABWFT00 873.500 +15.000 AAEBW00 899.000 +14.500 AAEBY00 890.250 +15.250
Gasoline Eurobob 10 ppm FOB ARA Barge Financial ABWFB00 861.500 +15.750 ABWFC00 887.000 +15.250 ABWFD00 878.250 +16.000
Gasoline Eurobob Non-oxy E10 Barge Financial AGEAB00 859.500 +10.000 AGEAM01 885.000 +9.500 AGEAM02 876.250 +10.250
Jet FOB Rdam Barge Financial AAXUH00 855.250 +14.500 AAXUM01 858.750 +12.750 AAXUM02 859.000 +12.750
Jet CIF NWE Cargo Financial ABWCI00 860.000 +14.500 ABWCJ00 861.500 +12.750 ABWCK00 860.000 +12.750
ULSD 10 ppmS FOB ARA Barge Financial ABWEA00 827.750 +11.500 ABWEB00 818.750 +12.500 ABWEC00 803.500 +12.000
ULSD 10 ppmS CIF NWE Cargo Financial ABWDM00 838.750 +13.500 ABWDN00 827.000 +13.250 ABWDO00 813.750 +12.000
ULSD 10 ppmS CIF Med Cargo Financial ABWCY00 832.000 +12.000 ABWCZ00 822.000 +13.750 ABWDA00 808.000 +12.500
LS Gasoil Frontline Financial ABWAO00 821.000 +13.250 AAPQS00 811.250 +13.000 AAPQT00 798.250 +12.000
Gasoil .1%S (1000 ppm) FOB ARA Barge Financial ABWBT00 797.250 +13.250 ABWBU00 790.000 +13.000 ABWBV00 783.000 +12.000
Gasoil 0.1%S CIF NWE Cargo Financial ABWBF00 816.750 +13.250 ABWBG00 807.000 +13.000 ABWBH00 792.500 +12.000
Gasoil .1%S (1000 ppm) CIF Med Cargo Financial ABWAS00 807.000 +13.250 ABWAT00 802.750 +13.000 ABWAU00 792.000 +12.000
FO 3.5%S FOB Rdam Barge Financial ABWAE00 454.000 +13.250 AAEHB00 459.000 +12.750 AAEHC00 461.500 +11.500
FO 3.5%S FOB Med Cargo Financial ABWAG00 441.500 +13.750 AAEHK00 447.500 +15.250 AAEHL00 449.000 +13.000
FO 3.5%S FOB Rdam Barge vs FO 3.5%S FOB Med Cargo Financial ABWAM00 12.500 -0.500 AAEHK01 11.500 -2.500 AAEHL01 12.500 -1.500
FO 1%S FOB Rdam Barge Financial ABWAA00 486.500 +9.000 AALTA00 487.000 +7.000 AALTC00 486.000 +7.000
FO 1%S FOB NWE Cargo Financial ABWAC00 488.500 +7.000 AAEGR00 491.000 +7.000 AAEGS00 490.000 +7.000
FO 1%S FOB NWE vs FO 3.5%S Barge (HiLo Diff) Financial ABWAI00 34.500 -6.250 AAEGR01 32.000 -5.750 AAEGS01 28.500 -4.500
*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 467.500 +13.250 FPLSM02 466.000 +13.000
FO 380 3.5% FOB Spore Cargo vs FO 3.5% FOB Rdam Barge (E-W) FQLSM01 8.500 +0.500 FQLSM02 4.500 +1.500
at London MOC Financial
FO 180 CST 3.5%S FOB Spore Cargo at London MOC Financial FOLSM01 484.250 +14.500 FOLSM02 482.000 +14.000
FO 180 3.5% FOB Spore Cargo vs FO 3.5% FOB Rdam Barge (E-W) F1BDM01 25.250 +1.750 F1BDM02 20.500 +2.500
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 US Renewable Distillates Monthly Northwest Europe ($/mt)

SAF Cost of Production BJNWA00 1993.344 -3.381
Commentary SAF CIF ARA MIRWD00 2862.250 +14.000
SAF CIF ARA Premium MIRWF00 2000.000 0.000
Aviation fuel and renewable diesel production plant HVO HVNWA00 1836.296 -2.011
will be stablished in Riverbank USWC ($/mt)
SAF Cost of Production w/ credits ASAFA00 1562.630 -2.288
Aviation industry is committed to implement SAF SAF Cost of Production w/o credits ASAFB00 637.439 -26.765
RD w/ credits ARDFA00 1505.079 -1.508
RD w/o credits ARDFB00 695.381 -27.442
US renewable distillate markets fell in February
USWC ($/b)
amid slipping demand and lower feedstock prices. SAF Cost of Production w/ credits ASAFE00 193.031 -0.282
From Feb. 15 to March 11, the cost of production SAF Cost of Production w/o credits ASAFF00 78.742 -3.307
RD w/ credits 186.470 -0.187
for US West Coast Sustainable Aviation Fuel with ARDFE00
RD w/o credits ARDFF00 86.153 -3.400
credits fell 18.23 cents/gal to 4.6238/gal. Meanwhile, Biodiesel price assessments USWC (¢/gal)
packer grade beef tallow delivered Chicago Low-High Midpoint Change SAF Cost of Production w/ credits ASAFI00 459.597 -0.673
increased 0.25 cent to 42.50 cents/lb during the SAF Cost of Production w/o credits ASAFJ00 187.482 -7.872
Northwest Europe differential to ICE gasoil ($/mt) (PBF page 1313) RD w/ credits ARDFI00 443.976 -0.445
same time. FAME 0 (RED) FOB ARA 322.75-327.75 325.25 -7.75
AAXNT00 RD w/o credits ARDFJ00 205.127 -8.095
USWC renewable diesel with credits fell 12.11 cents/ PME (RED) FOB ARA AAXNY00 252.75-257.75 255.25 -7.75 Southeast Asia ($/mt)
lb to 4.4587/gal, closely following the downward RME (RED) FOB ARA AAXNU00 386.75-391.75 389.25 +2.25 SAF Cost of Production (PFAD) ASFAA00 1494.580 +8.790
SME (RED) FOB ARA AAXNX00 344.00-349.00 346.50 -4.50
movement in the cost of production for USWC SAF, UCOME (RED) FOB ARA AUMEA00 470.50 +5.50
HVO (PFAD) HVSAB00 1387.240 +7.650
driven by softening demand and lower feedstock North Asia ($/mt)
markets. Carbon credits (PGA page 496) SAF Cost of Production (UCO)
HVO (UCO)
ASFAC00
HVNAA00
1698.590
1574.380
-1.200
-1.180
On March 8, Ryanair, the world’s largest airline Change
Platts CEC Foreign exchange rates (PGA page 1151)
outside the US, announced its agreement to buy March 13, 2024 London 16:30
$/mtCO2e PCECA00 11.500 0.000
an additional 500 metric tons of SAF from Austrian Eur/mtCO2e PCECE00 10.510 -0.008 Dollar/Swiss franc BCADC00 0.8777
refiner OMV. This marks the airline’s second deal Jet Fuel Carbon Offset Premiums GB pound/Dollar BCADB00 1.2798
Dollar/Yen BCACW00 147.7000
under a long-term SAF supply agreement, aligning $/b AJFCA00 55.324 0.000
Euro/Dollar BCADD00 1.0944
Eur/b AJFCB00 50.561 -0.037
with its commitment to a “Pathway to Net Zero” Dollar/Ruble AAUJO00 91.3750
decarbonization strategy. Carbon Intensity (PGA page 4207)
Ryanair’s Sustainability Director, Tom Fowler, Daily Carbon Intensity Premium Monthly Carbon Intensity
highlighted the significance of SAF in their Asia $/bbl Date kgCO2e/bbl
sustainability goals, stating that the deal with OMV Gasoline Unl 92 FOB Singapore Cargo ALCEJ00 0.621 ALCEI00 Jan-24 48.16
further propels their commitment. Jet Kero FOB Singapore Cargo ALCEL00 0.244 ALCEK00 Jan-24 18.93
Gasoil 10ppm FOB Singapore Cargo ALCEH00 0.368 ALCEG00 Jan-24 28.54
Simultaneously, Aemetis received crucial Authority
United States Gulf Coast ¢/gal Date kgCO2e/gal
to Construct permits for its planned sustainable Gasoline CBOB USGC Prompt Pipeline ALCEN00 1.316 ALCEM00 Jan-24 1.02
aviation fuel and renewable diesel production plant Jet Kero 54 USGC Prompt Pipeline ALCEP00 0.619 ALCEO00 Jan-24 0.48
in Riverbank, California, from the San Joaquin Valley ULSD USGC Prompt Pipeline ALCER00 0.800 ALCEQ00 Jan-24 0.62
Air Pollution Control District. These permits, coupled Northwest Europe $/mt Date kgCO2e/mt
Gasoline Eurobob (E5) FOB NWE Barge ALCEB00 4.854 ALCEA00 Jan-24 376.28
with the city’s Use Permit received in September, are
Jet FOB NWE Barge ALCED00 2.211 ALCEC00 Jan-24 171.36
essential for Aemetis to progress with the engineering ULSD 10ppm FOB NWE Barge ALCEF00 2.491 ALCEE00 Jan-24 193.12

and financing of its eco-friendly facility. Platts European Gasoline Daily Market a mixture of trans-Atlantic and West Africa options,
The Riverbank Industrial Complex, where Aemetis’ Analysis loading between March 17 and March 20.
plant will be located, offers 100% renewable The front-month FOB AR Eurobob barge swap was
Eurobob crack rises again
hydroelectricity, rail infrastructure, storage capacity assessed at $887/mt, up by $15.25/mt. The front-
for 120 railcars, extensive buildings, and 50 acres of PADD 1 stocks fall on week month FOB ARA Eurobob gasoline barge crack was
industrial land. An agreement for the lease/sale of assessed at $23.46/b, up 78 cents/b.
the complex to an Aemetis subsidiary was finalized European gasoline markets strengthened in terms The March/April spread was 50 cents/mt narrower
in December 2021, solidifying Aemetis’ position of the crack spread on the day. at minus $25.50/mt, while the April/May spread was 75
in sustainable aviation fuel and renewable diesel In blending, butane demand for gasoline blending cents/mt narrower at $8.75/mt.
production. was very weak, in line with the specification shift, The March Med/North gasoline differential — the
In Mobile, Alabama, Vertex Energy faced challenges sources said March 13. spread between the FOB Mediterranean 10 ppm cargo
in the first quarter of 2024. With a refining capacity The gasoline/naphtha spread continued to swap and the equivalent FOB Amsterdam-Rotterdam
of 75,000 b/d for hydrocarbons and 8,000 b/d for strengthen. The spread between the April Eurobob Eurobob barge — was $3/mt narrower at $18/mt, and
renewables, Vertex Energy adjusted throughput rates FOB ARA swap and the equivalent naphtha swap was the April differential was $1/mt narrower at minus
at its facility due to market conditions. CEO Ben Cowart assessed at $198.50/mt, up $2.50/mt. $2.50/mt.
explained that Q4 crude processing averaged 67,073 Platts assessed 99 RON reformate at a $105/mt Platts is part of S&P Global Commodity Insights
b/d, reflecting a strategic curtailment and proactive premium to Eurobob, up from a $100/mt premium.
downtime for equipment maintenance in response to In the US, PADD 1 (east coast) inventories dropped Platts NWE Gasoline FOB Barge Daily Rationales
market challenges. 5.3% in the week to March 8. & Exclusions
These developments underline the growing According to market sources, the fall was due to a Gasoline Prem Unleaded 10ppmS FOB AR Barge
momentum in the aviation industry towards last-minute sell-off of winter specification material in <PGABM00> assessment rationale:
sustainable practices, showcasing the industry’s the US market. The FOB AR 10 ppm premium unleaded gasoline
commitment to a greener and more environmentally Meanwhile, three vessels were said to be on barge was assessed at $845/mt and a $2.75/mt
responsible future. subjects out of the Northwest European market with premium to Eurobob barges. A 10 cents/day structure
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was applied to the curve, in the absence of indications Russian domestic refined products netbacks
Refinery Port Code Rb/mt Change Code $/mt Change Underlying marker
in the Platts MOC.
Middle Distillates (PGA page 1440)
Gasoline Eurobob FOB AR Barge <AAQZV00> Gasoil and Diesel 10 ppm
assessment rationale: Moscow St Peter AAWRP00 96,466.755 +1772.192 AAWRO00 1,061.453 +16.550 ULSD CIF NWE Crg
Yaroslavl St Peter AAXKP00 97,439.823 +1772.192 AAXKO00 1,072.160 +16.520 ULSD CIF NWE Crg
The Eurobob gasoline barges assessment was NORSI Novorossiysk AAXKA00 88,832.739 +1538.647 AAWRU00 977.454 +14.211 ULSD FOB Med Crg
assessed at $842.25/mt and a $44.75/mt discount Syzran Novorossiysk AAXKI00 89,848.863 +1538.647 AAXKH00 988.634 +14.179 ULSD FOB Med Crg
Komsomolsk Nakhodka AAWRJ00 84,717.751 -1178.763 AAWRI00 932.175 -15.647 GO 0.05% SporeCrg
to the front month Eurobob swap, from a $37.75/mt Khabarovsk Nakhodka AAWRD00 85,804.375 -1178.763 AAWRC00 944.132 -15.680 GO 0.05% SporeCrg
discount, based on information heard in the market Ufa Primorsk AAXYF00 95,228.742 +1773.465 AAXYJ00 1,047.831 +16.603 ULSD CIF NWE Crg
Omsk Novorossiysk AAWKQ00 85,611.903 +1538.647 AAWKP00 942.014 +14.311 GO 0.1% Med Crg
in the absence of indications in the Platts MOC. A 10 Yaroslavl Primorsk AAWJZ00 98,143.938 +1773.465 AAWJY00 1,079.908 +16.512 ULSD CIF NWE Crg
cents/day contango was applied to the curve. NORSI Primorsk AAWJX00 98,149.122 +1773.465 AAWJW00 1,079.965 +16.512 ULSD CIF NWE Crg
Kirishi Primorsk AAWJV00 100,172.214 +1773.465 AAWJU00 1,102.225 +16.448 ULSD CIF NWE Crg
Gasoline E10 Eurobob FOB AR Barge <AGEFA00> Volgograd Novorossiysk ABXKR00 92,340.267 +1538.647 ABXKQ00 1,016.048 +14.101 ULSD FOB Med Crg
assessment rationale: Diesel damping value RNDCD00 29,685.095
E10 Eurobob gasoline barges were at a $2.75/mt Gasoline (PGA page 1340)
Moscow Vysotsk AAWRT00 101,612.289 +1146.633 AAWRS00 1,118.071 +9.487 Eurobob ARA Brg
discount to the physical E5 Eurobob market, from a Yaroslavl Vysotsk AAXKT00 102,502.089 +1146.633 AAXKS00 1,127.862 +9.459 Eurobob ARA Brg
$2/mt discount, based on information heard from the NORSI Novorossiysk AAXKE00 101,141.945 +1584.925 AAXKD00 1,112.895 +14.337 Prem Unl Med Crg
NORSI Vysotsk AAWIN00 101,215.953 +1146.633 AAWIO00 1,113.710 +9.499 Eurobob ARA Brg
market and in the absence of competitive indications Syzran Novorossiysk AAXKL00 102,158.069 +1584.925 AAXKK00 1,124.076 +14.306 Prem Unl Med Crg
in the Platts Market on Close assessment process. Komsomolsk Nakhodka AAWRL00 95,511.267 -92.435 AAWRK00 1,050.939 -3.996 Unl 92 Spore Crg
Khabarovsk Nakhodka AAWRF00 96,597.891 -92.435 AAWRE00 1,062.896 -4.029 Unl 92 Spore Crg
Exclusions: None Kirishi Vysotsk AAWIW00 104,490.249 +1146.633 AAWIP00 1,149.738 +9.397 Eurobob ARA Brg
Platts is part of S&P Global Commodity Insights Ufa Vysotsk AAWJE00 98,877.909 +1146.633 AAWJD00 1,087.984 +9.572 Eurobob ARA Brg
Omsk Vysotsk AAWJC00 97,435.965 +1146.633 AAWIX00 1,072.117 +9.616 Eurobob ARA Brg
Gasoline damping value RNGCD00 32,473.077
Platts NWE Med Gasoline Cargo Daily Rationale Fuel oil (PGA page 1540)
Moscow St Peter 40,443.640 +1701.536 445.014 +17.516 FO 3.5% ARA Brg
& Exclusions
AAWRN00 AAWRM00
Yaroslavl St Peter AAXKN00 41,416.708 +1701.536 AAXKM00 455.721 +17.486 FO 3.5% ARA Brg
Gasoline 10ppmS CIF NWE Cargo <AAXFQ00> NORSI Novorossiysk AAXKC00 37,411.878 +1836.597 AAXKB00 411.654 +19.100 FO 3.5% Med Crg
Syzran Novorossiysk AAXKG00 38,428.002 +1836.597 AAXKF00 422.835 +19.069 FO 3.5% Med Crg
assessment rationale: Komsomolsk Nakhodka AAWRH00 39,285.757 +473.003 AAWRG00 432.273 +3.995 380 CST Spore Crg
The CIF NWE gasoline cargo assessment was Khabarovsk Nakhodka AAWRB00 40,372.381 +473.003 AAWRA00 444.230 +3.962 380 CST Spore Crg
Kirishi Vysotsk AAWJG00 43,222.715 +1704.320 AAWJF00 475.593 +17.460 FO 3.5% ARA Brg
assessed at $924.75/mt and an $82.50/mt differential Ufa Vysotsk AAWJK00 37,610.375 +1704.320 AAWJJ00 413.838 +17.634 FO 3.5% ARA Brg
to physical Eurobob, up from a $80.25/mt premium, Omsk Vysotsk AAWJI00 36,168.431 +1704.320 AAWJH00 397.972 +17.679 FO 3.5% ARA Brg
assessed using a 10 cents/day contango structure Spot prices assessed by Platts in key markets are used as underlying markers for netback calculations.
for the winter curve and a $25/mt premium for the

final seven days of the curve, with the April portion in the Platts MOC. The assessment was at a $5/mt plus the cost of transporting a 30,000mt clean cargo
assessed flat, in line with the spec change, in the discount to the FOB Med balance-of-month swap, from from a basket of Mediterranean ports to a basket of
absence of competitive indications in the Platts a $4.50/mt discount. A $20 premium was applied to Mediterranean destinations.
Market on Close assessment process. the last seven days of the curve, in line with the spec Exclusions: None
Gasoline Prem Unleaded 10ppmS FOB Med Cargo change, with that segment assessed flat. Platts is part of S&P Global Commodity Insights
<AAWZA00> assessment rationale: Gasoline Prem Unleaded 10ppmS CIF Med Cargo
The FOB Mediterranean gasoline cargo assessment <AAWZB00> assessment rationale: Platts European Gasoline, Cargo, Bids,
was assessed at $874.5/mt, with the winter portion The CIF Mediterranean gasoline cargo assessment Offers, Trades
of the curve assessed at a $13.5/mt discount to the was derived as a freight net-forward from the FOB
March swap, given heard values showing value lower Mediterranean gasoline cargo assessment, using Bids: None
for winter Med gasoline, in absence of indications the following: FOB Med gasoline cargo assessment Offers: None

Trades: None Asia products

Code Mid Change Code Mid Change
This assessment commentary applies to the
Singapore (PGA page 2002)
following market data codes: Gasoline 10ppm CIF
FOB Singpore ($/barrel)
NWE Cargo <AAXFQ00> Prem Unl 10ppm FOB Italy
Naphtha PAAAP00 75.68–75.72 75.700 -0.010
<AAWZA00> Prem Unl 10ppm CIF Genoa/Lavera Gasoline 92 unleaded PGAEY00 94.11–94.15 94.130 -0.550
<AAWZB00> Gasoline 95 unleaded PGAEZ00 98.49–98.53 98.510 -0.680
Gasoline 97 unleaded PGAMS00 98.81–98.85 98.830 -0.710
Platts European Naphtha Daily Market Kerosene PJABF00 101.08–101.12 101.100 -1.350
Analysis Gasoil 0.05% sulfur AAFEX00 100.92–100.96 100.940 -1.950

Gasoil 0.25% sulfur AACUE00 99.83–99.87 99.850 -1.870
Backwardation remains steep Gasoil POABC00 101.81–101.85 101.830 -1.650
Fuel oil 180 CST 2% ($/mt) PUAXS00 476.38–476.42 476.400 +2.780
East-West spread widens HSFO 180 CST ($/mt) PUADV00 465.90–465.94 465.920 +2.720
HSFO 380 CST ($/mt) PPXDK00 452.00–452.04 452.020 +1.510
In the European naphtha market, the backwardation Gasoline components (PBF page 2010)
was volatile on the day but remained steep while FOB Singapore ($/mt)
MTBE PHALF00 920.12–922.12 921.120 -5.570
the East-West — the spread between the CFR Japan
Singapore swaps (PPA page 2654)
naphtha cargo swap and the CIF NWE equivalent —
April ($/barrel) May ($/barrel)
widened slightly revering the previous.
Naphtha Japan ($/mt) AAXFE00 693.25–693.75 693.500 +3.250 AAXFF00 680.00–680.50 680.250 +3.250
Naphtha market structure remained steeply Naphtha PAAAQ00 73.08–73.12 73.100 -0.150 PAAAR00 71.63–71.67 71.650 -0.150
backwardated as the demand pull into both gasoline Gasoline 92 unleaded AAXEL00 94.78–94.82 94.800 -0.600 AAXEM00 94.08–94.12 94.100 -0.520
blending and petrochemical production remained robust. Reforming Spread AAXEO00 21.68/21.72 21.700 -0.450 AAXEP00 22.43/22.47 22.450 -0.370
Gasoline blending demand for naphtha remains Kerosene PJABS00 100.51–100.55 100.530 -1.310 PJABT00 99.83–99.87 99.850 -1.300
Gasoil POAFC00 101.88–101.92 101.900 -1.630 POAFG00 101.25–101.29 101.270 -1.570
strong as naphtha is used as a blending stock for
HSFO 180 CST ($/mt) PUAXZ00 471.23–471.27 471.250 +1.500 PUAYF00 469.73–469.77 469.750 +1.000
gasoline which is required to have lower RVP going into
Middle East (PGA page 2004)
the warmer period of the year. As the gasoline-naphtha
FOB Arab Gulf ($/barrel)
spread has widened of late, the pull of naphtha into Naphtha ($/mt) PAAAA00 633.24–641.74 637.490 -17.800
blending was expected to be even stronger. Naphtha LR2 ($/mt) AAIDA00 641.89–650.39 646.140 -17.050
Platts assessed the spread between front-month Kerosene PJAAA00 95.98–96.02 96.000 -2.460
naphtha swap and equivalent gasoline swap at Gasoil 10 ppm AAIDT00 96.40–96.44 96.42 -2.830
Gasoil 0.005% sulfur AASGJ00 95.50–95.54 95.520 -2.880
$195.75/mt, up from $182.75/mt on March 8.
Gasoil 0.05% sulfur AAFEZ00 95.25–95.29 95.270 -2.880
In refinery news, QatarEnergy’s 306,600 b/d Laffan Gasoil 0.25% sulfur AACUA00 93.37–93.41 93.390 -2.880
was back from maintenance, according to trading Gasoil POAAT00 96.40–96.44 96.420 -2.830
sources. The gas condensate processing plant had HSFO 180 CST ($/mt) PUABE00 436.52–436.56 436.540 +2.720
been expected back online by the end of February Japan (PGA page 2006)
from a maintenance that started around mid-January. C+F Japan ($/mt) Premium/Discount
The front-month CIF NWE naphtha crack was up 36 Naphtha PAAAD00 706.25–714.75 710.500 -1.000
Naphtha MOPJ Strip AAXFH00 680.00–680.50 680.250 +3.250 AAXFI00 30.00/30.50 30.250 -4.250
cents at minus $5.65/b.
Naphtha 2nd 1/2 Apr PAAAE00 721.75–722.25 722.000 -1.000
The front-month CIF NWE naphtha swap was up Naphtha 1st 1/2 May PAAAF00 714.25–714.75 714.500 -1.000
$12.75/mt at $688.75/mt on the day. The March/April Naphtha 2nd 1/2 May PAAAG00 706.25–706.75 706.500 -1.000
(continued on page 11) Gasoline unleaded ($/barrel) PGACW00 98.85–98.89 98.870 -0.650
Kerosene ($/barrel) PJAAN00 102.34–102.38 102.360 -1.590

US Products: March 12, 2024

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

CIF cargoes (¢/gal) RVP
Unleaded 87 AAMHG00 243.59–243.69 243.640 +0.590 AAMHGRV 13.5

$/barrel 1% strip NYH vs 1% strip
No. 6 1.0%** PUAAO00 80.15–80.17 80.160 +0.060 AAUGG00 78.90–78.92 78.910 +0.060 AAUGD00 1.24/1.26 1.250 0.000
USAC HSFO PUAAX00 73.90–73.92 73.910 +0.300 AAUGF00 -5.01/-4.99 -5.000 +0.240

Settle-based Residual swaps ($/barrel)
No. 6 1.0% paper Bal M AFOAB00 79.050 +0.100
No. 6 1.0% paper 1st month AFOAM01 78.150 -0.050
No. 6 1.0% paper 2nd month AFOAM02 77.300 -0.050
NY numbers include duty.
FOB Gulf Coast (PGA page 156 & 338)

¢/gal RVP
Unleaded 87 PGACT00 256.09–256.19 256.140 +3.840 PGACTRV 9.0
Unleaded 89 PGAAY00 271.39–271.49 271.440 +3.840 PGAAYRV 9.0
Unleaded 93 PGAJB00 294.34–294.44 294.390 +3.840 PGAJBRV 9.0
MTBE PHAKX00 304.29–304.39 304.340 -0.460
Jet 54 PJABM00 260.85–260.95 260.900 -5.030
Jet 55 PJABN00 261.85–261.95 261.900 -5.030
ULS Kero AAVTK00 271.85–271.95 271.900 -5.030
No. 2 POAEE00 243.85–243.95 243.900 -4.530
Alkylate* AAFIE00 37.20/37.30 37.250 -3.250
*Premium to US Gulf Coast pipeline gasoline; DAP

Cargo (¢/gal) Cargo ($/mt)
FOB Naphtha AAXJP00 162.000 -0.750 AAXJU00 612.360 -2.840
Export ULSD AAXRV00 249.210 -3.320 AAXRW00 779.780 -10.390

$/barrel USGC HSFO strip vs 1% strip
Slurry Oil PPAPW00 70.98–71.00 70.990 +0.740 AAUGS00 2.95/2.97 2.960 +0.430
No. 6 1.0% 6 API PUAAI00 79.02–79.04 79.030 +0.440 AAUGT00 10.99/11.01 11.000 +0.130
USGC HSFO PUAFZ00 68.44–68.46 68.450 +0.740 AAUGW00 68.02–68.04 68.030 +0.310 AAUGU00 0.41/0.43 0.420 +0.430
RMG 380 PUBDM00 68.44–68.46 68.450 +0.740 AAUGV00 0.41/0.43 0.420 +0.430

Settle-based Residual swaps ($/barrel)
USGC HSFO swap M1(Apr) AWATM01 68.450 +0.250
USGC HSFO swap M2(May) AWATM02 68.500 +0.050

spread was assessed down $1.25/mt at $18.25/mt, Delivery basis

while April/May spread was up 75 cents/mt at $15/mt.
The front-month East-West spread was up 25 Please note that the assessments which appear in the FOB Rotterdam barge section have varying delivery bases as
cents/mt at $15/mt, while the May spread was up 75 noted below:
cents/mt at $16.75/mt. Code Delivery basis
Naphtha PAAAM00 FOB Amsterdam-Rotterdam-Antwerp
Platts NW Europe Naphtha CIF Cargo Daily Eurobob AAQZV00 FOB Amsterdam-Rotterdam
Rationale & Exclusions E10 Eurobob AGEFA00 FOB Amsterdam-Rotterdam
The CIF NWE naphtha cargo <PAAAL00> 98 RON gasoline 10 ppm AAKOD00 FOB Amsterdam-Rotterdam
assessment was based on the following inputs: Premium gasoline 10 ppm PGABM00 FOB Amsterdam-Rotterdam
Value on April 3 was assessed at $711.02/mt on a Reformate AAXPM00 FOB Amsterdam-Rotterdam
traded offer for a 24,000-28,000 mt cargo. Value on Jet PJABA00 FOB Flushing-Amsterdam-Rotterdam-Antwerp-Ghent
March 31 was assessed at $714.64/mt based on an Diesel 10 ppm AAJUS00 FOB Amsterdam-Rotterdam-Antwerp
outstanding bid for a 24,000-28,000 mt cargo. A paper Gasoil 50 ppm AAUQC00 FOB Amsterdam-Rotterdam-Antwerp
structure of 74 cents/mt per day was applied to the Gasoil 0.1% AAYWT00 FOB Amsterdam-Rotterdam-Antwerp
front end of the curve while the physical structure DMA MGO 0.1% LGARD00 FOB Amsterdam-Rotterdam-Antwerp
of $1.21/mt was applied between traded offer and Fuel oil 1.0% PUAAP00 FOB Rotterdam
outstanding bid at the back end of the curve. Fuel oil 3.5% PUABC00 FOB Rotterdam
Exclusions: None Fuel oil 3.5% 500 CST PUAGN00 FOB Rotterdam
Marine fuel 0.5% PUMFD00 FOB Rotterdam-Antwerp
Platts NW Europe Naphtha CIF Cargo Bids, Rotterdam bunker 380 CST PUAYW00 Rotterdam Delivered bunkers
Offers, Trades
PRODUCED IN RF, NOR WILL THE TRANSPORT OF THE IT IS A CONDITION OF THIS BID THAT THE GOODS
PLATTS EU NAPHTHA PVO MOC TRADES ON CLOSE GOODS SOLD COMMENCE FROM OR INVOLVE TRANSIT SOLD AND DELIVERED BY SELLER WILL NOT BE OF
CIF BASIS ROTTERDAM THROUGH RF’”} RUSSIAN FEDERATION (RF) ORIGIN, NOR HAVE BEEN
CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE BLENDED WITH ANY PRODUCT THAT WAS PRODUCED
CRG MIN QTY 24 KT: 10-25: APRIL 1-5: SHELL BUYS CRG 12.5 KT +/- 10%: 10-25: MARCH 29-APRIL 2: SHELL IN RF, NOR WILL THE TRANSPORT OF THE GOODS
FROM TRAFIGURA* 24000.0MT AT NAPHTHA CIF NWE BIDS 11250.0MT AT NAPHTHA CIF NWE CRG $12.00 ANY SOLD COMMENCE FROM OR INVOLVE TRANSIT
CRG $5.00 BALMNTH NEXT DAY; TQC: {‘OPTOL +16’}; DAY SEE TQC; TQC: {“INDIC 5. PRICING 23-31 MARCH. THROUGH RF’”}
(16:29:56) OPTOL @ +14; IT IS A CONDITION OF THIS BID THAT CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE
PLATTS EU NAPHTHA PVO MOC BIDS ON CLOSE THE GOODS SOLD AND DELIVERED BY SELLER WILL CRG MIN QTY 24 KT: 10-25: MARCH 26-30: SHELL BIDS
CIF BASIS ROTTERDAM NOT BE OF RUSSIAN FEDERATION (RF) ORIGIN, NOR 24000.0MT AT NAPHTHA CIF NWE CRG $7.00 ANY
CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE HAVE BEEN BLENDED WITH ANY PRODUCT THAT WAS DAY SEE TQC; TQC: {“INDIC 2. PRICING 23-31 MARCH.
CRG 12.5 KT +/- 10%: 10-25: MARCH 26-30: SHELL PRODUCED IN RF, NOR WILL THE TRANSPORT OF THE OPTOL @ +14; IT IS A CONDITION OF THIS BID THAT
BIDS 11250.0MT AT NAPHTHA CIF NWE CRG $7.00 ANY GOODS SOLD COMMENCE FROM OR INVOLVE TRANSIT THE GOODS SOLD AND DELIVERED BY SELLER WILL
DAY SEE TQC; TQC: {“INDIC 1. PRICING 23-31 MARCH. THROUGH RF’”} NOT BE OF RUSSIAN FEDERATION (RF) ORIGIN, NOR
OPTOL @ +14; IT IS A CONDITION OF THIS BID THAT CIF BASIS ROTTERDAM: PLATTS NAPHTHA HAVE BEEN BLENDED WITH ANY PRODUCT THAT WAS
THE GOODS SOLD AND DELIVERED BY SELLER WILL NWE CRG 12.5 KT +/- 10%: 10-25: MARCH 31-APRIL 4: PRODUCED IN RF, NOR WILL THE TRANSPORT OF THE
NOT BE OF RUSSIAN FEDERATION (RF) ORIGIN, NOR SHELL BIDS 11250.0MT AT NAPHTHA CIF NWE CRG GOODS SOLD COMMENCE FROM OR INVOLVE TRANSIT
HAVE BEEN BLENDED WITH ANY PRODUCT THAT WAS $19.00 FULL MNTH APR; TQC: {“INDIC 9. OPTOL @ +14; THROUGH RF’”}

CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE DAY SEE TQC; TQC: {“INDIC 7. PRICING 23-31 MARCH. THROUGH RF’”}
CRG MIN QTY 24 KT: 10-25: MARCH 29-APRIL 2: SHELL OPTOL @ +14; IT IS A CONDITION OF THIS BID THAT CIF BASIS ROTTERDAM: PLATTS NAPHTHA
BIDS 24000.0MT AT NAPHTHA CIF NWE CRG $12.00 THE GOODS SOLD AND DELIVERED BY SELLER WILL NWE CRG MIN QTY 32 KT: 10-25: MARCH 31-APRIL 4:
ANY DAY SEE TQC; TQC: {“INDIC 6. PRICING 23-31 NOT BE OF RUSSIAN FEDERATION (RF) ORIGIN, NOR SHELL BIDS 32000.0MT AT NAPHTHA CIF NWE CRG
MARCH. OPTOL @ +14; IT IS A CONDITION OF THIS BID HAVE BEEN BLENDED WITH ANY PRODUCT THAT WAS $19.00 FULL MNTH APR; TQC: {“INDIC 12. OPTOL @
THAT THE GOODS SOLD AND DELIVERED BY SELLER PRODUCED IN RF, NOR WILL THE TRANSPORT OF THE +14; IT IS A CONDITION OF THIS BID THAT THE GOODS
WILL NOT BE OF RUSSIAN FEDERATION (RF) ORIGIN, GOODS SOLD COMMENCE FROM OR INVOLVE TRANSIT SOLD AND DELIVERED BY SELLER WILL NOT BE OF
NOR HAVE BEEN BLENDED WITH ANY PRODUCT THAT THROUGH RF’”} RUSSIAN FEDERATION (RF) ORIGIN, NOR HAVE BEEN
WAS PRODUCED IN RF, NOR WILL THE TRANSPORT CIF BASIS ROTTERDAM: PLATTS NAPHTHA BLENDED WITH ANY PRODUCT THAT WAS PRODUCED
OF THE GOODS SOLD COMMENCE FROM OR INVOLVE NWE CRG MIN QTY 28 KT: 10-25: MARCH 31-APRIL 4: IN RF, NOR WILL THE TRANSPORT OF THE GOODS
TRANSIT THROUGH RF’”} SHELL BIDS 28000.0MT AT NAPHTHA CIF NWE CRG SOLD COMMENCE FROM OR INVOLVE TRANSIT
CIF BASIS ROTTERDAM: PLATTS NAPHTHA $19.00 FULL MNTH APR; TQC: {“INDIC 11. OPTOL @ THROUGH RF’”}
NWE CRG MIN QTY 24 KT: 10-25: MARCH 31-APRIL 4: +14; IT IS A CONDITION OF THIS BID THAT THE GOODS PLATTS EU NAPHTHA PVO MOC OFFERS ON CLOSE
SHELL BIDS 24000.0MT AT NAPHTHA CIF NWE CRG SOLD AND DELIVERED BY SELLER WILL NOT BE OF CIF BASIS ROTTERDAM
$19.00 FULL MNTH APR; TQC: {“INDIC 10. OPTOL @ RUSSIAN FEDERATION (RF) ORIGIN, NOR HAVE BEEN CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE
+14; IT IS A CONDITION OF THIS BID THAT THE GOODS BLENDED WITH ANY PRODUCT THAT WAS PRODUCED CRG MIN QTY 24 KT: 10-25: APRIL 1-5: TRAFIGURA NO
SOLD AND DELIVERED BY SELLER WILL NOT BE OF IN RF, NOR WILL THE TRANSPORT OF THE GOODS LONGER OFFERS AFTER TRADE; TQC: {‘OPTOL +16’}
RUSSIAN FEDERATION (RF) ORIGIN, NOR HAVE BEEN SOLD COMMENCE FROM OR INVOLVE TRANSIT CIF BASIS ROTTERDAM: PLATTS NAPHTHA
BLENDED WITH ANY PRODUCT THAT WAS PRODUCED THROUGH RF’”} NWE CRG MIN QTY 28 KT: 10-25: MARCH 28-APRIL 1:
IN RF, NOR WILL THE TRANSPORT OF THE GOODS CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE GUNVOR OFFERS 28000.0MT AT NAPHTHA CIF NWE
SOLD COMMENCE FROM OR INVOLVE TRANSIT CRG MIN QTY 32 KT: 10-25: MARCH 26-30: SHELL BIDS CRG $12.00 BALMNTH NEXT DAY; TQC: {‘INDIC 2:
THROUGH RF’”} 32000.0MT AT NAPHTHA CIF NWE CRG $7.00 ANY OPTOL+15’}
CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE DAY SEE TQC; TQC: {“INDIC 4. PRICING 23-31 MARCH. CIF BASIS ROTTERDAM: PLATTS NAPHTHA
CRG MIN QTY 28 KT: 10-25: MARCH 26-30: SHELL BIDS OPTOL @ +14; IT IS A CONDITION OF THIS BID THAT NWE CRG MIN QTY 28 KT: 10-25: APRIL 3-7: GUNVOR
28000.0MT AT NAPHTHA CIF NWE CRG $7.00 ANY THE GOODS SOLD AND DELIVERED BY SELLER WILL OFFERS 28000.0MT AT NAPHTHA CIF NWE CRG $9.00
DAY SEE TQC; TQC: {“INDIC 3. PRICING 23-31 MARCH. NOT BE OF RUSSIAN FEDERATION (RF) ORIGIN, NOR BALMNTH NEXT DAY; TQC: {‘INDIC 1: OPTOL+15’}
OPTOL @ +14; IT IS A CONDITION OF THIS BID THAT HAVE BEEN BLENDED WITH ANY PRODUCT THAT WAS CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE
THE GOODS SOLD AND DELIVERED BY SELLER WILL PRODUCED IN RF, NOR WILL THE TRANSPORT OF THE CRG MIN QTY 32 KT: 10-25: APRIL 3-7: TRAFIGURA
NOT BE OF RUSSIAN FEDERATION (RF) ORIGIN, NOR GOODS SOLD COMMENCE FROM OR INVOLVE TRANSIT OFFERS 32000.0MT AT NAPHTHA CIF NWE CRG $12.00
HAVE BEEN BLENDED WITH ANY PRODUCT THAT WAS THROUGH RF’”} BALMNTH NEXT DAY; TQC: {‘OPTOL +16’}
PRODUCED IN RF, NOR WILL THE TRANSPORT OF THE CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE This assessment commentary applies to the
GOODS SOLD COMMENCE FROM OR INVOLVE TRANSIT CRG MIN QTY 32 KT: 10-25: MARCH 29-APRIL 2: SHELL following market data codes: Naphtha CIF NWE Cargo
THROUGH RF’”} BIDS 32000.0MT AT NAPHTHA CIF NWE CRG $8.00 ANY <PAAAL00>
CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE DAY SEE TQC; TQC: {“INDIC 8. PRICING 23-31 MARCH.
CRG MIN QTY 28 KT: 10-25: MARCH 26-30: GLENCORE OPTOL @ +14; IT IS A CONDITION OF THIS BID THAT Platts Mediterranean Naphtha FOB Cargo Daily
BIDS 28000.0MT AT NAPHTHA CIF NWE CRG $9.00 THE GOODS SOLD AND DELIVERED BY SELLER WILL Rationale
BALMNTH NEXT DAY; TQC: {‘INDIC 1: OPTOL FLAT’} NOT BE OF RUSSIAN FEDERATION (RF) ORIGIN, NOR Naphtha FOB Med Cargo <PAAAI00> assessment
CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE HAVE BEEN BLENDED WITH ANY PRODUCT THAT WAS rationale:
CRG MIN QTY 28 KT: 10-25: MARCH 29-APRIL 2: SHELL PRODUCED IN RF, NOR WILL THE TRANSPORT OF THE The FOB Mediterranean naphtha cargo assessment
BIDS 28000.0MT AT NAPHTHA CIF NWE CRG $9.00 ANY GOODS SOLD COMMENCE FROM OR INVOLVE TRANSIT was derived as a freight netback from the CIF NWE

naphtha cargo assessment, using the following Inventories of jet fuel and kerosene at the 18-22: BP OFFERS 3KMT AT $1.00
assessments: CIF NWE naphtha cargo assessment Amsterdam-Rotterdam-Antwerp hub rose 8.2% This assessment commentary applies to the
minus the cost of transporting a 27,500 mt naphtha to 767,000 mt in the week ended March 7, data following market data codes: Jet FOB Rdam Barge
cargo from Alexandria in the Mediterranean to from market research firm Insights Global showed, <PJABA00>
Rotterdam. leaving stock at their highest since Nov. 23, a 15-
week high. Platts NWE Jet Cargo Daily Rationales &
Platts European Jet Daily Market Analysis According to S&P Global Commodities at Sea, Exclusions
imports from the East of Suez into Europe were Jet CIF NWE Cargo <PJAAU00> assessment
Jet cargo values edge higher, still in contango
set to reach 1.73 million mt in March, up 66% on rationale:
East of Suez cargoes being diverted to US the month. The CIF NWE jet fuel cargo assessment was based
on the previously established relationship between
Northwest European jet cargo values rose March Platts NWE Jet Barge Daily Rationale & the physical and swaps markets, in the absence of
13 but remained in contango with some cargoes from Exclusions competitive indications in the Platts MOC.
East of Suez producers being diverted to the US, Jet FOB FARAG <PJABA00> assessment rationale: Jet FOB Med Cargo <AAIDL00> assessment
sources said March 13. The FOB FARAG jet fuel barges assessment rationale:
Platts assessed the CIF NWE jet cargo cash was based on the following inputs, expressed as The FOB Mediterranean jet cargo assessment was
differential to ICE low sulfur gasoil futures up 75 cents/ differentials to the front-month ICE LSGO futures derived as a freight netback to the CIF Northwest
mt on the day to $41.25/mt. contract: Value on March 20 was assessed at $33/ Europe jet cargo assessment, using the following
Incoming summer demand, the expiry of the mt, on a bid for FE1 delivery in the Platts MOC. A calculation: CIF NWE jet cargo assessment minus the
March LSGO futures contract, a contango structure backwardation structure of around 13 cents/mt per day cost of transporting a 27,500 mt clean cargo from
and diversions of East of Suez arrivals were all was applied to the front and to the back of the physical Augusta, Italy, to Rotterdam, Netherlands.
providing support yo the jet complex in Europe. curve in line with the paper structure. Exclusions: None
“There are still cargoes coming in from East of Suez Exclusions: None Platts is part of S&P Global Commodity Insights
though [and lot of overhang], so we are not out of the Platts is part of S&P Global Commodity Insights
woods,” one trader said. Platts NWE Daily Jet Cargo Bids, Offers,
“But people are not as worried as they were Platts NWE Jet Barge Bids, Offers, Trades Trades
now that we are in contango and regrade is down,
so people are seeing the light at the end of the PLATTS EU MIDDIST BARGE MOC TRADES PLATTS EU MIDDIST PVO MOC TRADES ON CLOSE
tunnel and sentiment is not as bearish as it was,” ON CLOSE NO TRADES REPORTED
they said. NO TRADES REPORTED PLATTS EU MIDDIST PVO MOC BIDS ON CLOSE
As the market is in contango, more jet fuel might PLATTS EU MIDDIST BARGE MOC BIDS ON CLOSE NO BIDS REPORTED
go into storage as “people won’t mind running on FARAG: PLATTS JET BRG 2-4KT CCM: MW1: PLATTS EU MIDDIST PVO MOC OFFERS ON CLOSE
full tanks”. The spread between the front month and MARCH 21-25: GLENCORE BIDS 4KMT AT $-7.00 NO OFFERS REPORTED
second month fell $1/mt to $11.50/mt. FARAG: PLATTS JET BRG 2-4KT ICE LSGO M1: FE1: This assessment commentary applies to the
Additionally, “some cargoes arriving from East of MARCH 18-22: TRAFIGURA BIDS 4KMT AT $33.00 following market data codes: Jet CIF NWE cargo
Suez are going across to the US and I think that that is PLATTS EU MIDDIST BARGE MOC OFFERS <PJAAU00> Jet FOB Italy cargo <AAIDL00>
how Europe will get rid of some oversupply, by sending ON CLOSE
it across the Atlantic,” a source said. FARAG: PLATTS JET BRG 2-3KT CCM: FE1: MARCH

Platts European Gasoil Daily Market refinery continued to crimp production volumes, freight netback from the CIF NWE 0.1% gasoil cargo
Analysis despite TotalEnergies confirming that several units had assessment, using the following assessments: CIF
been resumed March 7, while the smaller Fos-sur-Mer NWE 0.1% gasoil cargo assessment minus the cost of
Refinery outages in France keep NWE pricing
is undergoing a gradual restart expected to complete transporting a 22,000 mt clean cargo from a basket
above Med
around March 18. of ports in the Baltic and Northwest Europe to Le
Mixed views heard regarding impact of ongoing As such, the spread between NWE and the Med Havre, France.
EGPC tender for 0.1%S gasoil cargoes was assessed at a $5.75/ Gasoil 0.1%S CIF NWE Cargo <AAYWS00>
mt premium for NWE March 13, having risen from a assessment rationale: The CIF Northwest Europe 0.1%
While the Mediterranean 0.1%S gasoil cargo markets premium of $1/mt at the beginning of February. gasoil cargo assessment was based on the previous
were not seeing strong demand, there continued to Platts is part of S&P Global Commodity Insights relationship between the physical and paper markets
be very little oil available on the prompt, sources said in the absence of competitive indications in the Platts
March 13. Platts NWE Gasoil 0.1% Barge Daily Rationale & Market on Close assessment process.
The Platts Market on Close assessment process Exclusions Exclusions: None
saw one Mediterranean bid for a cargo of 0.1%S gasoil Gasoil .1%S (1000ppm) FOB ARA Barge Platts is part of S&P Global Commodity Insights
matching Spanish gasoleo b and c specifications <AAYWT00> assessment rationale: The FOB ARA 0.1%
from Totsa. Platts assessed the CIF Mediterranean gasoil barge assessment was based on the previously Platts NWE Gasoil 0.1%S Cargo Bids, Offers,
0.1%S gasoil cargo differential down 25 cents/mt on established relationship between the physical Trades
the day. and paper markets in the absence of competitive
Meanwhile, mixed views were heard regarding the indications in the Platts Market on Close assessment PLATTS EU MIDDIST PVO MOC TRADES ON CLOSE
impact on the 0.1%S gasoil markets of the ongoing process. NO TRADES REPORTED
tendering activity from Egypt General Petroleum Corp. Exclusions: None PLATTS EU MIDDIST PVO MOC BIDS ON CLOSE
for up to 1.15 million mt of 0.1%S gasoil and 500 ppm Platts is part of S&P Global Commodity Insights NO BIDS REPORTED
gasoil for delivery over April and May. PLATTS EU MIDDIST PVO MOC OFFERS ON CLOSE
“It won’t tighten the Med, as the oil should come Platts NWE Gasoil 50ppm Barge Daily Rationale NO OFFERS REPORTED
mainly from the [Persian Gulf],” said a source. & Exclusions This assessment commentary applies to the
On the other hand, “while the tender is more on the Gasoil .005%S (50ppm) FOB ARA Barge following market data codes: Gasoil 0.1% FOB
Suez side, it’s so massive that I am not sure Red Sea <AAUQC00> assessment rationale: The FOB ARA NWE cargo <AAYWR00> Gasoil 0.1% CIF NWE cargo
production will be enough to cover it,” said a second 50 ppm gasoil barge assessment was based on the <AAYWS00>
source. “So we might even see oil from Europe going previously established relationship between the
down there.” physical ULSD and 50 ppm barge markets in the Platts Mediterranean Gasoil 0.1%S Cargo Daily
Over in the Northwest Europe cargo market, absence of competitive indications in the Platts Rationales & Exclusions
demand remained poor, but recent refinery outages Market on Close assessment process. Gasoil 0.1%S FOB Med Cargo <AAVJI00>
were keeping differentials pricing above their Exclusions: None assessment rationale: The FOB Mediterranean
Mediterranean counterpart, said sources. Platts is part of S&P Global Commodity Insights 0.1% gasoil cargo assessment was derived as a
A tighter supply balance in France had resulted freight netback from the CIF Med 0.1% gasoil cargo
from a fire at ExxonMobil’s 240,000 b/d Port Jerome- Platts NWE Gasoil 0.1%S Cargo Daily Rationale & assessment, using the following assessments: CIF
Gravenchon refinery in northern France reported Exclusions Med 0.1% gasoil cargo assessment minus the cost of
March 11, as two of the country’s six refineries also Gasoil 0.1%S FOB NWE Cargo <AAYWR00> transporting a 30,000 mt clean cargo from a basket of
ramp up from maintenance. assessment rationale: The FOB Northwest Europe ports in the Mediterranean and Black Sea to Genoa,
An unplanned shutdown at the 220,000 b/d Donges 0.1% gasoil cargo assessment was derived as a Italy, and Lavera, France.

Gasoil .1%S (1000ppm) CIF Med Cargo Platts European Diesel Daily Market The refinery has four crude distillation units and has
<AAVJJ00> assessment rationale: The CIF Analysis nameplate capacity of 17.1 million mt/year but typically
Mediterranean 0.1% gasoil cargo assessment was processes around 13 million mt/year.
Med diesel market well supplied on absorbing
based on the previous relationship between the There was a fire at the plant Jan. 19 although it was
Turkish volumes
physical and paper markets, in the absence of not linked to a drone strike. However, it was targeted by
competitive indications in the Platts Market on CDU unit at Russia’s Ryazan refinery on fire after a drone in May 2023, according to local media.
Close assessment process. drone strike Ryazan is major supplier of oil products in central
Exclusions: None Russia. Its diesel production accounts for around 30%
Platts is part of S&P Global Commodity Insights The Mediterranean diesel market remained well of total output.
supplied following the imports of Turkish cargoes,
Platts Mediterranean Gasoil 0.1%S Cargo although concerns about future tightness still lingered. Platts NWE ULSD Barge Daily Rationale &
Bids, Offers, Trades Turkey exported around 10-11 cargoes in March, Exclusions
which resolved the supply issue in the market, ULSD 10ppmS FOB ARA Barge <AAJUS00>
PLATTS EU MIDDIST PVO MOC TRADES ON CLOSE according to sources. assessment rationale:
NO TRADES REPORTED “There was a lot of depth in the Med market The ULSD FOB ARA barge assessment was based
PLATTS EU MIDDIST PVO MOC BIDS ON CLOSE because of the Red Sea issues, so the Turkish exports on the following input, expressed as differentials to
CIF BASIS TARRAGONA helped the market,” said a Mediterranean diesel trader. the front-month ICE LSGO futures contract: Value
PLATTS MED 0.1% GASOIL CRG: 10-25: MARCH “All the volume got easily absorbed.” on March 20 was assessed at $7.25/mt, below a
24-28: TOTAL BIDS 25000.0MT AT GSL0.1CIFMEDCRG However, it was expected that the supply “will competitive offer in the Platts MOC assessment
$4.00 BALMNTH NEXT DAY; TQC: {‘OPTOL: 0-5KT, 3 get cleaned up relatively quickly,” due to upcoming process. Value on March 26 was assessed at $7/
QUOTES AFTER COD (COD=0) DIFF AS PER MAIN; turnarounds and demand recovery in the next few mt, based on a trade in the Platts MOC assessment
SPEC:SPANISH B+C WINTER CLOUD 0 MAX CP:EUR months, said another source. process. A linear structure was drawn between March
OMED+TURKEY+EGYPT+LIBYA+OTHER CP OPTIONS Meanwhile, stockpiles of oil products at the UAE’s 20 and March 26 and extended to the rest of the curve.
OBTAINABLE AS PER C/P AT COST; VESSEL:TOTSA/ Port of Fujairah fell 3.2% to a three-week low in the Exclusions: None
SHELL/BP; THE PRODUCT DELIVERED BY THE week ended March 11, as exports of clean products and Platts is part of S&P Global Commodity Insights
SELLER SHALL NOT BE, IN ALL OR IN PART, OF fuel oil to China picked up, according to the Fujairah Oil
RUSSIAN FEDERATION ORIGIN AND SHALL NOT Industry Zone and shipping data. Platts NWE ULSD Cargo Daily Rationales &
HAVE BEEN LOADED IN OR TRANSPORTED FROM The total dropped to 18.2 million barrels as of March Exclusions
THE RUSSIAN FEDERATION. FOR THESE PURPOSES 11, the lowest since Feb. 19, the FOIZ data published ULSD 10ppmS CIF NWE Cargo <AAVBG00>
PRODUCT SHALL BE CONSIDERED TO BE OF March 13 showed. Stockpiles have increased 5% since assessments rationale:
“RUSSIAN FEDERATION ORIGIN” IF IT IS PRODUCED the end of 2023. The CIF NWE diesel cargo assessment was based
IN THE RUSSIAN FEDERATION. SELLER SHALL Middle distillates, including jet fuel and diesel, on the following input, expressed as differentials to the
PROVIDE PROOF OF ORIGIN OF THE PRODUCT TO dropped 2.8% to 1.5 million barrels — the lowest in front-month ICE LSGO futures contract: Value on April
SATISFY BUYER\’S REASONABLE DUE DILIGENCE six months. 5 was assessed at $20.19/mt, above a competitive bid
REQUIREMENTS’} Since the end of 2023, stocks of middle distillates in the Platts MOC assessment process. The previously
PLATTS EU MIDDIST PVO MOC OFFERS ON CLOSE have dropped 40%. established backwardation of around 48 cents/mt was
NO OFFERS REPORTED In refinery news, a primary processing unit was then applied to the rest of the curve.
This assessment commentary applies to the affected by a fire at Russia’s Ryazan refinery March 13 ULSD 10ppmS CIF NWE Basis UK Cargo <AAVBH00>
following market data codes: Gasoil 0.1% FOB Italy after a drone strike, according to market sources and assessments rationale:
<AAVJI00> Gasoil 0.1% CIF Genoa/Lavera <AAVJJ00> media reports. The CIF UK diesel cargo assessment was based

on the previous relationship between the physical CP: Hamburg-Bordeaux + North Spain + UK cont+ quotations (COD=0)
and paper markets in the absence of competitive Rostock & Poland range Optol: 0-6kt in S.O ; diff as per main, pricing COD +3
indications in the MOC. Vessel: BP/Shell/Total quotations (COD=0)
ULSD 10ppmS CIF NWE Basis Le Havre Cargo Non-Russian” Spec: ULSD 10ppm UK Summer, min 60 flash, clear
<AAWZC00> assessments rationale: Sun 31 Mar - Sun 07 Apr (wide laycan) & bright
The CIF Northwest Europe (Le Havre) diesel cargo Le Havre CP: Hamburg-Bdx, North Spain + ECUK
assessment was derived as a freight net forward from Main: 27 kt Vessel: BP/Total/Shell”
the CIF NWE (ARA) diesel cargo assessment, using the 100% of main at ULSDCIFHavreCrg $9.50/mt, Any Sun 31 Mar - Thu 04 Apr
following assessments: CIF NWE (ARA) diesel cargo Day, See TQC Immingham
assessment plus the cost of transporting a 30,000 TOTSA Bid [16:18:07] Main: 27 kt
mt clean cargo from a basket of ports in Northwest “Main volume: as per efp 100% of main at ULSD CIF UK Crg $5.00/mt, COD,
Europe to Le Havre, France. Optol: 0-6kt in S.O ; as per efp, same premium +3 quotes
Exclusions: None than main Offers: none.
Platts is part of S&P Global Commodity Insights Spec: ULSD 10ppm French Summer, clear & bright Trades: none.
CP: Hamburg-Bdx, North Spain + ECUK + Poland This assessment commentary applies to the
Platts NWE ULSD Cargo Bids, Offers, Trades Vessel: BP/Total/Shell following market data codes: Diesel 10ppm CIF UK NWE
Donges Arceau max 42k displacement cargo <AAVBH00> Diesel 10 ppm NWE CIF NWE cargo
Bids: non Russian” <AAWZC00> ULSD 10 ppm CIF NWE cargo <AAVBG00>
TOTSA Bid [16:28:58] Tue 02 Apr - Sun 07 Apr (wide laycan)
“Main volume: as per efp Donges Platts UK ULSD Cargo MOC Bids, Offers,
Optol: 0-6kt as per efp, diff as per main Main: 27 kt Trades
Spec: ULSD 10ppm French Summer, clear & bright 100% of main at EFP ICE LS GO $18.00/mt,
CP: Hamburg-Bdx, North Spain + ECUK Month, Apr Bids:
Vessel: BP/Total/Shell GLENCOREUK Bid [15:44:08] GLENCOREUK Bid [15:44:08]
DRPC Rouen “Indication 3 “Indication 3
Non Russian” Main volume: 27kt pricing COD+3 Main volume: 27kt pricing COD+3
Sat 30 Mar - Wed 03 Apr quotations (COD=0) quotations (COD=0)
Rouen Optol: 0-6kt in S.O ; diff as per main, pricing COD +3 Optol: 0-6kt in S.O ; diff as per main, pricing COD +3
Main: 27 kt quotations (COD=0) quotations (COD=0)
100% of main at EFP ICE LS GO $22.00/mt, Spec: ULSD 10ppm UK Summer, clear & bright Spec: ULSD 10ppm UK Summer, clear & bright
Month, Apr CP: Hamburg-Bdx, North Spain + ECUK CP: Hamburg-Bdx, North Spain + ECUK
GUNVORSA Bid [16:28:15] Vessel: BP/Total/Shell” Vessel: BP/Total/Shell”
“Seller to narrow to 5d delivery range at time of the Sat 30 Mar - Wed 03 Apr Sat 30 Mar - Wed 03 Apr
deal (if applicable) Thames Thames
Main volume: 27kt pricing COD +3 Main: 27 kt Main: 27 kt
quotations (COD=0) 100% of main at ULSD CIF UK Crg $4.50/mt, COD, 100% of main at ULSD CIF UK Crg $4.50/mt, COD,
Optol: 0-6kt diff as per main, pricing COD +3 +3 quotes +3 quotes
quotations (COD=0) GLENCOREUK Bid [15:44:08] GLENCOREUK Bid [15:44:08]
Spec: ULSD 10ppm UK Summer, min 56f, clear & “Indication 1 “Indication 1
bright, max 842d Main volume: 27kt pricing COD+3 Main volume: 27kt pricing COD+3

quotations (COD=0) 30,000 mt clean cargo from a basket of ports in the Sat 30 Mar - Wed 03 Apr
Optol: 0-6kt in S.O ; diff as per main, pricing COD +3 Med to Genoa, Italy, and Lavera, France. Port La Nouvelle
quotations (COD=0) Main: 27 kt
Spec: ULSD 10ppm UK Summer, min 60 flash, clear Platts Oil Diesel Mediterranean Bids, 100% of main at ULSD CIFMed Crg $3.00/mt, Any
& bright Offers, Trades Day, See TQC
CP: Hamburg-Bdx, North Spain + ECUK Offers:
Vessel: BP/Total/Shell” Bids: GUNVORSA Offer [16:28:40]
Sun 31 Mar - Thu 04 Apr BP Bid [15:38:26] “Indication:1
Immingham “Main volume pxg COD +10 Main pricing:EFP
Main: 27 kt optol 0-6kt diff as per main pxg COD +10 Optol:0-6 kt price as per main EFP price diff
100% of main at ULSD CIF UK Crg $5.00/mt, COD, Spec ULSD French summer C+B Spec:ULSD French Summer, C+B
+3 quotes CP Euromed neobig exc y/y, including CP:EUROMED NEOBIG + EXCL. Y/FYUGO/TOC BUT
Offers: none. slovenia+croatia+som+turkish med+ morocco+ others INCL. SLOVENIA + CROATIA + TURKISH MED + SOM
Trades: none. obtainable + OTHERS AS AVAILABLE AS PER CP/OBTAINABLE
This assessment commentary applies to the vessel: BP/ENI/Exxon AT COST.
following market data code: Diesel 10ppm UK Cargoes 100% non russian” Vessel:BP/SHELL/ENI
<AAVBH00> Wed 03 Apr - Sun 07 Apr GT&C:BP 2015 v 1.1”
Koper Wed 03 Apr - Sun 07 Apr
Platts Mediterranean ULSD Cargo Daily Main: 27 kt Lavera
Rationale & Exclusions 100% of main at ULSD CIFMed Crg $1.00/mt, COD, Main: 27 kt
ULSD 10ppmS CIF Med Cargo <AAWYZ00> +10 quotes 100% of main at EFP ICE LS GO $14.50/mt,
assessment rationale: TOTSA Bid [16:16:33] Month, Apr
The CIF Med diesel cargo assessment was based “Main volume:pricing 5 after COD VITOL Offer [16:09:54]
on the previous relationship between the physical Optol: 0-6kt: pricing and premium as per main “main volume pxg 25 Mar - 01 Apr
and paper markets in the absence of competitive Spec: ULSD 10ppm French Summer Spec, clear optol 0-6kt diff as per main pxg 3 acod (COD=0)
indications in the MOC. A discount of 50 cents/mt & bright Spec ULSD French Summer
was applied to April loading dates to reflect changing CP: Euromed neobig exc y/y, including CP Euromed neobig exc y/y,including
seasonality. slovenia+croatia+som+turkish med+ morocco other cp slovenia+croatia+morocco
Exclusions: None options available/obtainable at cost Vessel:Repsol/Saras//BP
Platts is part of S&P Global Commodity Insights Vessel:Total/BP/Shell 100%non russian
Origin: 100% Non-Russian GTC BP2015”
Platts Mediterranean ULSD 10 ppm FOB Cargo It is a condition of this Agreement that the Mon 01 Apr - Fri 05 Apr
Daily Rationale product delivered by the Seller and purchased by Mersin
ULSD 10ppmS FOB Med Cargo <AAWYY00> the Buyer shall not be, in all or in part, of Russian Main: 27 kt
assessment rationale: Federation origin and shall not have been loaded in or 100% of main at ULSD CIFMed Crg $6.00/mt, Any
The FOB Mediterranean 10 ppm ULSD cargo transported from the Russian Federation. For these Day, See TQC
assessment was derived as a freight netback from the purposes product shall be considered to be of Russian VITOL Offer [16:19:38]
CIF Med 10 ppm ULSD cargo assessment, using the Federation origin if it is produced in the Russian “main volume pxg??25 Mar?-?01 Apr
following assessments: CIF Med 10 ppm ULSD diesel Federation. Upon Buyer’s request,”” Seller shall provide optol 0-6kt diff as per main pxg 3 acod?(COD=0)?
cargo assessment minus the cost of transporting a a proof of origin of the product.” Spec ULSD French Summer CP Euromed neobig exc

y/y,including slovenia+croatia+morocco In low sulfur (1%S) fuel oil markets, prices had PLATTS MARINE FUEL: FE: MARCH 18-22: BP BIDS
Vessel:Repsol/Saras//BP 100%non russian been stable despite thinly traded volumes. The hi-lo 2KMT AT $571.00
GTC BP2015” spread – the premium of physical Northwest European PLATTS MARINE FUEL: FE: MARCH 18-22: TOTAL
Wed 03 Apr - Sun 07 Apr FOB Rotterdam low sulfur barges to their high sulfur BIDS 2KMT AT $569.00
Lavera counterpart – continued to widen. Demand for LSFO PLATTS MARINE FUEL: MW: MARCH 21-25:
Main: 27 kt comes amid stable European electricity demand and UNITED BIDS 2KMT AT $572.00
100% of main at ULSD CIFMed Crg $8.00/mt, Any its use in the very low (0.5%S) fuel oil blending pool PLATTS MARINE FUEL: MW: MARCH 21-25: BP
Day, See TQC which is used in bunkering markets. Despite general BIDS 2KMT AT $571.00
Trades: none. firmness in the LSFO market, one trader did note that PLATTS MARINE FUEL: MW: MARCH 21-25:
This assessment commentary applies to the the widening of the hi-lo spread was “due to a weak MERCURIA BIDS 2KMT AT $570.00
following market data codes: 10 ppm ULSD CIF Genoa/ high sulfur” as opposed to strengthening LSFO. PLATTS MARINE FUEL: MW: MARCH 21-25: TOTAL
Lavera cargo <AAWYZ00> BIDS 2KMT AT $569.00
Platts FOB Rotterdam 0.5% Marine Fuel Barge PLATTS MARINE FUEL: MW: MARCH 21-25: ORIM
Platts European Fuel Oil Daily Market Daily Rationale & Exclusions BIDS 2KMT AT $569.00
Analysis Marine Fuel 0.5% FOB Rotterdam barge $/mt PLATTS MARINE FUEL: BE: MARCH 24-28: ORIM
<PUMFD00> assessment rationale: BIDS 2KMT AT $573.00
European HSFO markets remain long
The Marine Fuel 0.5% FOB Rotterdam barge $/mt PLATTS MARINE FUEL: BE: MARCH 24-28: BP
Hi-lo spread continues to widen <PUMFD00> assessment rationale was based on the BIDS 2KMT AT $571.00
following inputs: PLATTS MARINE FUEL: BE: MARCH 24-28: TOTAL
Flat prices in the European high sulfur (3.5%S) fuel Value on March 23 was assessed at $575.75/mt, BIDS 2KMT AT $568.00
oil market continued their weak price performance below a competitive outstanding offer for mid-window Offers:
March 13, continuing the downward trend seen dates in the Platts Market on Close assessment PLATTS MARINE FUEL: FE: MARCH 18-22:
this month. process. GLENCORE OFFERS 2KMT AT $577.00
Backwardation in the European fuel oil 3.5% barge Value on March 26 was assessed at $574.75/mt, PLATTS MARINE FUEL: FE: MARCH 18-22: TOTAL
markets suggested that paper markets were catching below a competitive outstanding offer for back-end OFFERS 2KMT AT $582.00
up with the weak fundamentals that the physical dates in the MOC. PLATTS MARINE FUEL: MW: MARCH 21-25:
market has been seeing over the past month. If this A daily backwardation of 29 cents/mt was applied GLENCORE OFFERS 2KMT AT $576.00
market structure continues, we could see a further to the front of the physical curve in line with paper PLATTS MARINE FUEL: MW: MARCH 21-25:
increase in Amsterdam-Rotterdam-Antwerp fuel oil structure. A daily backwardation of around 34 cents/ TRAFIGURA OFFERS 2KMT AT $582.00
stocks to take advantage of this contango structure. mt was implied between the mid-window and back end PLATTS MARINE FUEL: MW: MARCH 21-25: TOTAL
Total fuel oil imports into Northern Europe and the and extended to the back of the curve. OFFERS 2KMT AT $582.00
Mediterranean remained high. From March 3 onward, Exclusions: None PLATTS MARINE FUEL: BE: MARCH 24-28:
some 657,000 mt of fuel oil has been imported into Platts is part of S&P Global Commodity Insights GLENCORE OFFERS 2KMT AT $575.00
these regions, according to S&P Global Commodities at PLATTS MARINE FUEL: BE: MARCH 24-28:
Sea data. Platts FOB Rotterdam 0.5% Marine Fuel MERCURIA OFFERS 2KMT AT $579.00
Flows of HSFO into Europe from the US were Barge Bids, Offers, Trades PLATTS MARINE FUEL: BE: MARCH 24-28:
occurring due to major refinery coking unit TRAFIGURA OFFERS 2KMT AT $581.00
maintenance that took place in February. However, now Bids: PLATTS MARINE FUEL: BE: MARCH 24-28: TOTAL
that these were all back online, “it is only a matter of PLATTS MARINE FUEL: FE: MARCH 18-22: UNITED OFFERS 2KMT AT $581.00
time till these US exports lessen,” one trader said. BIDS 2KMT AT $573.00 Trades:

PLATTS MARINE FUEL: FE: MARCH 18-22: Exclusions: None paper structure.
MERCURIA BUYS FROM GLENCORE* 2KMT AT $578.00 Platts is part of S&P Global Commodity Insights FO 3.5%S 500 CST FOB Rdam Barge <PUAGN00>
(16:28:40) assessment rationale:
PLATTS MARINE FUEL: FE: MARCH 18-22: BP Platts Oil Med Daily 0.5% Marine Fuel Bids, The 500 CST FOB Rotterdam barges were assessed
SELLS TO MERCURIA* 2KMT AT $577.00 (16:28:41) Offers, Trades at a $5/mt discount to the 3.5%S FOB Rotterdam
PLATTS MARINE FUEL: FE: MARCH 18-22: BP barges, based on previously heard indications from the
SELLS TO MERCURIA* 2KMT AT $577.00 (16:28:51) Platts 0.5% FOB Med Marine Fuel Bids, market.
PLATTS MARINE FUEL: FE: MARCH 18-22: Offers, Trades: Exclusions: None
PENINSULA BUYS FROM GLENCORE* 2KMT AT $577.00 Bids: None. Platts is part of S&P Global Commodity Insights
(16:29:14) Offers: None
PLATTS MARINE FUEL: MW: MARCH 21-25: Trades: None. Platts NW Europe Fuel Oil 1%S Cargo Daily
PENINSULA BUYS FROM GLENCORE* 2KMT AT $577.00 This assessment commentary applies to the Rationales & Exclusions
(16:29:17) following market data codes: Marine Fuel 0.5% FOB FO 1%S CIF NWE Cargo <PUAAL00> assessment
PLATTS MARINE FUEL: BE: MARCH 24-28: Mediterranean cargo $/mt<MFFMM00> rationale:
PENINSULA BUYS FROM GLENCORE* 2KMT AT Platts 0.5% CIF Med Marine Fuel Bids, The CIF Northwest European low sulfur fuel
$576.00 (16:29:20) Offers, Trades: oil cargo assessment was derived by a freight net
PLATTS MARINE FUEL: BE: MARCH 24-28: ORIM Bids: None. forward to the FOB Northwest European low sulfur
BUYS FROM GLENCORE* 2KMT AT $575.00 (16:30:04) Offers: None fuel oil cargo assessment using the following input:
This assessment commentary applies to the Trades: None. the FOB Northwest European low sulfur fuel oil cargo
following market data codes: Marine Fuel 0.5% FOB This assessment commentary applies to the assessment plus the cost of transporting a 30,000
Rdam barge $/mt <PUMFD00> following market data codes: Marine Fuel 0.5% CIF mt fuel oil cargo from a basket of NWE ports to the
Mediterranean cargo $/mt <MFCMM00> assessment basis port of Antwerp.
Platts Med 0.5% Marine Fuel Daily Rationale & FO 1%S FOB NWE Cargo <PUAAM00> assessment
Exclusions Platts Rotterdam Fuel Oil Barge Daily Rationales rationale:
Marine Fuel 0.5% FOB Mediterranean cargo $/mt & Exclusions 1%S FOB NWE cargoes were assessed in line with
<MFFMM00> assessment rationale: FO 1%S FOB Rdam Barge <PUAAP00> assessment the previously established differential between the
The FOB Mediterranean 0.5%S marine fuel cargo rationale: physical and paper markets, adjusted 25 cents/mt
assessment was derived as a freight netback to The 1% FOB Rotterdam barges were assessed at lower, in the absence of competitive indications in the
the CIF Mediterranean 0.5%S marine fuel cargo flat to 1% FOB NWE physical cargoes, based on market Platts Market on Close assessment process.
assessment, using the following assessments: the CIF indications. Exclusions: None
Mediterranean 0.5%S marine fuel cargo assessment FO 3.5%S FOB Rdam Barge <PUABC00> Platts is part of S&P Global Commodity Insights
minus the cost of transporting a 30,000 mt marine fuel assessment rationale:
cargo between a basket of Mediterranean ports. The 3.5% FOB Rotterdam assessment was based Platts NW Europe Fuel Oil 1%S Cargo Bids,
Marine Fuel 0.5% CIF Mediterranean cargo $/mt on the following inputs: Offers, Trades
<MFCMM00> assessment rationale: Value on March 23 was assessed at $451.25/mt,
The 0.5%S CIF Med cargoes were assessed based above a competitive outstanding bid in the mid- Bids: None
on the previously established differential to the 0.5% window in the Platts Market on Close assessment Offers: None
FOB Rotterdam barge swaps, adjusted $1/mt higher, process. Trades: None
in the absence of indications in the Platts Market on A daily contango of around 20 cents/mt was applied This assessment commentary applies to the
Close assessment process. to the front and back of the physical curve in line with following market data codes: Fuel oil 1%S CIF NWE

Cargo <PUAAL00> Fuel oil 1%S FOB NWE Cargo of transporting a 30,000 mt fuel oil cargo between a ease concerns about potential shortages.
<PUAAM00> basket of Mediterranean ports. While diesel output is typically in surplus, ongoing
Exclusions: None rail car delays and reduced throughput at refineries
Platts Mediterranean Fuel Oil 1%S, 3.5%S Daily Platts is part of S&P Global Commodity Insights which have been hit by drone strikes have exacerbated
Rationales & Exclusions fears about shortages similar to those that plagued the
FO 1%S CIF Med Cargo <PUAAJ00> assessment Platts Mediterranean Fuel Oil 1%S, 3.5%S Russian domestic market last summer.
rationale: Bids, Offers, Trades Some producers have limited sales at their
The CIF Mediterranean low sulfur fuel oil cargo tank farms, a move which has seen as prompting
assessment was derived as a freight net-forward to Bids: more panic buying and subsequently higher prices,
the FOB Northwest European low sulfur fuel oil cargo Platts HSFO Med Crg CIF bss Algeciras 10-25, sources said.
assessment, using the following assessments: The FOB PENINSULA bids Apr 3-Apr 7 100% 3.5% CIF Med At some refineries premium unleaded crossed the
Northwest European low sulfur fuel cargo plus the cost cargoes Any Day See TQC $-2.00 for 27000-27000 Rb60,000/mt mark for the first time since September
of transporting a 30,000 mt fuel oil cargo from Antwerp “Main volume pricing 01-30 Apr 2024 (both dates on the St. Petersburg exchange.
to assessment basis port of Milazzo. included). Basis 3.5 High CIFMed Cargoes. Optol 0-6kt Over the past two days, drone attacks have affected
FO 1%S FOB Med Cargo <PUAAK00> assessment pricing 3 quotations after COD, same differentials the main primary processing unit at the Norsi refinery
rationale: as main volume. Spec RMG 380, ISO 8217 2010 with as well as possibly two CDUs at Ryazan. Operations
The FOB Mediterranean low sulfur fuel oil cargo sulphur 3.50pct max and H2s 2ppmmax in liquid phase. at the export-oriented Novoshakhtinsky refinery have
assessment was derived as a freight netback to Non-Russian CP: Full Med (excluding israel/syria/libya/ also been suspended after debris from drones fell on
the CIF Mediterranean low sulfur fuel oil cargo albania/yugo, formeryugo/toc). Vessel acceptable to the site.
assessment, using the following assessments: the CIF ENI/Repsol/Cepsa Meanwhile, the Federal Antimonopoly Service said
Mediterranean low sulfur fuel oil cargo assessment Offers: None oil companies will increase supply of oil products on
minus the cost of transporting a 30,000 mt fuel oil Trades: None the exchange floor. The FAS will also discuss next week
cargo between a basket of Mediterranean ports This assessment commentary applies to the how to improve domestic shipments, including via
FO 3.5%S CIF Med Cargo <PUAAY00> assessment following market data codes: Fuel oil 1% FOB Italy rivers, on which navigation will reopen shortly.
rationale: cargo <PUAAK00> Fuel oil 3.5% FOB Italy cargo While product availability has been perceived as
3.5%S CIF Med cargoes were assessed based on <PUAAZ00> Fuel oil 1% CIF Genoa/Lavera cargo sufficient by the market, ongoing rail car delays were
the following inputs: <PUAAJ00> Fuel oil 3.5% CIF Genoa/Lavera cargo seen as leading to tightness in some regions. Hence,
Value on April 5 was assessed at $460.21/mt, above <PUmercY00> the FAS has also discussed shortening delivery times
a competitive outstanding bid for April 3-7 delivery in for pipeline shipments.
the Platts Market on Close assessment process. Platts Russian Refined Products Daily
A daily contango of around 20 cents/mt was applied Commentary Platts European Feedstocks Daily
to the front and back of the physical curve in line with Commentary
Latest drone strikes bring back talk of diesel
the paper structure.
export ban Feedstocks demand strong
FO 3.5%S FOB Med Cargo <PUAAZ00> assessment
rationale: Market concerned about shortages amid US arbitrage healthy
The FOB Mediterranean high sulfur fuel oil cargo refinery outages
assessment was derived as a freight netback to the CIF Vacuum gasoil and low sulfur straight run fuel
Mediterranean high sulfur fuel oil cargo assessment, Following the latest drone attacks and subsequent differentials were strong March 13 due to limited
using the following assessments: CIF Mediterranean refinery outages in Russia, market talk about a supply in Northwest Europe and the Mediterranean,
high sulfur fuel oil cargo assessment minus the cost potential diesel ban was resurfacing as a measure to while demand levels were high due to strong end-

product cracks. Atlantic Basin sweet markets. indications testing the March 12 assessment.
LSSR was seeing elevated demand in the Despite lackluster demand, the April trading cycle Oseberg and Troll were assessed 5 cents/b lower
Mediterranean, a trader in the region said. With was in near full focus. March 23 to April 12 with flat structures rolled over
gasoline production gaining importance for refiners, One northern European refinery tendered for back-end dates reflecting weakening sweet market
LSSR demand was expected to stay strong. Gasoil a variety of crudes including Brent Blend, Forties, fundamentals and in the absence of indications
market demand was also healthy due to seasonality, Ekofisk and Oseberg across April 20-24 and April 23-27 testing the March 12 assessments. FOB WTI Midland
further boosting demand for feedstocks. arrival windows through the day, according to a tender was assessed lower reflecting a lower CIF Rotterdam
However, fluid catalytic cracker units in certain document seen by S&P Global Commodity Insights. assessment and a lower freight adjustment factor.
refineries in Northwest Europe, such as Shell’s Elsewhere, in the Platts Market on Close CIF WTI Midland was assessed in a flat structure
Rotterdam site, were down for maintenance. This had assessment process Unipec lifted one cargo of WTI March 25-29 reflecting values earlier demonstrated
the effect of creating a demand cap for feedstocks. Midland from TotalEnergies arriving April 9-13 on a CIF in the MOC. March 29 to April 10 was assessed in a
Market participants described LSSR supplies Rotterdam basis at a $2/b premium to Dated Brent, 6.25 cents/day contango structure using a traded
as decent. revealing a further step down in April-arrival values. offer April 10-12. April 12-13 was assessed in a flat
In the VGO market, conditions were similar. Demand Weakness rippled through Brent’s paper markets structure. WTI Midland was the most competitive
levels were high, the trader said, while supply was with the March 18-22 and April 15-19 CFDs now on the grade in the Dated Brent assessment March 23 to
very tight. brink of contango. The prompt contract commanded April 9, while Brent Blend was the most competitive
The US arbitrage was attractive and expected to just a 5 cent/b premium over the back of the curve April 9-13.
strengthen further. With gasoline demand seen picking by the London close, according to assessments from BFOE (PCAAQ00-PCAAR00,PCARR00> assessment
up due to the US summer driving season, refiners were Platts. The week 2 and week 6 contracts have been in rationale:
seeking feedstocks in the US, boosting the arbitrage. continuous backwardation since early January. May Cash BFOE was assessed using multiple traded
This in turn was contributing to shortages in Northwest Dated-to-Frontline swaps contracts have recorded bids and offers. June Cash BFOE was assessed using
Europe and the Mediterranean. a similar retreat with the balance month contract a May/June EFP roll heard during the day. July Cash
assessed at 16 cents/b on the day, plunging $1.95/b BFOE was assessed using a June/July EFP roll heard
VGO Deal reported since the start of March. during the day.
Platts is part of S&P Global Commodity Insights CFD (PCAKA00-AALDA00) assessment rationale:
None. March 18-22 was assessed using an outstanding
Platts North Sea Dated Brent, BFOE, CFD bid. March 25-29 was assessed using multiple traded
Platts North Sea Crude Daily Market Assessment Rationales & Exclusions offers. April 1-5 was assessed using an outstanding bid
Analysis Dated Brent <PCAAS00> assessment rationale: and offer. April 8-12 was assessed using a traded offer.
Of the six crudes in the Dated Brent basket, WTI April 15-19 was assessed using an April 8-12 versus April
Weakness grips Atlantic Basin sweet markets
Midland was seen in the Platts Market on Close 15-9 CFD roll heard during the day
Brent CFD structure teeters on contango assessment process. Brent Blend and Forties were Johan Sverdrup FOB North Sea (AJSVA00,
assessed unchanged March 23 to April 12 with flat AJSVB00) assessment rationale:
Weakness spread throughout the North Sea crude structures rolled over back-end dates reflecting Johan Sverdrup was assessed 2 cents/b higher
complex March 13 as refinery maintenance season steady market fundamentals and in the absence of with a 4.25 cents/day contango structure assessed
rumbled on and Europe faced a surplus of supply. indications testing the March 12 assessments. Ekofisk between March 23 and April 13 reflecting steady sour
Softening demand, well-supplied European buyers was assessed 10 cents/b lower March 23 to April market fundamentals and in the absence of indications
and a downturn in adjacent sweet markets heaped 12 with a flat structure rolled over back-end dates testing the March 12 assessment.
pressure on differentials for April-loading with the reflecting previously heard values and weakening Exclusions: None
North Sea mirroring weakness evident across other sweet market fundamentals in the absence of Platts is part of S&P Global Commodity Insights

Platts North Sea Dated Brent, BFOE, CFD PLATTS BRENT DIFF: APR1-APR5 (JUN): SINOCHEM PLATTS BRENT DIFF: APR15-APR19 (JUN): DARE
Bids, Offers, Trades BIDS 100KB AT $0.40 BIDS 100KB AT $0.25
PLATTS BRENT DIFF: APR1-APR5 (JUN): DV TRADING PLATTS BRENT DIFF: APR15-APR19 (JUN):
Bids: BIDS 100KB AT $0.38 SINOCHEM BIDS 100KB AT $0.25
NORTH SEA: None PLATTS BRENT DIFF: APR1-APR5 (JUN): BP BIDS PLATTS BRENT DIFF: APR15-APR19 (JUN):
CASH BFOE: None 100KB AT $0.35 PETROCHINA BIDS 100KB AT $0.25
BRENT CFDS: PLATTS BRENT DIFF: MAR18-MAR22 PLATTS BRENT DIFF: APR1-APR5 (JUN): PHILLIPS 66 PLATTS BRENT DIFF: APR15-APR19 (JUN): PETRACO
(MAY): EQUINOR BIDS 100KB AT $-0.05 BIDS 100KB AT $0.35 BIDS 100KB AT $0.25
PLATTS BRENT DIFF: MAR18-MAR22 (MAY): UNIPEC PLATTS BRENT DIFF: APR1-APR5 (JUN): DARE BIDS PLATTS BRENT DIFF: APR15-APR19 (JUN):
BIDS 100KB AT $-0.10 100KB AT $0.30 MERCURIA BIDS 100KB AT $0.25
PLATTS BRENT DIFF: MAR18-MAR22 (MAY): DV PLATTS BRENT DIFF: APR1-APR5 (JUN): PLATTS BRENT DIFF: APR15-APR19 (JUN): DARE
TRADING BIDS 100KB AT $-0.15 PETROCHINA BIDS 100KB AT $0.30 BIDS 100KB AT $0.15
PLATTS BRENT DIFF: MAR18-MAR22 (MAY): DARE PLATTS BRENT DIFF: APR1-APR5 (JUN): PETRACO Offers:
BIDS 100KB AT $-0.20 BIDS 100KB AT $0.30 NORTH SEA: None
PLATTS BRENT DIFF: MAR18-MAR22 (MAY): ONYX PLATTS BRENT DIFF: APR8-APR12 (JUN): DV CASH BFOE: None
BIDS 100KB AT $-0.20 TRADING BIDS 100KB AT $0.41 BRENT CFDS: PLATTS BRENT DIFF: MAR18-MAR22
PLATTS BRENT DIFF: MAR18-MAR22 (MAY): PLATTS BRENT DIFF: APR8-APR12 (JUN): (MAY): DARE OFFERS 100KB AT $0.05
MERCURIA BIDS 100KB AT $-0.20 TRAFIGURA BIDS 100KB AT $0.40 PLATTS BRENT DIFF: MAR18-MAR22 (MAY): DV
PLATTS BRENT DIFF: MAR18-MAR22 (MAY): PLATTS BRENT DIFF: APR8-APR12 (JUN): UNIPEC TRADING OFFERS 100KB AT $0.05
PETRACO BIDS 100KB AT $-0.25 BIDS 100KB AT $0.40 PLATTS BRENT DIFF: MAR18-MAR22 (MAY): ONYX
PLATTS BRENT DIFF: MAR25-MAR29 (MAY): PLATTS BRENT DIFF: APR8-APR12 (JUN): SINOCHEM OFFERS 100KB AT $0.10
PETRACO BIDS 100KB AT $-0.11 BIDS 100KB AT $0.40 PLATTS BRENT DIFF: MAR25-MAR29 (MAY): DV
PLATTS BRENT DIFF: MAR25-MAR29 (MAY): DV PLATTS BRENT DIFF: APR8-APR12 (JUN): ONYX BIDS TRADING OFFERS 100KB AT $-0.02
TRADING BIDS 100KB AT $-0.12 100KB AT $0.37 PLATTS BRENT DIFF: MAR25-MAR29 (MAY):
PLATTS BRENT DIFF: MAR25-MAR29 (MAY): ONYX PLATTS BRENT DIFF: APR8-APR12 (JUN): OCEAN PETROCHINA OFFERS 100KB AT $0.05
BIDS 100KB AT $-0.15 BIDS 100KB AT $0.35 PLATTS BRENT DIFF: MAR25-MAR29 (MAY): ONYX
PLATTS BRENT DIFF: MAR25-MAR29 (MAY): DARE PLATTS BRENT DIFF: APR8-APR12 (JUN): MERCURIA OFFERS 100KB AT $0.10
BIDS 100KB AT $-0.20 BIDS 100KB AT $0.35 PLATTS BRENT DIFF: MAR25-MAR29 (MAY):
PLATTS BRENT DIFF: MAR25-MAR29 (MAY): PLATTS BRENT DIFF: APR8-APR12 (JUN): SOCAR PETRACO OFFERS 100KB AT $0.10
PETROCHINA BIDS 100KB AT $-0.20 BIDS 100KB AT $0.32 PLATTS BRENT DIFF: MAR25-MAR29 (MAY):
PLATTS BRENT DIFF: MAR25-MAR29 (MAY): PLATTS BRENT DIFF: APR8-APR12 (JUN): PETRACO PHILLIPS 66 OFFERS 100KB AT $0.10
MERCURIA BIDS 100KB AT $-0.20 BIDS 100KB AT $0.30 PLATTS BRENT DIFF: APR1-APR5 (JUN):
PLATTS BRENT DIFF: MAR25-MAR29 (MAY): PLATTS BRENT DIFF: APR15-APR19 (JUN): EXXONMOBIL OFFERS 100KB AT $0.46
SINOCHEM BIDS 100KB AT $-0.20 TRAFIGURA BIDS 100KB AT $0.35 PLATTS BRENT DIFF: APR1-APR5 (JUN): PETRACO
PLATTS BRENT DIFF: APR1-APR5 (JUN): UNIPEC PLATTS BRENT DIFF: APR15-APR19 (JUN): DV OFFERS 100KB AT $0.46
BIDS 100KB AT $0.45 TRADING BIDS 100KB AT $0.33 PLATTS BRENT DIFF: APR1-APR5 (JUN): DARE
PLATTS BRENT DIFF: APR1-APR5 (JUN): ONYX BIDS PLATTS BRENT DIFF: APR15-APR19 (JUN): ONYX OFFERS 100KB AT $0.48
100KB AT $0.42 BIDS 100KB AT $0.32 PLATTS BRENT DIFF: APR1-APR5 (JUN): OCEAN
PLATTS BRENT DIFF: APR1-APR5 (JUN): ENI BIDS PLATTS BRENT DIFF: APR15-APR19 (JUN): OFFERS 100KB AT $0.50
100KB AT $0.42 EXXONMOBIL BIDS 100KB AT $0.30 PLATTS BRENT DIFF: APR1-APR5 (JUN): GLENCORE

OFFERS 100KB AT $0.50 MERCURIA* 100KB AT $83.68 (16:29:50) PLATTS BRENT DIFF: APR1-APR5 (JUN): BP BUYS
PLATTS BRENT DIFF: APR1-APR5 (JUN): PLATTS CASH BFOE: MAY24: VITOL SELLS TO FROM EXXONMOBIL* 100KB AT $0.46 (16:27:44)
PETROCHINA OFFERS 100KB AT $0.55 MERCURIA* 100KB AT $83.68 (16:29:56) PLATTS BRENT DIFF: APR1-APR5 (JUN): BP BUYS
PLATTS BRENT DIFF: APR1-APR5 (JUN): DARE PLATTS CASH BFOE: MAY24: TOTAL SELLS TO FROM DV TRADING* 100KB AT $0.46 (16:27:44)
OFFERS 100KB AT $0.65 MERCURIA* 100KB AT $83.68 (16:29:59) PLATTS BRENT DIFF: APR1-APR5 (JUN): BP BUYS
PLATTS BRENT DIFF: APR8-APR12 (JUN): DV BRENT CFDS: PLATTS BRENT DIFF: MAR25-MAR29 FROM DARE* 100KB AT $0.46 (16:27:44)
TRADING OFFERS 100KB AT $0.45 (MAY): ONYX BUYS FROM EXXONMOBIL* 100KB AT PLATTS BRENT DIFF: APR1-APR5 (JUN): BP BUYS
PLATTS BRENT DIFF: APR8-APR12 (JUN): $-0.10 (16:28:42) FROM EXXONMOBIL* 100KB AT $0.46 (16:27:52)
GLENCORE OFFERS 100KB AT $0.45 PLATTS BRENT DIFF: MAR25-MAR29 (MAY): DV PLATTS BRENT DIFF: APR1-APR5 (JUN): BP BUYS
PLATTS BRENT DIFF: APR8-APR12 (JUN): TRADING BUYS FROM EXXONMOBIL* 100KB AT $-0.10 FROM DV TRADING* 100KB AT $0.46 (16:27:52)
PETROCHINA OFFERS 100KB AT $0.45 (16:29:18) PLATTS BRENT DIFF: APR1-APR5 (JUN): SHELL
PLATTS BRENT DIFF: APR8-APR12 (JUN): OCEAN PLATTS BRENT DIFF: MAR25-MAR29 (MAY): BP BUYS FROM EXXONMOBIL* 100KB AT $0.46 (16:28:00)
OFFERS 100KB AT $0.47 BUYS FROM EXXONMOBIL* 100KB AT $-0.10 (16:29:36) PLATTS BRENT DIFF: APR1-APR5 (JUN): ONYX BUYS
PLATTS BRENT DIFF: APR15-APR19 (JUN): DARE PLATTS BRENT DIFF: MAR25-MAR29 (MAY): BP FROM EXXONMOBIL* 100KB AT $0.46 (16:28:05)
OFFERS 100KB AT $0.39 BUYS FROM DARE* 100KB AT $-0.10 (16:29:36) PLATTS BRENT DIFF: APR1-APR5 (JUN): UNIPEC
PLATTS BRENT DIFF: APR15-APR19 (JUN): OCEAN PLATTS BRENT DIFF: MAR25-MAR29 (MAY): BP BUYS FROM EXXONMOBIL* 100KB AT $0.46 (16:28:11)
OFFERS 100KB AT $0.40 BUYS FROM EXXONMOBIL* 100KB AT $-0.10 (16:29:41) PLATTS BRENT DIFF: APR1-APR5 (JUN): UNIPEC
PLATTS BRENT DIFF: APR15-APR19 (JUN): DV PLATTS BRENT DIFF: MAR25-MAR29 (MAY): BP BUYS FROM EXXONMOBIL* 100KB AT $0.46 (16:28:17)
TRADING OFFERS 100KB AT $0.40 BUYS FROM EXXONMOBIL* 100KB AT $-0.10 (16:29:44) PLATTS BRENT DIFF: APR1-APR5 (JUN): UNIPEC
Trades: PLATTS BRENT DIFF: MAR25-MAR29 (MAY): DV BUYS FROM EXXONMOBIL* 100KB AT $0.46 (16:28:22)
NORTH SEA: CIF BASIS ROTTERDAM: PLATTS NSEA TRADING BUYS FROM EXXONMOBIL* 100KB AT $-0.10 PLATTS BRENT DIFF: APR1-APR5 (JUN): DV TRADING
WTI MIDLAND: APRIL 9-13: UNIPEC BUYS FROM TOTAL* (16:29:48) SELLS TO UNIPEC* 100KB AT $0.45 (16:29:13)
700000.0B AT DTD $2.00 . . (16:24:57) PLATTS BRENT DIFF: MAR25-MAR29 (MAY): ONYX PLATTS BRENT DIFF: APR1-APR5 (JUN): PETRACO
CASH BFOE: PLATTS CASH BFOE: MAY24: BUYS FROM EXXONMOBIL* 100KB AT $-0.10 (16:29:51) SELLS TO UNIPEC* 100KB AT $0.45 (16:29:31)
PETROINEOS SELLS TO MERCURIA* 100KB AT $83.68 PLATTS BRENT DIFF: MAR25-MAR29 (MAY): PLATTS BRENT DIFF: APR1-APR5 (JUN): UNIPEC
(16:29:29) DV TRADING BUYS FROM DARE* 100KB AT $-0.03 BUYS FROM DV TRADING* 100KB AT $0.45 (16:29:38)
PLATTS CASH BFOE: MAY24: MERCURIA BUYS (16:29:51) PLATTS BRENT DIFF: APR8-APR12 (JUN): SHELL
FROM PETROINEOS* 100KB AT $83.68 (16:29:33) PLATTS BRENT DIFF: MAR25-MAR29 (MAY): UNIPEC BUYS FROM DARE* 100KB AT $0.45 (16:29:56)
PLATTS CASH BFOE: MAY24: MERCURIA BUYS BUYS FROM EXXONMOBIL* 100KB AT $-0.10 (16:29:56) This assessment commentary applies to the
FROM PETROINEOS* 100KB AT $83.68 (16:29:35) PLATTS BRENT DIFF: MAR25-MAR29 (MAY): BP following market data codes: Dated Brent <PCAAS00>
PLATTS CASH BFOE: MAY24: MERCURIA BUYS BUYS FROM EXXONMOBIL* 100KB AT $-0.10 (16:29:59) CFD Week 1 <PCAKA00> CFD Week 2 <PCAKC00> Brent
FROM PETROINEOS* 100KB AT $83.68 (16:29:38) PLATTS BRENT DIFF: APR1-APR5 (JUN): BP BUYS Mo01 <PCAAQ00> CFD Week 3 <PCAKE00> Brent
PLATTS CASH BFOE: MAY24: MERCURIA BUYS FROM EXXONMOBIL* 100KB AT $0.46 (16:25:30) Mo02 <PCAAR00> CFD Week 4 <PCAKG00> Brent
FROM PETROINEOS* 100KB AT $83.68 (16:29:40) PLATTS BRENT DIFF: APR1-APR5 (JUN): BP BUYS Mo03 <PCARR00> CFD Week 5 <AAGLU00> CFD Week
PLATTS CASH BFOE: MAY24: MERCURIA BUYS FROM EXXONMOBIL* 100KB AT $0.46 (16:26:48) 6 <AAGLV00> CFD Week 7 <AALCZ00> CFD Week 8
FROM PETROINEOS* 100KB AT $83.68 (16:29:42) PLATTS BRENT DIFF: APR1-APR5 (JUN): BP BUYS <AALDA00> Johan Sverdrup FOB North Sea <AJSVA00>
PLATTS CASH BFOE: MAY24: MERCURIA BUYS FROM DARE* 100KB AT $0.46 (16:26:48) Johan Sverdrup FOB North Sea vs North Sea Dtd Strip
FROM PETROINEOS* 100KB AT $83.68 (16:29:45) PLATTS BRENT DIFF: APR1-APR5 (JUN): SHELL <AJSVB00>
PLATTS CASH BFOE: MAY24: TOTAL SELLS TO BUYS FROM EXXONMOBIL* 100KB AT $0.46 (16:26:53)

Platts NW Europe Fuel Oil SR 0.5%-0.7%S Daily cargoes may be used as a pricing basis in some term gasoline
Rationale & Exclusions contracts, but are not typical for cargoes trading in the March 15: Last full five-day period reflecting winter
Straight Run 0.5%-0.7%S FOB NWE cargo spot market. gasoline
<PKABA00> assessment rationale: Therefore, Platts will no longer publish bids and March 21: Last day reflecting winter gasoline
The LSSR FOB NWE differential was assessed offers using the following pricing bases in the 0.5%S March 22: Summer grade fully reflected
$6.39/mt above April Brent crude futures, based on Marine Fuel CIF Med cargoes MOC: A spreadsheet detailing the changes is available on
previous market indications. The outright LSSR price 0.5% CIF Mediterranean marine fuel cargoes request.
was derived using the dollars per barrel to metric 3.5% FOB Rotterdam barges Please send feedback and questions to
ton conversion factor of 6.77 for LSSR. No bids or 3.5% CIF Mediterranean cargoes pl_lightendseurope@spglobal.com, with a cc to
offers were reported in the Platts Market on Close 3.5% FOB Mediterranean cargoes pricegroup@spglobal.com.
assessment process. EFP relative to ICE LSGO
Exclusions: None Platts continues to seek feedback on the use ORLEN Trading Switzerland GmbH to join EMEA -
Platts is part of S&P Global Commodity Insights of 1%S FOB Med and 1%S CIF Med cargoes as a NWE Mogas Cargoes - Physical MOC
pricing basis for 1%S fuel oil cargoes trading in the ORLEN Trading Switzerland GmbH has advised
Platts NW Europe Fuel Oil SR 0.5-0.7%S Mediterranean spot market. Platts, part of S&P Global Commodity Insights, that it
Bids, Offers, Trades Platts monitors evolving market practices on would like to participate in the Platts Market on Close
an ongoing basis and continues to invite industry assessment process for EMEA - NWE Mogas Cargoes -
Bids: None. feedback. Platts may provide additional guidance to its Physical.
Offers: None. assessment standards as and when required. Platts has reviewed ORLEN Trading Switzerland
Trades: None. Please send any further feedback, questions or GmbH and will consider information from the entity
This assessment commentary applies to the comments to Europe_products@spglobal.com, in the assessment process for EMEA - NWE Mogas
following market data codes: St Run 0.5-0.7% FOB asia_products@spglobal.com and Cargoes - Physical, subject at all times to adherence
NWE cargo <PKABA00> PriceGroup@spglobal.com. with Platts editorial standards.
For written comments, please provide a clear Platts will publish all relevant information from
indication if comments are not intended for publication ORLEN Trading Switzerland GmbH accordingly.
Subscriber Notes by Platts for public viewing. Platts welcomes all relevant feedback regarding
Platts will consider all comments received and will MOC participation. Platts considers bids, offers
Platts removes non-standard pricing bases for 0.5%S make comments not marked as confidential available and transactions by all credible and credit-
Marine Fuel CIF Med cargoes MOC to the public upon request. worthy parties in its assessment processes. For
Platts, part of S&P Global Commodity Insights, will comments and feedback, please contact Platts
no longer publish bids and offers using non-standard Calendar for gasoline cargo winter-to-summer editors at pl_lightendseurope@spglobal.com and
pricing bases in the Mediterranean Fuel Oil cargoes transition in Med, NWE market_integrity_review@spglobal.com.
Market on Close assessment process, effective Effective March 7, 2024, Platts, part of S&P Global
immediately. Commodity Insights, has started to reflect summer 2024 Calendar for CIF NWE ULSD, CIF Med Gasoil and
Based on market feedback, Platts understands grades of gasoline on a pro-rated basis in its CIF ULSD cargoes winter-to-summer transition
that standard market practice is to use 0.5%S Northwest European and FOB Mediterranean gasoline Effective March 7, Platts, part of S&P Global
FOB Rotterdam barges as a pricing basis in the cargo assessments. Commodity Insights, has started to reflect summer-
Mediterranean fuel oil spot market for 0.5%S marine The change also affects the related netbacks. grade specifications on a pro-rated basis in its CIF
fuel cargoes. March 7: First day reflecting summer-grade gasoline NWE ULSD Cargoes, CIF Med ULSD and in its CIF Med
Platts understands that 0.5%S CIF and FOB Med March 11: First full five-day period reflecting summer Gasoil Cargo assessments. The change also affects the

following related netbacks. delivery window reflected in the physical assessment, pricegroup@spglobal.com
The following calendar applies: also known as the MOPL strip. The MOPL strip is For written comments, please provide a clear
Winter-to-summer transition: defined as the average of the forward values for indication if comments are not intended for publication
March 7: First day of reflecting summer grade the sequence of the 16 days for cargoes and either by Platts for public viewing. Platts will consider all
March 11: First full five-day period reflecting 11 or 13 days for barges that represent the future comments received and will make comments not
summer grade delivery or loading dates reflected in Platts middle marked as confidential available upon request.
March 15: Last full five-day period reflecting distillates physical assessments. These strip values
winter grade are calculated using Platts assessments of related Platts has discontinued Russian diesel, jet fuel
March 21: Last day reflecting winter grade derivatives for balance month, month one and netbacks via Ventspils
March 22: Summer grade fully reflected month two. Platts has also backfilled the new MOPL Platts, part of S&P Global Commodity Insights,
The following codes are affected: ULSD 10 ppm differential assessments to September 1, 2020, based has discontinued Russian diesel and jet fuel export
CIF NWE Cargo AAVBG00; ULSD 10 ppm CIF NWE on the published values of physical assessment and netbacks via Ventspils in order to reflect market
Basis Le Havre Cargo AAWZC00; ULSD 10 ppm CIF corresponding underlying strip values on the day. changes for Russian flows, effective March 1, 2024.
NWE Basis UK Cargo AAVBH00; ULSD 10 ppm FOB For example, on March 1, 2024, the ULSD 10ppmS This change is due to reduced market liquidity for
NWE Cargo AAVBF00; ULSD 10 ppm FOB NWE Basis CIF NWE Cargo assessment will reflect delivery over Russian export flows via the Latvian port of Ventspils
Le Havre Cargo AAWZD00; ULSD 10 ppm Cargoes CIF March 11-March 26. The MOPL strip will equate to since Russia’s invasion of Ukraine in 2022 and
NWE (all origin) ALORA00; ULSD 10 ppm CIF Med Cargo the average of March 11-March 26 calculated on the subsequent Western sanctions.
AAWYZ00; ULSD 10 ppm FOB Med Cargo AAWYY00; assessed forward curve. The MOPL cash differential The discontinuation will apply to the following daily
Gasoil .1%S (1000ppm) CIF Med Cargo AAVJJ00; Gasoil will equate to the outright ULSD 10ppmS CIF NWE and monthly assessments:
0.1%S FOB Med Cargo AAVJI00. Cargo assessment value on March 1 minus the MOPL Diesel and jet fuel netbacks
A spreadsheet detailing the changes is available strip value. Moscow Vents AAWRR00/AAWRR03;
on request. Please send any comments or questions The new differential assessments will be published AAWRQ00/AAWRQ03
to europe_products@spglobal.com and cc alongside and complement the following Platts middle Syzran Vents AAWJQ00/AAWJQ03;
pricegroup@spglobal.com. For written comments, distillates assessments, which are informed by bids, AAWJP00/AAWJP03
please provide a clear indication if comments are not offers and trades reported in the Platts Market on Ufa Vents AAWJT00/AAWJT03; AAWJR00/AAWJR03
intended for publication by Platts for public viewing. Close Assessment process: Omsk Vents AAWJO00/AAWJO03;
Platts will consider all comments received and will Assessment Code MOPL Differential AAWJN00/AAWJN03
ULSD 10ppmS CIF NWE Cargo AAVBG00 AMOPL00
make comments not marked as confidential available ULSD 10ppmS CIF Med Cargo AAWYZ00 AMOPN00
Moscow Vents AAWKB00/AAWKB03;
upon request. ULSD 10ppmS FOB ARA Barge AAJUS00 AMOPM00 AAWKA00/AAWKA03
Gasoil 0.1%S CIF NWE Cargo AAYWS00 AMOPH00
Gasoil .1%S (1000ppm) CIF Med Cargo AAVJJ00 AMOPI00
Transshipment and freight
Platts launches European ULSD, gasoil, jet cash Gasoil .1%S (1000ppm) FOB ARA Barge AAYWT00 AMOPG00 Ventspils transshipment AAXLR00/AAXLR03
Jet CIF NWE Cargo PJAAU00 AMOPJ00
differential assessments Jet Barges FOB FARAG PJABA00 AMOPK00
Ventspils clean freight AAYKX00/AAYKX03
Platts, part of S&P Global Commodity Insights, Ventspils rail freight AAWKT00/AAWKT03
launched new daily Mean of Platts London (MOPL) The new differential assessments appear in Platts Pipeline and rail fees
cash differential assessments on March 1, 2024 for European Marketscan, US Marketscan, Oilgram Price Moscow to Latvian border AAXKU00/AAXKU03
a number of benchmark European middle distillate Report, Asia-Pacific-Arab Gulf Marketscan and Platts Syzran to Latvian border AAWKJ00/AAWKJ03
markets, in response to industry feedback. Global Alert and Platts Refined Products Alert pages Ufa to Latvian border AAWKK00/AAWKK03
These new MOPL differential assessments reflect 1110, 1112, 1114, 1410 and 1420. Omsk to Latvian border AAWKF00/AAWKF03
the value of the physical product in relation to the Please send any comments or feedback Ventspils to Moscow AAWKS00/AAWKS03
underlying forward curve aligned with the loading or to europe_products@spglobal.com and Flat rate ARA to Ventspils RNWSAVN

The following pages will be affected: 1440, 1441, and participate in the Platts Market on Close assessment com/platts/en/our-methodology/holiday
European Marketscan. process for EMEA - LPG-Physical. Please send any comments or questions to
Please send any comments or questions Platts has reviewed Valero Energy Ltd. and will europe_products@spglobal.com with a copy to
to europe_products@spglobal.com and consider information from the entity in the assessment pricegroup@spglobal.com
pricegroup@spglobal.com. process for EMEA - LPG-Physical, subject at all times
For written comments, please provide a clear to adherence with Platts editorial standards. Europe barge MOC dates ahead of UK spring bank
indication if comments are not intended for publication Platts will publish all relevant information from holiday May 27, 2024
by Platts for public viewing. Valero Energy Ltd. accordingly. Effective May 22, May 23 and May 24 and in line
Platts will consider all comments received and will Platts welcomes all relevant feedback regarding with the published holiday schedule, Platts, part of S&P
make comments not marked as confidential available MOC participation. Platts considers bids, offers Global Commodity Insights, will reflect bids, offers and
to the public upon request. and transactions by all credible and credit- trades of refined product barges that load 6-15 days
worthy parties in its assessment processes. For forward, not the usual 3-15/5-15 days forward in its
Uniper Energy DMCC changes entity name to Fort comments and feedback, please contact Platts European Market on Close assessment process. The
Energy Refining Middle East DMCC editors at pl_lightendseurope@spglobal.com and assessment continues to reflect the usual 3-15/5-15
Fort Energy Refining Middle East DMCC has advised market_integrity_review@spglobal.com. days forward date range.
Platts, part of S&P Global Commodity Insights, that it The full detail for each day can be seen below:
would like to participate in the Platts EMEA physical Europe barge MOC dates ahead of UK summer bank On May 22, MOC dates will be May 28-June 6 (FE
Market on Close assessment processes for Med Fuel holiday Aug 26, 2024 dates: May 28-June 1; MW dates: May 30-June 3; BE
Oil Cargoes and NWE Fuel Oil Cargoes. This follows Effective Aug. 21, Aug. 22 and Aug. 23 and in line dates: June 2-6)
the Uniper Energy DMCC name change to Fort Energy with the published holiday schedule, Platts, part of S&P On May 23, MOC dates will be May 29-June 7 (FE
Refining Middle East DMCC Global Commodity Insights, will reflect bids, offers and dates: May 29-June 2; MW dates: May 31-June 4; BE
Platts has reviewed Fort Energy Refining Middle trades of refined product barges that load 6-15 days dates: June 3-7)
East DMCC and will consider information from Fort forward, not the usual 3-15/5-15 days forward in its On May 24, MOC dates will be May 30-June 8 (FE
Energy Refining Middle East DMCC in the EMEA European Market on Close assessment process. The dates: May 30-June 3; MW dates: June 1-5; BE dates:
physical assessment processes for Med Fuel Oil assessment continues to reflect the usual 3-15/5-15 June 4-8)
Cargoes and NWE Fuel Oil Cargoes, subject at all times days forward date range. Please note that May 27 is a UK public holiday and
in adherence with Platts editorial standards. The full detail for each day can be seen below: no European oil assessments will be published out
Platts will publish all relevant information from Fort On Aug. 21, MOC dates will be Aug. 27-Sept. 5 (FE of London. For further details on services affected,
Energy Refining Middle East DMCC. dates: Aug. 27-31; MW dates: Aug. 29-Sept. 2; BE dates: please consult the published holiday schedule
Platts welcomes all relevant feedback regarding Sept. 1-5) at https://www.spglobal.com/platts/en/our-
MOC participation. Platts considers bids, offers On Aug. 22, MOC dates will be Aug. 28-Sept. 6 (FE methodology/holiday
and transactions by all credible and credit- dates: Aug. 28-Sept. 1; MW dates: Aug. 30-Sept. 3; BE Please send any comments or questions to
worthy parties in its assessment processes. For dates: Sept. 2-6) europe_products@spglobal.com with a copy to
comments and feedback, please contact Platts On Aug. 23, MOC dates will be Aug. 29-Sept. 7 (FE pricegroup@spglobal.com
editors at europe_products@spglobal.com and dates: Aug. 29-Sept. 2; MW dates: Aug. 31-Sept. 4; BE
market_integrity_review@spglobal.com. dates: Sept. 3-7) Europe barge MOC dates ahead of early May bank
Please note that Aug. 26 is a UK public holiday and holiday May 6, 2024
Valero Energy Ltd to join EMEA - LPG-Physical MOC no European oil assessments will be published. For Effective May 1, May 2 and May 3 and in line with
Valero Energy Ltd. has advised Platts, part of further details on services affected, please consult the the published holiday schedule, Platts, part of S&P
S&P Global Commodity Insights, that it would like to published holiday schedule at https://www.spglobal. Global Commodity Insights, will reflect bids, offers and

trades of refined product barges that load 6-15 days dates: April 7 - April 11) Calendar for FOB AR gasoline barge winter-to-
forward, not the usual 3-15/5-15 days forward in its On March 28 , MOC dates will be April 4 - April 12 (FE summer change
European Market on Close assessment process. The dates: April 4 - April 8; MW dates: April 6 - April 10; BE Effective March 18, Platts, part of S&P Global
assessment continues to reflect the usual 3-15/5-15 dates: April 8 - April 12) Commodity Insights, will start to reflect summer grades
days forward date range. On March 28, all European oil assessments will of gasoline on a pro-rata basis in its FOB Amsterdam-
The full detail for each day can be seen below: be on 12:30 London time basis, with all cut-offs and Rotterdam gasoline barges assessments.
On May 1, MOC dates will be May 7-May 16 (FE dates: timings commensurate with a close at that time. The following calendar applies:
May 7-May 11; MW dates: May 9-May 13; BE dates: May Please note that March 29 and April 1 are UK March 18: First day reflecting summer-grade
12-May 16) bank holidays and no European oil assessments gasoline
On May 2, MOC dates will be May 8-May 17 (FE will be published. For further details on services March 21: First full five-day period reflecting
dates: May 8-May 12; MW dates: May 10-May 14; BE affected, please consult the published holiday summer grade
dates: May 13-May 17) schedule at https://www.spglobal.com/platts/en/our- March 22: Last full-five day period reflecting
On May 3, MOC dates will be May 9-May 18 (FE methodology/holiday winter grade
dates: May 9-May 13; MW dates: May 11-May 15; BE Please send any comments or questions to March 26: Last day reflecting winter-grade gasoline
dates: May 14-May 18) europe_products@spglobal.com with a copy to March 27: Summer grade fully reflected
Please note that May 6 is a UK public holiday and pricegroup@spglobal.com A spreadsheet detailing the changes is available on
no European oil assessments will be published. For request.
further details on services affected, please consult the Platts invites feedback on Global Oil Timing and Please send feedback and questions to
published holiday schedule at https://www.spglobal. Increment Guidelines pl_lightendseurope@spglobal.com, with a cc to
com/platts/en/our-methodology/holiday As part of its commitment to open and pricegroup@spglobal.com.
Please send any comments or questions to transparent pricing and product specifications, Platts will consider all comments received and will
europe_products@spglobal.com with a copy to Platts, part of S&P Global Commodity Insights, would make comments not marked as confidential available
pricegroup@spglobal.com like to invite feedback on its Global Oil Timing and upon request.
Increment Guidelines, specifically the guidelines
Europe barge MOC dates ahead of Easter holidays described in the methodology guide posted Calendar for gasoline cargo winter-to-summer
2024 online here. transition in Med, NWE
Effective March 26, March 27 and March 28, and in Platts reviews all methodologies annually to ensure Effective March 7, Platts, part of S&P Global
line with the published holiday schedule, Platts, part they continue to reflect the physical markets under Commodity Insights, will start to reflect summer grades
of S&P Global Commodity Insights, will reflect bids, assessment, and regularly assesses the relevance of gasoline on a pro-rated basis in its CIF Northwest
offers and trades of refined product barges that load of methodologies through continuous contact with European and FOB Mediterranean gasoline cargo
7-15 days forward, not the usual 3-15/5-15 days forward the market. Feedback on methodologies is always assessments.
in its European Market on Close assessment process. welcomed by Platts. The change also affects the related netbacks.
The assessment continues to reflect the usual 3-15/5- Please send all feedback, comments or March 7: First day reflecting summer-grade gasoline
15 days forward date range. questions to oilgroup@spglobal.com and March 11: First full five-day period reflecting summer
The full detail for each day can be seen below: pricegroup@spglobal.com. gasoline
On March 26, MOC dates will be April 2 - April 10 (FE For written comments, please provide a clear March 15: Last full five-day period reflecting winter
dates: April 2 - April 6; MW dates: April 4 - April 8; BE indication if comments are not intended for publication gasoline
dates: April 6 - April 10) by Platts for public viewing. Platts will consider all March 21: Last day reflecting winter gasoline
On March 27, MOC dates will be April 3 - April 11 (FE comments received and will make comments not March 22: Summer grade fully reflected
dates: April 3 - April 7; MW dates: April 5 - April 9; BE marked as confidential available upon request. A spreadsheet detailing the changes is available

April 10: Summer grade fully reflected

on request. AAJUS00).
Please send feedback and questions to The following calendar applies: A spreadsheet detailing the changes is available
pl_lightendseurope@spglobal.com, with a cc to Intermediate to Summer Transition on request. Please send any comments or questions
pricegroup@spglobal.com. April 2: First day summer grade is reflected in the to europe_products@spglobal.com and cc
assessment pricegroup@spglobal.com. For written comments,
2024 Calendar for FOB ARA ULSD Barges please provide a clear indication if comments
April 4: First full five-day period reflecting
intermediate-to-summer transition are not intended for publication by S&P Global
summer grade
Effective April 2 Platts will start reflecting German Commodity Insights for public viewing. S&P Global
summer specification for ultra low sulfur diesel on April 5: Last full five-day period reflecting will consider all comments received and will make
a pro-rated basis in its FOB Amsterdam-Rotterdam- intermediate grade comments not marked as confidential available
Antwerp (ARA) barge ULSD assessment (Code: April 9: Last day intermediate grade is reflected in upon request.
assessment

Deals Summary Gasoil 50ppm barges PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE:
Trades (PGA page 1417) LITASCO sold to GLENCOREUK* 2kt: kt $7.00/mt 16:29:19
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE: BP
Premium gasoline 10 ppm barges No trades reported sold to TOTSA* 2kt: kt $7.00/mt 16:29:29
Trades (PGA page 1304) * Denotes market maker. All times GMT
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE:
Bids (PGA page 1415) E3ENG sold to TOTSA* 2kt: kt $7.00/mt 16:29:51
No trades reported
* Denotes market maker. All times GMT No bids reported PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: MW:
E3ENG sold to TOTSA* 2kt: kt $7.00/mt 16:29:19
Bids (PGA page 1302) Withdrawals
No bids reported PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: MW: BP
No bids reported sold to TOTSA* 2kt: kt $7.00/mt 16:29:33
** Denotes OCO order.
Withdrawals PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: MW: BP
Offers (PGA page 1416)
No bids reported sold to TOTSA* 2kt: kt $7.00/mt 16:29:54
** Denotes OCO order. No offers reported PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: BE: BP*
Offers (PGA page 1303) Withdrawals sold to TOTSA 2kt: kt $8.00/mt 16:28:23
No offers reported PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: BE: BP*
10PPM: NWE Brg Wnt 10ppm: MW: TRAFI offers 1kt:
** Denotes OCO order. sold to TOTSA 2.1kt: kt $8.00/mt 16:28:38
$865.00/mt
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: BE:
10PPM: NWE Brg Wnt 10ppm: MW: STR offers 1kt:
Gasoil 0.1% Barges EXTAP* sold to TOTSA 2kt: kt $8.00/mt 16:28:47
$865.00/mt
Trades (PGA page 1426) PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: BE: VITOL
Withdrawals
sold to TOTSA* 2kt: kt $7.00/mt 16:28:58
No offers reported No trades reported
** Denotes OCO order. * Denotes market maker. All times GMT EXTAP* sold to TOTSA 2kt: kt $8.00/mt 16:28:58
Bids (PGA page 1424) PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: BE:
EBOB Barges E3ENG sold to TOTSA* 2kt: kt $7.00/mt 16:29:28
No bids reported
Trades (PGA page 1304) PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: BE: VITOL
Withdrawals
No trades reported sold to TOTSA* 2kt: kt $7.00/mt 16:29:46
No bids reported
* Denotes market maker. All times GMT * Denotes market maker. All times GMT
Bids (PGA page 1302) Bids (PGA page 1474)
No bids reported PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE:
No offers reported
GUNVORSA bids 1-3kt: $6.00/mt
Withdrawals Withdrawals
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE: TRAFI
No bids reported No offers reported bids 1-3kt: $6.00/mt
** Denotes OCO order. PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE:
Offers (PGA page 1303) HARTREEUK bids 1-3kt: $6.00/mt
No offers reported Diesel barges PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: MW:
Withdrawals Trades (PGA page 1476) GUNVORSA bids 1-3kt: $5.00/mt
No offers reported PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: MW:
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE: BP*
TRAFI bids 1-3kt: $5.00/mt
** Denotes OCO order. sold to FSTBV 3kt: kt $7.50/mt 16:28:59
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: MW:
HARTREEUK bids 1-3kt: $5.00/mt
E3ENG sold to TOTSA* 2kt: kt $7.00/mt 16:29:02
GUNVORSA bids 1-3kt: $4.00/mt
LITASCO sold to GLENCOREUK* 1.84kt: kt $7.00/mt 16:29:06

PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: BE: TRAFI HSFO barges bids 2kt: $449.00/mt
bids 1-3kt: $4.00/mt Trades (PGA page 1505) PLATTS FUEL OIL 3.5% RDAM BARGES: BE: STR bids 2kt:
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: BE: $446.00/mt
HARTREEUK bids 1-3kt: $4.00/mt PLATTS FUEL OIL 3.5% RDAM BARGES: FE: VITOL* sold to
Withdrawals
TOTSA 2kt: kt $452.00/mt 16:29:45
Withdrawals No bids reported
PLATTS FUEL OIL 3.5% RDAM BARGES: FE: VITOL* sold to
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE: TOTSA 2kt: kt $452.00/mt 16:29:52 ** Denotes OCO order.
GLENCOREUK no longer bids 1-3kt: $7.00/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: MW: VITOL* sold to Offers (PGA page 1504)
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE: MERCURIASA 2kt: kt $452.00/mt 16:29:44
TOTSA no longer bids 1-3kt: $7.00/mt PLATTS FUEL OIL 3.5% RDAM BARGES: FE: GUNVORSA
PLATTS FUEL OIL 3.5% RDAM BARGES: BE: VITOL* sold to offers 2kt: $454.00/mt
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: BE: MERCURIASA 2kt: kt $451.00/mt 16:29:29
TOTSA no longer bids 1-3kt: $7.00/mt PLATTS FUEL OIL 3.5% RDAM BARGES: FE: VITOL offers 2kt:
PLATTS FUEL OIL 3.5% RDAM BARGES: BE: VITOL sold to $455.00/mt
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: BE: OEI* 2kt: kt $451.00/mt 16:29:44
TOTSA no longer bids 1-3kt: $7.00/mt PLATTS FUEL OIL 3.5% RDAM BARGES: FE: TOTSA offers
* Denotes market maker. All times GMT 2kt: $457.00/mt
Bids (PGA page 1503) PLATTS FUEL OIL 3.5% RDAM BARGES: FE: TOTSA offers
PLATTS FUEL OIL 3.5% RDAM BARGES: FE: BPBV bids 2kt: 2kt: $460.00/mt
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE: BP $450.00/mt PLATTS FUEL OIL 3.5% RDAM BARGES: MW: VITOL offers
offers 1-3kt: $7.50/mt 2kt: $455.00/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: FE: PENINSULA bids
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE: 2kt: $449.00/mt PLATTS FUEL OIL 3.5% RDAM BARGES: MW: TOTSA offers
BELGOM offers 1-3kt: $9.00/mt 2kt: $457.00/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: FE: UNITEDBUNK
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE: VITOL bids 2kt: $449.00/mt PLATTS FUEL OIL 3.5% RDAM BARGES: MW: TOTSA offers
offers 1-3kt: $11.00/mt 2kt: $459.00/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: FE: STR bids 2kt:
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: FE: EXTAP $446.00/mt PLATTS FUEL OIL 3.5% RDAM BARGES: BE: GUNVORSA
offers 1-3kt: $11.00/mt offers 2kt: $454.00/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: FE: OEI bids 2kt:
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: MW: BP $443.00/mt PLATTS FUEL OIL 3.5% RDAM BARGES: BE: MERCURIASA
offers 1-3kt: $8.50/mt offers 2kt: $455.00/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: MW: NORTHSTAR
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: MW: bids 4kt: $451.00/mt PLATTS FUEL OIL 3.5% RDAM BARGES: BE: VITOL offers 2kt:
EXTAP offers 1-3kt: $8.50/mt $455.00/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: MW: OEI bids 2kt:
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: MW: $451.00/mt PLATTS FUEL OIL 3.5% RDAM BARGES: BE: TOTSA offers
BELGOM offers 1-3kt: $9.00/mt 2kt: $457.00/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: MW: BPBV bids 2kt:
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: MW: $451.00/mt PLATTS FUEL OIL 3.5% RDAM BARGES: BE: TOTSA offers
VITOL offers 1-3kt: $11.00/mt 2kt: $459.00/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: MW: PENINSULA
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: BE: BP bids 2kt: $449.00/mt Withdrawals
offers 1-3kt: $8.00/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: MW: STR bids 2kt: PLATTS FUEL OIL 3.5% RDAM BARGES: FE: VITOL no longer
Withdrawals offers 2kt: $452.00/mt
$445.00/mt
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: BE: BP no PLATTS FUEL OIL 3.5% RDAM BARGES: BE: BPBV bids 2kt: PLATTS FUEL OIL 3.5% RDAM BARGES: MW: VITOL no longer
longer offers 1-3kt: $8.00/mt $451.00/mt offers 2kt: $452.00/mt
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Int: BE: PLATTS FUEL OIL 3.5% RDAM BARGES: BE: OEI bids 2kt: PLATTS FUEL OIL 3.5% RDAM BARGES: MW: GUNVORSA
EXTAP no longer offers 1-3kt: $8.00/mt $451.00/mt Withdraws offer 2kt: $453.00/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: BE: MERCURIASA PLATTS FUEL OIL 3.5% RDAM BARGES: BE: VITOL no longer
bids 2kt: $450.00/mt offers 2kt: $451.00/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: BE: PENINSULA ** Denotes OCO order.

LSFO barges Offers (PGA page 1504) Bids (PGA page 1503)
Trades (PGA page 1505) No offers reported No bids reported
No trades reported Withdrawals Withdrawals
* Denotes market maker. All times GMT No offers reported No bids reported
Bids (PGA page 1503) ** Denotes OCO order. ** Denotes OCO order.
No bids reported Offers (PGA page 1504)

HSFO RMK 500 barges No offers reported
Withdrawals
Trades (PGA page 1505)
No bids reported Withdrawals
** Denotes OCO order. No trades reported No offers reported
* Denotes market maker. All times GMT ** Denotes OCO order.

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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 13

© 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 US Renewable Distillates Monthly Northwest Europe ($/mt)

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

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

for the winter curve and a $25/mt premium for the

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

Trades: None Asia products

Analysis Gasoil 0.05% sulfur AAFEX00 100.92–100.96 100.940 -1.950

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

US Products: March 12, 2024

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

spread was assessed down $1.25/mt at $18.25/mt, 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

© 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

 April 10: Summer grade fully reflected

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

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

© 2024 by S&P Global Inc. All rights reserved. 30

 No bids reported Offers (PGA page 1504)

© 2024 by S&P Global Inc. All rights reserved. 31

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April 10: Summer grade fully reflected

No bids reported Offers (PGA page 1504)