ASIA-PACIFIC/ARAB GULF MARKETSCAN

Volume 37 / Issue 53 / March 16, 2018

Asia products
Code Mid Change Code Mid Change Code Mid Change
Singapore (PGA page 2002)

FOB Singapore ($/barrel) MOPS strip Premium/Discount
Naphtha PAAAP00 62.18–62.22 62.200 +0.140 AAPKA00 61.50–61.54 61.520 +0.270
Gasoline 97 unleaded PGAMS00 77.15–77.19 77.170 +0.480 AAPKE00* 15.63/15.67 15.650 +0.210
Gasoline 95 unleaded PGAEZ00 75.85–75.89 75.870 +0.480 AAPKF00* 14.33/14.37 14.350 +0.210
Gasoline 92 unleaded PGAEY00 73.05–73.09 73.070 +0.480 AAPKG00* 11.53/11.57 11.550 +0.210
Gasoline 92 unleaded AAXEQ00 73.63–73.67 73.650 +0.650 AAXER00 -0.60/-0.56 -0.580 -0.170
CFR Naphtha AAOVF00 62.520 +0.270 AAOVG00 1.000 0.000
Kerosene PJABF00 76.37–76.41 76.390 +0.070 AAPJZ00 76.14–76.18 76.160 +0.050 PJACU00 0.21/0.25 0.230 +0.020
Gasoil 10 ppm AAOVC00 77.29–77.33 77.310 +0.070 AAOVD00** 0.27/0.31 0.290 -0.020
Gasoil 50 ppm AAPPF00 77.01–77.05 77.030 +0.080 AAPPH00** -0.01/0.03 0.010 -0.010
Gasoil 0.05% sulfur AAFEX00 76.53–76.57 76.550 +0.080 AAFFB00** -0.49/-0.45 -0.470 -0.010
Gasoil 0.25% sulfur AACUE00 75.75–75.79 75.770 +0.080 AACQI00** -1.27/-1.23 -1.250 -0.010
Gasoil POABC00 77.29–77.33 77.310 +0.070 AAPJY00 77.00–77.04 77.020 +0.090 POAIC00** 0.27/0.31 0.290 -0.020
FO 180 CST 2% ($/mt) PUAXS00 375.61–375.65 375.630 +2.050
HSFO 180 CST ($/mt) PUADV00 367.34–367.38 367.360 +2.000 AAPJX00 366.38–366.42 366.400 +1.920 AAGZF00 0.94/0.98 0.960 +0.080
HSFO 380 CST ($/mt) PPXDK00 358.24–358.28 358.260 +1.180 AAPJW00 358.89–358.93 358.910 +2.060 PPXDL00 -0.67/-0.63 -0.650 -0.880
Ex-Wharf 180 CST ($/mt) AAFET00 367.50–368.50 368.000 +4.500
Ex-Wharf 380 CST ($/mt) AAFER00 359.50–360.50 360.000 +4.500
Ex-Wharf 500 CST ($/mt) AAVUP00 355.50–356.50 356.000 +2.000
*Differential to FOB Singapore naphtha. **Differential to FOB Singapore gasoil. The “Gasoil” assessment reflects 10 ppm sulfur from January 2, 2018.

Middle East physical oil assessments (PGA page 2004 and 2018)
FOB Arab Gulf ($/barrel) Premium/Discount
Naphtha ($/mt) PAAAA00 543.28–546.78 545.030 -1.440 AAPKH00 12.75/13.25 13.000 0.000 Subscriber notes (PGA page 1500)
Naphtha LR2 ($/mt) AAIDA00 544.55–548.05 546.300 -1.750
Gasoline 95 unleaded AAICY00 73.50–73.54 73.520 +0.480 AAWUJ00 2.18/2.22 2.200 +0.100 S&P Global Platts proposes to amend the Singapore-Australia
Gasoline 95 unleaded CFR AAWUK00 2.98/3.02 3.000 clean Medium Range tanker freight rates used in the calculation of
Gasoline 92 unleaded AAGJA00 70.720 +0.480 AAGZA00 2.100 +0.100 its CFR Australia assessments for gasoline, gasoil and jet fuel
Kerosene PJAAA00 74.69–74.73 74.710 +0.090 PJACV00 1.28/1.32 1.300 0.000 effective January 2, 2019. Platts proposes to use its soon-to-be-
Kerosene LR2 AAKNZ00 74.70–74.74 74.720 +0.070 launched Singapore-Australia 35,000 mt clean MR freight
Gasoil 10 ppm AAIDT00 75.51–75.55 75.530 +0.100 AAIDU00* 0.86/0.90 0.880 0.000 assessments to calculate the CFR Australia prices. Platts currently
Gasoil 0.005% sulfur AASGJ00 75.43–75.47 75.450 +0.100 AASGK00* 0.78/0.82 0.800 0.000 uses Singapore-Australia 30,000 mt clean MR freight in its CFR
Gasoil 0.05% sulfur AAFEZ00 75.18–75.22 75.200 +0.100 AAFFD00* 0.53/0.57 0.550 0.000
Australia assessments. On February 11, Platts proposed to launch a
Gasoil 0.25% sulfur AACUA00 74.18–74.22 74.200 +0.100 AACUC00* -0.47/-0.43 -0.450 0.000
Gasoil POAAT00 75.51–75.55 75.530 +0.100 POAID00* 0.86/0.90 0.880 0.000
new Singapore-Australia 35,000 mt clean MR tanker assessments
Gasoil LR2 AAKBT00 75.52–75.56 75.540 +0.070 from April 2, 2018, following changes in the market towards larger
HSFO 180 CST ($/mt) PUABE00 358.78–358.82 358.800 +2.000 AAXJA00 10.25/10.75 10.500 +0.250 cargo sizes. Platts also proposed discontinuing the existing
HSFO 380 CST ($/mt) AAIDC00 349.68–349.72 349.700 +1.180 AAXJB00 10.25/10.75 10.500 +0.250 Singapore-Australia 30,000 mt assessment from January 2, 2019.
HSFO 180/380 spread ($/mt) PPXDM00 -9.12/-9.08 -9.100 -0.820 https://www.platts.com/subscriber-notes-details/27914211 Platts
Ex-Wharf Fujairah 380 CST** ($/mt) AAYBG00 7.000 0.000 now proposes to transition the following CFR Australia
*premium to MOPAG Gasoil during loading.**Ex-Wharf differential represents premium/discount to the MOPAG 180 CST strip. (Subscriber notes continue on page 14)

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ASIA-PACIFIC/ARAB GULF MARKETSCAN march 16, 2018

Asia products
Code Mid Change Code Mid Change Gasoline
Middle East physical oil assessments (PGA pages 2004 and 2018) Market analysis: (PGA page 2396) The Asian gasoline market

FOB Fujairah ($/barrel) MOPAG Strip Friday saw a slight reprieve amid some positive signals. The
Gasoline 95 unleaded AFUJA00 76.020 +0.640 AFUJB00 73.820
+0.540 Singapore 92 RON gasoline crack spread against April ICE
Kerosene AFUJF00 75.740 +0.060 AFUJG00 74.440
+0.060
Brent crude futures rose 46 cents/b day on day to $7.72/b at
Gasoil 10 ppm AFUJP00 76.060 +0.150
Gasoil AFUJK00 76.060 +0.140 AFUJL00 75.180
+0.150 Thursday close. The crack spread has been hovering below
HSFO 380 CST ($/mt) AFUJQ00 359.750
+2.130 AFUJR00 349.250
+1.880 $8/b since March 7. The market structure appeared to have
Ex-Wharf 380 CST ($/mt) AAYBF00 364.990
+1.800 AAYBD00 357.990
+1.800
stabilized with marginal change in the balance month March/
*FOB Fujairah outright prices are derived by adding the MOPAG strips and the FOB Arab Gulf premiums/discounts.
April spread at minus 38 cents/b at Thursday’s close,
Gasoline components (PBF page 2410) compared with minus 37 cents/b on Wednesday. Front-

FOB Singapore ($/mt) month April/May spread was minus 23 cents/b at Thursday’
MTBE PHALF00 745.00–747.00 746.000 +5.000 close, compared with minus 28 cents/b the previous day.
Singapore demurrage (PGT pages 2910 & 2960)
$/day
Weekly Fujairah oil product stocks
Demurrage Clean AALPY00 17500.000
-250.000 Code (’000 barrels) Change
Demurrage Dirty AALQA00 17000.000 0.000
Mar 12 (PGA page 2022)
Indonesia physical oil assessments (PGA page 2516) Light distillates FUJLD04 6688 -954

FOB Indonesia ($/barrel) Premium/Discount Middle distillates FUJMD04 1919 -652
Heavy distillates and residues FUJHD04 7355 +856
LSWR Mixed/Cracked PPAPU00 61.18–61.22 61.200 +0.290 AAHXR00 7.30/7.34 7.320 +0.010
Source: FEDCom, S&P Global Platts
LSWR AAUGR00 58.98–59.02 59.000 +0.290 AAWTX00 3.46/3.50 3.480 0.000
Code Mid Change Code Mid Change Code Mid Change
Singapore paper (PGA page 2655)
Balance March* ($/barrel) April ($/barrel) May ($/barrel)
Naphtha Japan ($/mt) AAXFE00 563.50–564.00 563.750 +1.250 AAXFF00 559.00–559.50 559.250 +1.500
Naphtha AAPLD00 NA–NA NA NANA PAAAQ00 61.38–61.42 61.400 +0.350 PAAAR00 60.88–60.92 60.900 +0.400
Gasoline 92 unleaded AAXEK00 NA–NA NA NANA AAXEL00 73.65–73.69 73.670 +0.530 AAXEM00 73.75–73.79 73.770 +0.400
Reforming Spread AAXEN00 NA/NA NA NANA AAXEO00 12.25/12.29 12.270 +0.180 AAXEP00 12.85/12.89 12.870 0.000
Kerosene AAPLE00 NA–NA NA NANA PJABS00 76.10–76.14 76.120 +0.040 PJABT00 75.94–75.98 75.960 +0.050
Gasoil AAPLF00 NA–NA NA NANA POAFC00 76.94–76.98 76.960 +0.130 POAFG00 76.70–76.74 76.720 +0.150
HSFO 180 CST ($/mt) AAPML00 NA–NA NA NANA PUAXZ00 366.13–366.17 366.150 +1.850 PUAYF00 365.13–365.17 365.150 +1.700
HSFO 380 CST ($/mt) AAPKB00 NA–NA NA NANA AAPKC00 358.73–358.77 358.750 +1.900 AAPKD00 358.08–358.12 358.100 +1.950
Gasoil EFS ($/mt) AAQTX00 NA NANA AAQTY00 -1.650 -0.030 AAQTZ00 -3.940 -0.140
*Balance month swaps are assessed from the 1st to the 15th of the month, and to the 14th of February. **Interim Gasoil paper published ahead of the change in specification of FOB Singapore Gasoil on January 2, 2018.

Arab Gulf Front Month Swaps (PGA page 2638)

Balance March* ($/barrel)
April ($/barrel) May ($/barrel)
Gasoline 95 unleaded AFUIM00 NA NANA AFUIM01 73.820
+0.530 AFUIM02 73.920
+0.400
Kerosene AFUAM00 NA NANA AFUAM01 74.440
+0.060 AFUAM02 74.280 +0.070
Gasoil AFUJM00 NA NANA AFUJM01 75.180
+0.160 AFUJM02 74.940 +0.180
HSFO 180 CST AAYBM00 NA NANA AAYBM01 356.650
+1.850 AAYBM02 355.650
+1.700
HSFO 180 CST** AADZB00 NA NANA AADZM01 357.500
+2.000 AADZM02 356.750
+2.250
HSFO 380 CST AFURM00 NA NANA AFURM01 349.250
+1.900 AFURM02 348.600
+1.950
*Balance month swaps are assessed from the 1st to 10th of the month. ** At 1730 Singapore time

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 2
ASIA-PACIFIC/ARAB GULF MARKETSCAN march 16, 2018

Asia products “The draw on US gasoline stocks and strengthening demand

Code Mid Change Code Mid Change
are sending positive signals to the market, which hopefully
Japan physical oil assessments (PGA page 2006) will translate to a pickup in demand in other parts of the

C+F Japan ($/mt) Premium/Discount world as winter draws to an end,” a China trader said. The
Naphtha PAAAD00 566.75–570.25 568.500 -1.750 PAADI00 6.25/6.75 6.500 0.000 strong demand from the US will probably help draw
Nph 1st 1/2 May PAAAE00 572.75–573.25 573.000 -1.250 European surplus away from Asia. US gasoline stocks saw
Nph 2nd 1/2 May PAAAF00 569.75–570.25 570.000 -1.750
the largest draw in six months for the week ended March 9
Nph 1st 1/2 Jun PAAAG00 566.75–567.25 567.000 -1.750
as demand reached a six-month high, Energy Information
Naphtha MOPJ Strip AAXFH00 557.00–557.50 557.250 -0.500 AAXFI00 11.00/11.50 11.250 -1.250
C+F Japan ($/barrel) Premium/Discount Administration data released Wednesday showed. Gasoline
Gasoline 91-92 unleaded PGACW00 74.85–74.89 74.870 +0.480
stocks fell by 6.27 million barrels, the steepest week-on-
Gasoline 95 unleaded PGAQQ00 77.65–77.69 77.670 +0.480 week fall since the week ended September 8, 2017, when
Kerosene PJAAN00 78.06–78.10 78.080 +0.070 PAADK00 1.90/1.94 1.920 +0.020 there was a draw of 8.43 million barrels. Last week’s draw
Gasoil POABF00 78.21–78.25 78.230 +0.180 AAWVG00 1.19/1.23 1.210 +0.090 saw total stocks fall to 244.76 million barrels, a six-week low.
HSFO 180 CST ($/mt) PUACJ00 375.61–375.65 375.630 +2.000 Inversely, US gasoline demand — quantified by the US
FOB Okinawa ($/barrel) Premium/Discount
product supplied figure — rose 366,000 b/d to 9.64 million
Gasoil POAIW00 77.00–77.04 77.020 +0.140 POAIY00 -0.02/0.02 0.000 +0.050
b/d in the week ended March 9, hiking demand to the highest
South Korea physical oil assessments (PGA page 2008) level in more than six months. The last time gasoline demand

C+F Korea ($/mt) Premium/Discount was any higher was in the week ended August 25, 2017, when
Naphtha PAADE00 574.25–574.75 574.500 -1.750 PAADG00 5.75/6.25 6.000 0.000 it was 9.85 million b/d. Commercial onshore light distillates
FOB Korea ($/barrel) Premium/Discount stocks in Singapore increased 2% week on week to 14,870
Gasoline 95 unleaded PGAQO00 75.17–75.21 75.190 +0.610 barrels for the week ended March 14, according to data
Jet PJADG00 76.54–76.58 76.560 +0.050 PJADI00 0.38/0.42 0.400 0.000 released by IE Singapore on Thursday. Singapore imported
Gasoil POAIE00 76.95–76.99 76.970 +0.140 POAIG00 -0.07/-0.03 -0.050 +0.050 266,321 mt of gasoline of 90 RON and above but under 97
HSFO 180 CST 3.5% ($/mt) PUBDP00 372.88–372.92 372.900 +1.920 PUBDR00 6.25/6.75 6.500 0.000
RON for the same period. This represents a 49% increase
HSFO 380 CST 3.5% sulfur ($/mt) PUBDY00 363.78–363.82 363.800 +1.100 PUBEA00 6.25/6.75 6.500 0.000
week on week. In tender news, CNOOC Trading has offered
Mean of Platts West India netbacks (PGA page 2012) 35,000-37,000 mt of 92 RON gasoline for loading over April
FOB India ($/mt) FOB India ($/barrel) 10-11 from Huizhou Dagang terminal in Guangdong province,
Naphtha AAQWK00 548.770 -1.750 AAQWJ00 60.970 -0.200
China. The pricing basis is the April average of Mean of Platts
Gasoline (92 RON) AARBQ00 608.180 +4.080 AARBP00 71.550 +0.480
Singapore 92 RON gasoline assessments, FOB. The tender
Gasoline (95 RON) AAQWI00 624.390 +4.030 AAQWH00 74.330 +0.480
Jet kero AAQWM00 590.560 +0.550 AAQWL00 74.750 +0.070 will close on March 19, with same-day validity.
Gasoil (10ppm) AAQWO00 576.180 +0.530 AAQWN00 75.610 +0.070
Gasoil (500ppm) AAQWQ00 557.380 +0.600 AAQWP00 74.820 +0.080 Gasoline Unl 92 FOB Spore Cargo assessment rationale:
Gasoil (2500ppm) AAQWS00 551.570 +0.600 AAQWR00 74.040 +0.080 (PGA page 2392) The FOB Singapore 92 RON gasoline
Australia (PGA page 2014) assessment Friday took into consideration a bid for a cargo

C+F Australia ($/barrel) loading over March 31-April 4 at $72.93/b, an offer for a
Gasoline 92 AACZF00 76.88–76.92 76.900 +0.480 cargo loading over the same period at $72.95/b, a bid for a
Gasoline 95 AACZH00 79.68–79.72 79.700 +0.480 cargo loading over April 2-6 at $72.98/b, a bid for a cargo
Jet AAFIY00 80.49–80.53 80.510 +0.070 loading over April 5-9 at $73.01/b, an offer for a cargo
Gasoil 10ppm AAQUD00 81.66–81.70 81.680 +0.070 loading over the same period at $73.08/b and a bid for a

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 3
ASIA-PACIFIC/ARAB GULF MARKETSCAN march 16, 2018

Asia products 50kb

Code Mid Change Code Mid Change ■■92 RON: FOB Straits: Mar 31-Apr 4: Vitol bids on at
Freight netbacks (PGA pages PGT2910 & PGT2960) $72.92/b for 50kb or Apr 5-9 at $73.01/b for 50kb or Apr

AG-Spore
Spore-Japan AG-Japan Spore-Australia 11-15 at $73.01/b for 50kb after trade with Total for Apr 5-9
Naphtha AAPOF00 15.26* AAPOG00 23.47* at $73.00/b for 50kb (4:24:29)
Naphtha-LR2 AAPOH00 22.20* ■■92 RON: FOB Straits: Mar 31-Apr 4: Vitol bids at MOPS 92

Gasoline AAPOC00 2.35 AAPOD00 1.80 AAPOE00 3.83 RON minus $0.50/b for 50kb or Apr 5-9 at MOPS 92 RON
Kerosene AAPOI00 1.68 AAPOJ00 4.12
minus $0.50/b for 50kb or Apr 11-15 at MOPS 92 RON
Kerosene-LR2 AAPOK00 1.67
Gasoil AAPOL00 1.78 AAPOM00 4.37
minus $0.50/b for 50kb
■■92 RON: FOB Straits: Apr 2-6: PetroChina bids at $72.98/b
Gasoil-LR-2 AAPON00 1.77
HSFO 180 CST AAPOO00 8.56* AAPOP00 8.27* for 50kb
HSFO 380 CST AAPOQ00 8.56* ■■92 RON: FOB Straits: Apr 5-9: Sietco bids on at $73.00/b

All values in $/barrel, except * values in $/mt for 50kb after trade with Total (4:24:49)
South China/Hong Kong physical oil assessments (PGA page 2010) ■■92 RON: FOB Straits: Apr 5-9: PetroChina bids at $72.98/b

South China ($/mt) Premium/Discount to MOPS ($/barrel) for 50kb
Gasoline 90 unleaded AAICU00 614.75–618.75 616.750 +4.000 ■■92 RON: FOB Straits: Apr 11-15: Sietco bids at $73.10/b for
Gasoline 93 unleaded AAICW00 623.25–627.25 625.250 +4.000
50kb
Jet/kero PJABQ00 613.25–617.25 615.250 +0.750 AAWTW00 1.69/1.73 1.710 +0.020
■■92 RON: FOB Straits: Apr 11-15: SK bids at $72.90/b for
Gasoil POAFA00 581.50–585.50 583.500 +1.000 AABJZ00 1.27/1.31 1.290 +0.050
Gasoil 0.2% AALEK00 570.25–574.25 572.250 +1.000 50kb
■■PLATTS ASIA MOGAS CARGO MOC: OUTSTANDING
Hong Kong bunker grades ($/mt)
HSFO 180 CST PUACC00 379.00–380.00 379.500 +0.500 INTEREST: OFFERS
HSFO 380 CST PUAER00 371.00–372.00 371.500 +0.500 ■■92 RON: FOB Straits: Mar 31-Apr 4: ENOC offers at

*C+F Hong Kong, $/barrel premium/discount to Mean of Platts Singapore.
Foreign exchange rates (PGA page 2160)
USD/Yen AAWFX00 105.6950 -0.4100
Eur/USD AAWFU00 1.2322 -0.0049
$72.95/b for 50kb
■■92 RON: FOB Straits: Mar 31-Apr 4: Total offers at
assessment Friday took into consideration the previous $73.09/b for 50kb
day’s 92/95 inter-RON spread in the absence of bids and ■■92 RON: FOB Straits: Apr 5-9: Total offers at $73.08/b for

GBP/USD AAWFV00 1.3947 -0.0037 offers. 50kb

USD/SGD AAWFZ00 1.3132 +0.0030
USD/MYR AAWGA00 3.9200 +0.0010
USD/HK AAWFY00 7.8431 +0.0011
AUD/USD AAWFT00 0.7799 -0.0070
USD/CNY AAWFW00 6.3340 +0.0199
Source: Development Bank of Singapore
The above commentary applies to the market data code: PGAEZ00
Gasoline Unl 97 FOB Spore Cargo assessment rationale:
(PGA page 2392) The FOB Singapore 97 RON gasoline
assessment Friday took into consideration the previous day’s
■■92 RON: FOB Straits: Apr 5-9: Unipec offers at $73.40/b
for 50kb
■■PLATTS ASIA MOGAS CARGO MOC: OUTSTANDING
INTEREST: WITHDRAWN
■■WD 92 RON: FOB Straits: Apr 6-10: PTT withdraws offer at

92/97 inter-RON spread in the absence of bids and offers. $73.80/b for 50kb (3:59:13)
cargo loading over April 11-15 at MOPS 92 RON minus $0.50 The above commentary applies to the market data code: PGAMS00 ■■WD 95 RON: FOB Straits: Apr 7-11: Sietco withdraws bid at

cents/b, which is equivalent to $73.16/b. $75.70/b for 50kb (4:18:15)

The above commentary applies to the market data code: PGAEY00 Singapore Gasoline bids/offers/trades: (PGA page 2393) ■■WD 97 RON: FOB Straits: Mar 31-Apr 4: Sietco withdraws

■■PLATTS ASIA MOGAS CARGO MOC: OUTSTANDING bid at $77.00/b for 50kb (4:18:17)
Gasoline Unl 95 FOB Spore Cargo assessment rationale: INTEREST: BIDS ■■WD 92 RON: FOB Straits: Apr 5-9: Vitol withdraws offer at

(PGA page 2392) The FOB Singapore 95 RON gasoline ■■92 RON: FOB Straits: Mar 31-Apr 4: BP bids at $72.93/b for $73.50/b for 50kb (4:18:39)

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 4
ASIA-PACIFIC/ARAB GULF MARKETSCAN march 16, 2018
■■WD 92 RON: FOB Straits: Mar 31-Apr 4: Vitol withdraws
offer at $73.50/b for 50kb (4:18:41)
■■WD 92 RON: FOB Straits: Mar 31-Apr 4: Vitol withdraws
offer at MOPS 92 RON plus $0.20/b for 50kb or Apr 5-9 at
MOPS 92 RON plus $0.20/b for 50kb or Apr 11-15 at MOPS
92 RON plus $0.20/b for 50kb (4:18:43)
■■WD 92 RON: FOB Straits: Apr 7-11: PTT withdraws offer at
$73.50/b for 50kb (4:28:46)
■■PLATTS ASIA MOGAS CARGO MOC: DEAL SUMMARY:
THREE TRADES
■■1. 92 RON: FOB Straits: Apr 5-9: Total sells to Vitol at
$73.00/b for 50kb (4:24:29)
■■2. 92 RON: FOB Straits: Apr 5-9: Total sells to Sietco at
$73.00/b for 50kb (4:24:49)
■■3. 92 RON: FOB Straits: Mar 31-Apr 4: Vitol buys from
ENOC at $72.95/b for 50kb (4:30:02)
Singapore Gasoline exclusions: (PGA page 2393) No market
data was excluded from the Asian gasoline assessment
process on March 16, 2018.
Naphtha
Market analysis: (PGA page 2398) Supply of light paraffinic
naphtha appeared to tighten in the Asian naphtha market as
fewer low density naphtha materials were seen heading from
the Europe to East Asia, market sources said Friday. One
source said that the volume of light naphtha material from
West of Suez for April arrival into East Asia was thin, at around
30% of the total volume from the region, and hence
supporting the premiums for the prompt H2 April laycan.
Lotte Chemical in South Korea was heard to have bought one
clip of 25,000 mt open-spec naphtha with minimum 70%
paraffin content, for delivery in H2 April into Daesan, at a
premium of around $6/mt to Mean of Platts Japan naphtha
assessments, CFR. The company could not be reached
immediately for confirmation. Lotte Chemical was last heard
to have purchased more than three 25,000 mt cargoes of
similar grade naphtha for H1 March delivery into Yeosu and
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
European products ($/mt)
Code Mid Change Code Mid Change
Mediterranean (PGA page 1114)
FOB (Italy) CIF (Genova/Lavera)
Prem Unl 10ppm AAWZA00 636.00–636.50 636.250
+6.000 AAWZB00 644.25–644.75 644.500
+6.250
Naphtha PAAAI00 548.75–549.25 549.000
+5.750 PAAAH00 559.75–560.25 560.000
+6.000
Jet aviation fuel AAIDL00 610.50–611.00 610.750
+7.000
Gasoil 0.1% AAVJI00 563.50–564.00 563.750
+5.500 AAVJJ00 575.75–576.25 576.000
+5.750
10ppm ULSD AAWYY00 579.50–580.00 579.750
+5.750 AAWYZ00 589.75–590.25 590.000
+6.000
1% PUAAK00 357.25–357.75 357.500
+5.750 PUAAJ00 365.75–366.25 366.000
+5.750
3.5% PUAAZ00 344.50–345.00 344.750
+6.000 PUAAY00 353.25–353.75 353.500
+6.000
Northwest Europe cargoes (PGA page 1110)
CIF (Basis ARA) FOB NWE
Gasoline 10ppm AAXFQ00 630.00–630.50 630.250
+9.500
Naphtha Swap PAAAJ00 562.00–562.50 562.250
+7.000
Naphtha Phy PAAAL00 567.75–568.25 568.000
+6.000
Jet PJAAU00 626.50–627.00 626.750
+7.250 PJAAV00 616.00–616.50 616.250
+7.250
Ultra low sulfur diesel 10ppm AAVBG00 582.75–583.25 583.000
+5.500 AAVBF00 571.75–572.25 572.000
+5.500
Gasoil 0.1% AAYWS00 572.50–573.00 572.750
+6.000 AAYWR00 557.25–557.75 557.500
+6.000
Diesel 10ppm NWE AAWZC00 584.75–585.25 585.000
+5.500 AAWZD00 573.50–574.00 573.750
+5.500
Diesel 10 PPM UK AAVBH00 585.75–586.25 586.000
+5.500
1% PUAAL00 363.50–364.00 363.750
+5.500 PUAAM00 353.75–354.25 354.000
+5.500
3.5% PUABA00 341.50–342.00 341.750
+3.750 PUABB00 328.25–328.75 328.500
+3.750
0.5-0.7% straight run PKABA00 426.00–427.00 426.500
+6.500
Low sulfur VGO AAHMZ00 477.50–478.50 478.000
+6.500 AAHMX00 464.25–465.25 464.750
+6.500
High sulfur VGO AAHND00 467.00–468.00 467.500
+6.500 AAHNB00 453.75–454.75 454.250
+6.750
Northwest Europe barges (PGA pages 1112 & 1380)
FOB Rotterdam
Eurobob AAQZV00 573.75–574.25 574.000
+5.250
Unleaded 98 AAKOD00 653.75–654.25 654.000
+5.250
Premium Unleaded PGABM00 624.75–625.25 625.000
+1.250
Reformate AAXPM00 614.000
+5.250
MTBE* PHALA00 713.75–714.25 714.000
+4.250
Naphtha Phy PAAAM00 563.75–564.25 564.000
+6.000
Jet PJABA00 630.00–630.50 630.250
+2.000
Gasoil 50 ppm AAUQC00 577.00–577.50 577.250
+4.750
Gasoil 0.1%* AAYWT00 566.75–567.25 567.000
+6.000
10 ppm* AAJUS00 578.00–578.50 578.250
+5.750
1% PUAAP00 348.00–348.50 348.250
+3.750
3.5% PUABC00 348.00–348.50 348.250
+3.750
Fuel Oil 3.5% 500 CST PUAGN00 343.00–343.50 343.250
+3.750
Low sulfur VGO AAHNF00 471.00–472.00 471.500
+6.500
High sulfur VGO AAHNI00 460.50–461.50 461.000
+6.500
*FOB Amsterdam-Rotterdam-Antwerp
ICE LS gasoil GWAVE (Previous day’s values) (PGA page 702)
Apr PXAAJ00 571.500 14-Mar-18
May PXAAK00 570.750 14-Mar-18
Rotterdam bunker (PGA page 1112)
380 CST PUAFN00 352.50–353.50 353.000
+6.000
5
ASIA-PACIFIC/ARAB GULF MARKETSCAN march 16, 2018
Daesan, at premiums of around $6.50/mt to MOPJ naphtha
assessments on a CFR basis. Egyptian General Petroleum
Corp. offers 25,000 mt straight-run naphtha for lifting over
April 18-20 from port Alexandria. The tender expires March 20
at 1200 GMT, with validity until March 29. EGPC last offered, in
two separate tenders, one cargo of 25,000 mt of naphtha
from Alexandria for loading over April 4-6 and one cargo of
35,000 mt of naphtha from Suez for April 5-7 lifting. Award
details for both the tenders could not be confirmed. In the
Middle east, Saudi Arabia’s Rabigh Refining and
Petrochemical Co. achieved on-specification production of
paraxylene at its 1.34 million mt/year plant in trial runs earlier
this week, market traders and customers of the company
said Thursday. Those customers have contracted to receive
the first cargoes from the plant, which will load at the end of
March, they said. The PX will head to East China and Dalian,
China. Rabigh’s aromatics production also includes 434,000
mt/year of benzene, of which 140,000 mt is earmarked for
exports to Northeast Asia, while the rest is for captive
consumption, market traders said. Rabigh 2 will also use 3
million mt/year of naphtha produced at an integrated 400,000
b/d refinery to make aromatics, including 1.34 million mt/year
of paraxylene and 424,000 mt/year of benzene besides
several other downstream products. The company’s phase
one unit — Rabigh 1 — can produce 300,000 mt/year of high
density polyethylene, 600,000 mt/year of linear low density
polyethylene unit, 600,000 mt/year of polypropylene unit,
700,000 mt/year of monoethylene glycol and 200,000 mt/
year of propylene oxide.
Naphtha C+F Japan Cargo assessment rationale: (PGA
page 2388) The CFR Japan naphtha cargo assessment
Friday took into consideration the following inputs: A trade
for H1 May at $573/mt, with a notional crack of $84.675/mt,
and a trade for H2 May at $570/mt with a notional crack of
$81.675/mt, demonstrated value. The H1 May/H2 May
spread was assessed at plus $3.00/mt and the H2 May/H1
Jun spread was assessed at plus $3.00/mt.
The above commentary applies to the market data code: PAAAD00
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
US products (¢/gal) (PGA page 158)
Code Mid Change Code Mid Change
US West Coast pipeline
Los Angeles San Francisco
Unleaded 84 AAUHA00 209.04–209.14 209.090 +2.110 PGADG00 202.29–202.39 202.340 +2.110
Premium 90 PGABG00 244.04–244.14 244.090 +2.110 PGABO00 230.29–230.39 230.340 +2.110
CARBOB AAKYJ00 213.04–213.14 213.090 +2.110 AAKYN00 210.04–210.14 210.090 +2.110
CARBOB PREM AAKYL00 248.04–248.14 248.090 +2.110 AAKYP00 238.04–238.14 238.090 +2.110
Jet PJAAP00 191.63–191.73 191.680 +1.640 PJABC00 191.63–191.73 191.680 +1.640
ULS (EPA) Diesel POAET00 194.88–194.98 194.930 +0.640 POAEY00 195.88–195.98 195.930 +1.640
CARB diesel POAAK00 196.88–196.98 196.930 +2.640 POAAL00 195.88–195.98 195.930 +1.640
Seattle Portland
Unleaded 84 AAXJE00 204.64–204.74 204.690 +2.110 AAXJC00 206.79–206.89 206.840 +2.110
Premium 90 AAXJF00 232.64–232.74 232.690 +2.110 AAXJD00 234.79–234.89 234.840 +2.110
Jet PJABB00 191.63–191.73 191.680 +1.640
ULS (EPA) Diesel AAUEX00 205.98–206.08 206.030 +1.890 AAUEY00 207.13–207.23 207.180 +1.890
Phoenix
RBOB unleaded 84 AADDP00 214.04–214.14 214.090 +2.110
RBOB premium 89.5 PPXDJ00 248.04–248.14 248.090 +2.110
Differential to NYMEX
CARBOB AANVX00 18.45/18.55 18.500 0.000
CARBOB paper 1st month* AAKYR00 12.95/13.05 13.000 0.000
CARBOB paper 2nd month* AAKYS00 9.95/10.05 10.000 0.000
Jet Fuel AANVY00 0.45/0.55 0.500 -0.250
ULS (EPA) Diesel AANVZ00 3.70/3.80 3.750 -1.250
CARB Diesel AANWA00 5.70/5.80 5.750 +0.750
* Premium to NYMEX gasoline settlement
US West Coast waterborne
Los Angeles
Unleaded 87 PGADI00 209.04–209.14 209.090 +2.110
Jet PJABI00 190.63–190.73 190.680 +1.640
Platts assessment of futures markets at MOC close (PGA page 703)
Singapore 16:30
ICE gasoil futures ($/mt) NYMEX RBOB (¢/gal) NYMEX NY ULSD (¢/gal)
Apr 18* AAQYM01 575.00 Apr XNRBA01 191.89 Apr XNHOA01 189.29
May 18 AAQYM02 575.50 May XNRBA02 192.88 May XNHOA02 189.72
Jun 18 AAQYM03 574.75 Jun XNRBA03 192.93 Jun XNHOA03 189.98
New York 14:30
NYMEX light sweet crude ($/barrel) NYMEX RBOB (¢/gal) NYMEX NY ULSD (¢/gal)
Apr NYCRM01 62.36 Apr NYRBM01 194.58 Apr NYHOM01 191.16
May NYCRM02 62.42 May NYRBM02 195.68 May NYHOM02 191.69
Jun NYCRM03 62.26 Jun NYRBM03 195.80 Jun NYHOM03 192.12
*Balance month swaps are assessed from the 1st to the 15th of the month, and to the 14th of February.
6
ASIA-PACIFIC/ARAB GULF MARKETSCAN march 16, 2018

Asia Pacific and Middle East crude assessments ($/barrel)

(Asia MOC) (Asia MOC) (Asia close) (London close)
API
Gravity Code Mid Change Code Mid Change Code Mid Change Code Mid Change
Condensate (PGA page 2212) (PGA page 2213)
Diff to Dubai Diff to Asian Dated Brent
NW Shelf 61.9 PCAGX00 65.99–66.03 66.010 +0.230 AAPAI00 1.35 0.000 AAPAH00 66.880 +0.960
DFC 56.82 ADFCA00 66.89–66.93 66.910 +0.260 ADFCB00 4.95/5.05 5.000 0.000 ADFCC00 2.250 +0.030 ADFCD00 67.780 +0.990
Qatar LSC 56.9 AARBB00 66.14–66.18 66.160 +0.260 AARBD00 4.20/4.30 4.250 0.000 AARBC00 1.500 +0.030 AARBA00 67.030 +0.990
South Pars 57.4 AARAV00 65.09–65.13 65.110 +0.310 AARAX00 3.15/3.25 3.200 +0.050 AARAW00 0.450 +0.080 AARAU00 65.980 +1.040
Diff to ICP
Senipah 54.4 AAEOE00 62.40–62.44 62.420 +0.230 AAEOK00 1.80/1.90 1.850 0.000 AAPBE00 -2.240 0.000 AAPBD00 63.290 +0.960
Light crude (PGA page 2214) (PGA page 2215)
Diff to ICP Diff to Asian Dated Brent
Cossack 47.7 PCAGZ00 65.09–65.13 65.110 +0.230 AAPAC00 0.450 0.000 AAPAB00 65.980 +0.960
Gippsland 48.7 PCACP00 64.54–64.58 64.560 +0.230 AAPAU00 -0.100 0.000 AAPAT00 65.430 +0.960
Tapis 45.2 PCACB00 66.49–66.53 66.510 +0.230 AAOZW00 1.850 0.000 AAOZV00 67.380 +0.960
Belida 45.1 PCAFL00 61.59–61.63 61.610 +0.240 PCAFM00 0.90/1.00 0.950 0.000 AAPBQ00 -3.050 +0.010 AAPBP00 62.480 +0.970
Kutubu 44.3 PCAFJ00 65.74–65.78 65.760 +0.230 AAPAE00 1.100 0.000 AAPAD00 66.630 +0.960
Handil Mix 43.9 PCABE00 64.94–64.98 64.960 +0.240 PCABF00 2.65/2.75 2.700 0.000 AAPBI00 0.300 +0.010 AAPBH00 65.830 +0.970
Attaka 42.3 PCAAJ00 61.39–61.43 61.410 +0.240 PCAAK00 0.05/0.15 0.100 0.000 AAPBC00 -3.250 +0.010 AAPBB00 62.280 +0.970
Ardjuna 38.0 PCACQ00 59.59–59.63 59.610 +0.240 PCACR00 -0.10/0.00 -0.050 0.000 AAPBG00 -5.050 +0.010 AAPBF00 60.480 +0.970
Banyu Urip 32.0 PCAFQ00 67.610 +0.230 PCAQQ00 4.700 0.000 AAPBU00 2.950 0.000 AAPBR00 68.480 +0.960
Diff to Dubai
Sakhalin Blend 45.5 AARBN00 65.94–65.98 65.960 +0.160 AARCN00 4.00/4.10 4.050 -0.100 AARDN00 1.300 -0.070 AAREN00 66.830 +0.890
ESPO M1 34.8 AARWF00 65.32–65.36 65.340 +0.230 AASEU00 3.20/3.30 3.250 -0.050 AARWE00 0.910 +0.110 AARWD00 66.350 +1.020
ESPO M2 34.8 AAWFE00 65.24–65.28 65.260 +0.160 AAWFG00 3.30/3.40 3.350 -0.100
Diff to Oman/Dubai
Sokol 39.7 AASCJ00 66.75–66.79 66.770 -0.010 AASCK00 4.45/4.55 4.500 -0.250 AAPAO00 2.110 -0.240 AAPAN00 67.640 +0.720
Kikeh 34.9 AAWUH00 68.24–68.28 68.260 +0.230 AAOZY00 3.600 0.000 AAOZX00 69.130 +0.960
Miri Light 32.3 PCABQ00 68.29–68.33 68.310 +0.230 AAPAS00 3.650 0.000 AAPAR00 69.180 +0.960
Labuan 32.0 PCABL00 68.29–68.33 68.310 +0.230 AAPAQ00 3.650 0.000 AAPAP00 69.180 +0.960
Kimanis 38.6 AASCL00 67.960 +0.230 AASCM00 3.300 0.000 AASCN00 68.830 +0.960
Medium crude (PGA page 2216) (PGA page 2217)
Diff to Asian Dated Brent
Su Tu Den 36.8 AARAR00 67.54–67.58 67.560 +0.230 AARAS00 2.900 0.000 AARAQ00 68.430 +0.960
Bach Ho 40.7 PCAHY00 68.14–68.18 68.160 +0.230 AAPAK00 3.500 0.000 AAPAJ00 69.030 +0.960
Nanhai 40.0 PCAFR00 61.19–61.23 61.210 +0.230 AAPAG00 -3.450 0.000 AAPAF00 62.080 +0.960
Diff to ICP
Minas 35.3 PCABO00 60.44–60.48 60.460 +0.240 PCABP00 2.45/2.55 2.500 0.000 AAPBA00 -4.200 +0.010 AAPAZ00 61.330 +0.970
Nile Blend 33.9 AAPLC00 60.29–60.33 60.310 +0.240 AAPEX00 2.30/2.40 2.350 0.000 AAPAM00 -4.350 +0.010 AAPAL00 61.180 +0.970
Widuri 33.2 PCAFE00 58.84–58.88 58.860 +0.240 PCAFF00 0.50/0.60 0.550 0.000 AAPBO00 -5.800 +0.010 AAPBN00 59.730 +0.970
Daqing 32.2 PCAAZ00 58.44–58.48 58.460 +0.340 AAPAW00 -6.200 +0.110 AAPAV00 59.330 +1.070
Cinta 31.1 PCAAX00 58.74–58.78 58.760 +0.240 PCAAY00 0.50/0.60 0.550 0.000 AAPBK00 -5.900 +0.010 AAPBJ00 59.630 +0.970
Heavy crude (PGA page 2218) (PGA page 2219)
Diff to ICP Diff to Asian Dated Brent
Dar Blend 25.0 AARAB00 59.94–59.98 59.960 +0.230 AARAC00 -4.700 0.000 AARAA00 60.830 +0.960
Shengli 24.2 PCABY00 58.19–58.23 58.210 +0.240 AAPAY00 -6.450 +0.010 AAPAX00 59.080 +0.970
Duri 20.8 PCABA00 58.34–58.38 58.360 +0.240 PCABB00 2.90/3.00 2.950 0.000 AAPBM00 -6.300 +0.010 AAPBL00 59.230 +0.970
Enfield 22.0 AARAE00 67.610 +0.230 AARAF00 2.950 0.000 AARAD00 68.480 +0.960
Vincent 18.3 AARAK00 64.910 +0.230 AARAL00 0.250 0.000 AARAJ00 65.780 +0.960

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 7
ASIA-PACIFIC/ARAB GULF MARKETSCAN march 16, 2018

Naphtha FOB Spore Cargo assessment rationale: (PGA
page 2388) The FOB Singapore naphtha assessment was
derived as a freight netback from the CFR Japan naphtha
first-cycle assessment using the following calculation: CFR
Japan naphtha first-cycle assessment minus the cost of
transporting a 30,000 mt clean cargo on the Singapore-
Japan route.
The above commentary applies to the market data code: PAAAP00
Naphtha FOB Arab Gulf Cargo assessment rationale: (PGA
page 2388) The FOB Arab Gulf naphtha assessment was
derived as a freight netback from the CFR Japan marker,
using the following calculation: CFR Japan naphtha
assessment minus the cost of transporting a 55,000 mt
clean cargo from a basket of ports in the Persian Gulf to
Japan.
The above commentary applies to the market data code: PAAAA00
Naphtha Cargo bids/offers/trades: (PGA page 2389)
■■PLATTS NAPHTHA BIDS ON CLOSE:
■■Naphtha CFR Japan: 25kt: BP bids H2 May 568.00
■■Naphtha CFR Japan: 25kt: Petrodiamond bids H2 May
563.00 or H1 Jun 565.00
■■Naphtha CFR Japan: 25kt: Total bids H2 May 560.00 or H1
China tanker fixtures
Vessel Volume Grade Route Arrival date Importer
Songa Coral 80kt ESPO Russia-Qingdao 4-Mar ChemChina
Maran Penelope 140kt Essider TBA-Qingdao 1-Mar Taifeng Hairun
Nave Electron 130kt Clov Angola-Qingdao 10-Mar Qirun
Mt Sea Splendor 260kt Kuwait Kuwait-Qingdao 11-Mar Hongrun
Khuzama 137kt Pazflor Angola-Qingdao 12-Mar Shenchi
Maran Triton 130kt Djeno Congo-Qingdao 13-Mar Yongxin
Dragao Do Mar 130kt Lula Brazil-Qingdao 15-Mar Luqing
Ghazal 128kt Saturno Angola-Qingdao 15-Mar Hongrun
Gener8 Ethos 130kt DCO Venezuela-Qingdao 16-Mar Hongrun
Cosmerry Lake 280kt Merey Venezuela-Qingdao 16-Mar PetroChina
Coswisdom Lake 130kt Oman Oman-Qingdao 18-Mar Luqing
Sahba 130kt Lula Braizl-Qingdao 19-Mar Haike
Joao Candido 130kt Lula Brazil-Qingdao 23-Mar Luqing
Solana 130kt Oguendjo Gabon-Qingdao 18-Mar Hongrun
International dirty tanker fixtures (PGT page 2950)
Ship name Size Type Date Route Rate Charterer
PG/East
Brightoil Galaxy 270 CR Apr1 PG-China w36 Unipec
Shinyo Ocean 270 CR Apr1 PG-SKorea w32 GS Caltex
C.Galaxy 270 CR Apr2 PG-Yingkou w37.5 NPI
Saffron 143 DY Apr4 Mina Ahmadi-Sikka w59 BORL
Faithful Warrior 135 DY Mar28 Mina Ahmadi-Vadinar rnr Essar
Suez Vasilis 130 DY Mar29 R Tanura-Durban w43.75 Engen
Torm Ingeborg 80 DY Mar25 R Laffan-Whangarei rnr Exxon
Semeru 80 CR Mar18 PG+NMangalore-East rnr Mercuria
Petrodvorets 80 CR endMar R Gharib-West rnr Mercuria

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Volume 37 / Issue 53 / March 16, 2018
Editorial: Dave Ernsberger, Tel +44-20-7176-6116, Global Oil Director; Calvin Lee,
Tel +65-6530-6429, Editorial Director, Asia & Middle East Oil Markets.
Client services information: North America: 800-PLATTS8 (800-752-8878); direct:
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© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 8
ASIA-PACIFIC/ARAB GULF MARKETSCAN march 16, 2018
Jun 557.00 or offers H2 May 578.00 or H1 Jun 575.00
■■WD Naphtha CFR Japan: 25kt: Unipec withdraws bid H2
May 569.00 (4:29:51 pm)
■■TDD Naphtha CFR Japan: 25kt: Trafigura no longer bids
H2 May 570.00 after trade with Statoil (4:29:04.75 pm)
■■TDD Naphtha CFR Japan: 25kt: Glencore no longer bids
H1 May 573.00 or H2 May 568.00 or H1 Jun 562.00 after
trade with BP (4:29:54.521 pm)
■■PLATTS NAPHTHA OFFERS ON CLOSE:
■■Naphtha CFR Japan: 25kt: Total offers H2 May 578.00 or
H1 Jun 575.00 or bids H2 May 560.00 or H1 Jun 557.00
■■Naphtha CFR Japan: 25kt: Shell offers H1 Jun 572.00
■■Naphtha CFR Japan: 25kt: Idemitsu offers H1 Jun 572.00
■■Naphtha CFR Japan: 25kt: Petrodiamond offers H1 Jun
576.00
■■PLATTS NAPHTHA SPREADS BIDS ON CLOSE:
■■Naphtha CFR Japan: 25kt: Glencore bids H1 May/ H2 May
2.50 or H1 May/ H1 Jun 5.00
■■Naphtha CFR Japan: 25kt: Trafigura bids H2 May/ H1 Jun
2.75 or H2 May/ H2 Jun 5.50
■■PLATTS NAPHTHA SPREADS OFFERS ON CLOSE: None
■■PLATTS NAPHTHA CARGO MOC: DEAL SUMMARY: Two
trades reported
■■1) Naphtha CFR Japan: 25kt: H2 May: Statoil sells to
Trafigura at $570.00/mt (4:29:04.75 pm)
■■2) Naphtha CFR Japan: 25kt: H1 May: BP sells to Glencore
at $573.00/mt (4:29:54.521 pm)
Naphtha Cargo exclusions: (PGA page 2389) No market data
was excluded from the March 16, 2018 Asian Naphtha
assessment process.
Jet
Market analysis: (PGA page 2499) The Asian jet fuel market
looked set to end the week on an underwhelming note,
amid talk of yet more selling interest being heard in the
market Friday. Traders noted that there were more spot
cargoes available in Northeast Asia, but far less buying
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
International tanker fixtures (PGT pages 2904 and 2950)
Ship name Size Type Date Route Rate Charterer
Kaimon Maru 100 CR Mar24 Kozmino-NChina $400k Vitol
Seamaster IV 80 CR Mar22 Madura-Geelong rnr Vitol
Virgo Sun 80 FO Mar19 Spore-NChina rnr BP Sinopec
Jellicoe Tbn 80 DY Mar21 Miri+Kerteh-P Dickson rnr AET
Ads Oslo 80 FO Mar26 Yeosu-Spore $300k Petco
New Activity 79 CR Mar20 Labuan-Paradip, Chennai rnr IOC
Port Stanley 20 FO Mar29 Spore-Chittagong $310k Vitol
UKC
Genr8 Hercules 260 FO Mar22 Rotterdam-Spore rnr Vitol
Black Sea/Med
Coral Sea 80 CR Mar21 Algeria-Portugal w80 Petrogal
WAF
Evgenia I 260 CR Apr15 WAF-China w39.5 ChemChina
Nordic Apollo 130 CR Apr5 WAF-SAF w59.5 BP
Maran Cassiopeia 130 CR Apr7 Agbami-USAC, UKCM w54.5, w57.5 Monroe
Americas
Landbridge Fortune 270 CR Apr8 ECMex-SKorea $4.2m GS Caltex
Gener8 Miltiade 270 CR Apr10 ECMex-Daesan $4.2m HOB
United Kalavryta 150 CR dnr Caribs-USCG w55 Citgo
Cape Bari 147 CR Mar27 ECMex-Spain w47.5 Repsol
Astro Phoenix 140 DY Mar23 Whiffenhead-Pembroke w57.5 Valero
Delta Ios 130 DY Mar22 Bahamas-Spore $2.25m PetroChina
Vail Spirit 130 DY Mar27 Covenas-Spore $2.35m Ocean Energy
Sigma Triumph 70 CR Mar24 Bajo Grande-USGC rnr Lukoil
Penfield Tbn 50 CR Mar26 WCMex-USWC w132.5 P66
DY: Dirty, CR: Crude, FO: Fuel Oil, CO: Condensate, F: Failed, +:Update, pt: prompt, cnr: charterer not reported, rnr: rate not reported, coa: contract of affreightment, o/p:
own program
International clean tanker fixtures (PGT page 2904)
Ship name Size Type Date Route Rate Charterer
PG/East
Minerva Pisces 80 CL Mar30 Red Sea-Australia $1.45m Shell
Champion Prosperity 75 NA Mar28 Sikka-Japan w110 Koch
Aligote 60 UNL Mar27 Fujairah-WAF, UKC $1.295m, $1.275m Sahara
Kong Que Zuo 60 UNL Apr23 Jubail-Jebel Ali, Karachi $240k, $310k CSSA
Ploutos 60 UNL Mar26 Red Sea-PG $575k ATC
Norstar Intrepid 60 UNL Mar26 Yanbu-WAF $1.30m Sahara
Po Yang Hu
FPMC P Glory
60
60
UNL
CL
Mar25
Mar23
WCI-PG, Spore
WCI-Spore, PG
$300k, rnr
rnr
ENOC
Trafigura
STI Pride 60 ULSD Mar30 Ruwais-West, EAfrica rnr, w125 BBnaft
River Shiner 55 NA Mar28 Sikka-Japan w110 Trafigura
Morning Swan 55 NA Apr3 PG-Japan w110 Idemitsu
D&K Yusuf Al Ghanim 40 UNL Mar24 STS Suez-Dhuba, Jeddah $190k, $220k ATC
Jag Pavitra 38 HSD Mar18 WCI-Paradip $735k IOC
STI La Boca 35 UNL Mar24 Jubail-Gizan $550k ATC
Bright Dawn 35 HSD Mar20 Sikka-Paradip $855k IOC
9
ASIA-PACIFIC/ARAB GULF MARKETSCAN march 16, 2018

interest due to the recent end of the winter heating demand

season. “There are more spot cargoes in April but less
buyers,” said a Northeast Asian refiner, who added that the
market appeared to be following the usual seasonal pattern
of waning during the April-May shoulder season. Some
sources also remained concerned over a possible glut, with
the arbitrage window to the US West Coast still closed given
recent weakness in the Los Angeles jet market. Elsewhere,
sources noted that spot cargoes from both the Middle East
and India were increasing heading to the West of Suez.
“The arbs to the East do not work for most ... AG spot
[cargoes are] mostly headed to Europe now,” said a Middle
East-based trader. Data out Thursday from the California
Energy Commission showed that jet fuel stocks in the state
had fallen by 1.3% week on week to 3.59 million barrels —
but remained 17.7% higher compared with last year.
California’s refineries also produced 0.3% less jet fuel week
on week, at 2.42 million barrels, but output was up 46.7%
compared with last year. Elsewhere in the market,
consistent spot offerings during the Platts Market on Close
assessment process have led FOB Singapore cash
differentials to fall to a six-week low of 21 cents/b Thursday.
International tanker fixtures (PGT pages 2904 and 2950)
Ship name Size Type Date Route Rate Charterer
Maersk Mikage 35 UNL Mar18 PG-EAfrica w190 Sahara
Silver Eburna 35 UNL Mar22 Jubail-Red Sea $525k ATC
Bahir Dar 35 CL Mar22 Kuwait-Suez $615k Trafigura
Silver Joan 25 UNL Mar23 NMangalore-Fujairah $240k Vitol
STI Gladiator 80 GO Mar18 SKorea-Spore $475k SK Energy
Evridiki 60 UNL Mar24 Dalian-Spore rnr PChina
Cape Taft 60 UNL Mar23 Dalian-Spore rnr ST
High Seas 35 UNL Apr1 Spore-WCMex $1.30m PMI
Dai Minh 35 UNL Mar25 Thailand-Spore $240k Trafigura
Pacific Rainbow 35 CL Mar17 Spore-SChina rnr Vitol
Oriental Gold 35 LCO Mar28 SKorea-Nansha $390k Linkoil
Glenda Meryl 35 CL Mar25 Wakayama-Hong Kong $400k Vitol
Abbey Road 35 GO Mar19 Nakhodka-Spore $490k ENOC
Nave Aquila 30 CL Mar17 Daesan+Yeosu-USWC $1.05m Trafigura
Scorpio Tbn 30 CL Mar20 Cross Spore $190k PChina
UKC
BW Tbn 60 CL dnr ARA-WAF w92.5 cnr
Ance 40 NA Mar24 Ust Luga-UKC, TA w160, w180 Gazprom
Diamond Express 37 CL Mar25 ARA-TA w130 Valero
British Courtesy 37 CL midMar ARA-TA w130 Valero
Miss Mariarosaria 37 UNL Mar20 ARA-USG, Caribs, ECMexico w125 PMI
Mahada Silver 37 UNL Mar21 Brofjorden-TA, UKC w125, w130 Varo
Maersk Kate 30 ULSD Mar26 Sines-UKC, Med w152.5 Englehart
Nord Hummock 30 ULSD Mar22 Brofjorden-UKC w147.5 Preem
Seychelles Progress 30 ULSD Mar23 Primorsk-UKC w155 Vitol
Aegeas 30 ULSD Mar22 Baltic-UKC w155 ST

The last time it was any lower was on January 30, when it
was assessed at 20 cents/b. Meanwhile, data out late
Thursday from International Enterprise Singapore showed
combined middle distillate stocks in Singapore fell to 8.958
million barrels in the week ended March 14, from 9.333
million barrels in the previous week. IE Singapore’s data is
derived from submissions from 13 oil terminals in
Singapore.
Black Sea/Med
Ypapanti 80 COND Mar28 Melittah-Japan $1.575m Socar
Tbn 30 CL dnr Skikda-Med w150 Coral
Dominia 30 ULSD Mar22 Agioi Theodoroi-Med w152.5 BP
Torm Charente 30 CL Mar23 BSea-Med w155 Neutrade
Americas
Phyxis Theta 38 CL Mar18 USGC-ECMex, WCMex $150k, $965k PMI
Amorea 38 CL Mar23 USGC-Opts rnr ST
CL: Clean, NA: Naphtha, UN: Unleaded, JT: Jet, GO: Gasoil, F: Failed, +:Update, pt: prompt, cnr: charterer not reported, rnr: rate not reported, coa: contract of affreightment,
o/p: own program

Jet Kero FOB Spore Cargo assessment rationale: (PGA

page 2494) The FOB Singapore jet fuel/kerosene cargo
assessment Friday was based on the following inputs: The
front loading period was assessed at MOPS plus 19 cents/b,
reflecting two trades for cargoes loading over March
31-April 4 at MOPS plus 19 cents/b, after accounting for
plus 30 cents/b, respectively, reflecting the movement in
the front loading period.
The above commentary applies to the market data code: PJABF00
Singapore Jet bids/offers/trades: (PGA page 2495)
MOPS plus 15 cents/b (Deemed pricing Mar 23-29)
(4:27:25); Jet: FOB Straits: Mar 31-Apr 4: 100kb: Shell buys
from Total at MOPS plus 15 cents/b (Deemed pricing Mar
23-29) (4:27:38)
■■PLATTS JET BIDS: FINALS ON CLOSE: No bids reported

deemed pricing. The middle loading and front loading ■■Platts Jet Trade Summary - TWO trades reported: Jet: ■■PLATTS JET OFFERS: FINALS ON CLOSE: No offers

periods were assessed at MOPS plus 20 cents/b and MOPS FOB Straits: Mar 31-Apr 4: 100kb: Vitol buys from Total at reported

© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 10
ASIA-PACIFIC/ARAB GULF MARKETSCAN march 16, 2018
Singapore Jet exclusions: (PGA page 2495) No market data
was excluded from the March 16, 2018 Singapore Jet
Market-on-Close assessment process.
Jet Index (PGA page 115)
Index $/barrel
Asia & Oceania PJASO00 219.96 PJASO08 76.98
Mid East & Africa PJMEA00 227.29 PJMEA08 76.11
Global PJGLO00 213.77 PJGLO08 78.20
Gasoil
Market analysis: (PGA page 2498) Fundamentals were largely
unchanged in the Asian gasoil market Friday, amid limited
supply from the ongoing turnaround season and stable
demand. “There is not more demand [for 10 ppm] ... it is
normal,” a trader said. The volume of ultra low sulfur diesel
moving from the East of Suez to the Mediterranean and
Northwest Europe is around 1.7 million mt so far this month,
data from S&P Global Platts trade flow software cFlow and
market sources showed. Several LR1 vessels have joined the
list of larger LR2 vessels, while one new-build Suezmax was
also en route to the Suez. The move comes despite weak
arbitrage economics given a strong gasoil Exchange of
Futures for Swaps. “The arbitrage is shut tightest ever
now,” another trader said. Front-month Singapore gasoil
EFS was assessed at minus $1.62/mt Thursday. On the
medium sulfur grade, demand was steady from the
bunkering market, a trader said. Despite expectations of a
rise in exports from China, market sources said that has not
been seen so far. “I see limited barrels here — can see the
weekly Singapore stock draw,” a trader noted. Weekly
middle distillate stocks in Singapore stood at 8.96 million
barrels in the week ended March 14, down from 9.33 million
barrels in the previous week, latest data from International
Enterprise Singapore showed.
Gasoil .001%S (10ppm) FOB Spore Cargo assessment
rationale: (PGA page 2490) The FOB Singapore Gasoil 0.001%
(10 ppm) Cargo assessment Friday took into consideration
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
the following: The middle and back loading periods were
both assessed at MOPS gasoil plus 30 cents/b, based on
two trades cargoes loading over April 5-9 and April 7-11 at
MOPS gasoil plus 30 cents/b each after accounting for
deemed pricing. The front loading period was assessed at
MOPS gasoil plus 27 cents/b, reflecting the movement in the
middle loading period.
The above commentary applies to the market data code: AAOVC00
Gasoil .05%S (500ppm) FOB Spore Cargo assessment
rationale: (PGA page 2490) The FOB Singapore Gasoil 0.05%
(500ppm) Cargo assessment Friday was based on the
adjusted relationship between the physical and swaps
markets. This was adjusted 1 cent/b lower due to a 2
cents/b fall in the April/May Singapore gasoil swap
structure.
The above commentary applies to the market data code: AAFEX00
Gasoil FOB Spore Cargo assessment rationale: (PGA page
2490) The FOB Singapore Gasoil 0.001% (10 ppm) Cargo
assessment Friday took into consideration the following:
The middle and back loading periods were both assessed at
MOPS gasoil plus 30 cents/b, based on two trades cargoes
loading over April 5-9 and April 7-11 at MOPS gasoil plus 30
cents/b each after accounting for deemed pricing. The front
loading period was assessed at MOPS gasoil plus 27
cents/b, reflecting the movement in the middle loading
period.
The above commentary applies to the market data code: POABC00
Gasoil .25%S (2500ppm) FOB Spore Cargo assessment
rationale: (PGA page 2489) The FOB Singapore Gasoil 0.25%
(2,500 ppm) Cargo assessment Friday was based on the
adjusted relationship between the physical and swaps
markets. This was adjusted 1 cent/b lower due to a 2
cents/b fall in the April/May Singapore gasoil swap
structure.
The above commentary applies to the market data code:
AACUE00
11
Gasoil .05% (500ppm) FOB Arab Gulf Cargo assessment
rationale: (PGA page 2489) The FOB Arab Gulf Gasoil 0.05%
(500 ppm) Cargo assessment was derived as a freight
netback from the FOB Singapore Gasoil 0.001% (10 ppm)
cargo assessment, using the following inputs: FOB
Singapore Gasoil 0.001% (10 ppm) cargo assessment minus
the cost of transporting a 55,000 mt clean cargo from a
basket of ports in the Persian Gulf to Singapore and taking
into account the cash differential between FOB Arab Gulf 10
ppm (AAIDU00) and 500 ppm (AAFFD00) assessments.
The above commentary applies to the market data code: AAFEZ00
Gasoil FOB Arab Gulf Cargo assessment rationale: (PGA
page 2489) The FOB Arab Gulf Gasoil 0.001% (10 ppm) Cargo
assessment was derived as a freight netback from the FOB
Singapore Gasoil 0.001% (10 ppm) cargo assessment, using
the following inputs: FOB Singapore Gasoil 0.001% (10 ppm)
cargo assessment minus the cost of transporting a 55,000
mt clean cargo from a basket of ports in the Persian Gulf to
Singapore.
The above commentary applies to the market data code: POAAT00
Asia & Middle East Gasoil bids/offers/trades: (PGA page 2491)
■■PLATTS GO BIDS: FINALS ON CLOSE
■■1) Gasoil 10ppm: FOB Straits: BP bids MOPS +0.10 Mar
31-Apr 4 165kb (Deemed pricing Mar 29-Apr 5) INCO
■■2) Gasoil 10ppm: FOB Straits: Gunvor bids Apr +0.20 Mar
31-Apr 4 150kb INCO
■■3) Gasoil 10ppm: FOB Straits: Vitol bids MOPS +0.20 Apr
3-7 250kb (Deemed pricing Apr 3-9) INCO
■■4) Gasoil 10ppm: FOB Straits: BP bids MOPS +0.20 Apr 3-7
250kb (Deemed pricing Apr 2-6)
■■WD 5) Gasoil 10ppm: FOB Straits: BP no longer bids MOPS
+0.30 Apr 7-11 165kb (Deemed pricing Apr 6-12) after trade
with Hin Leong (4:29:04)
■■6) Gasoil 10ppm: FOB Straits: Total bids MOPS +0.10 Apr
7-11 150kb INCO (Deemed pricing Apr 9-13)
■■7) Gasoil 10ppm: FOB Straits: BP bids MOPS +0.20 Apr
10-14 165kb (Deemed pricing Apr 9-13)
ASIA-PACIFIC/ARAB GULF MARKETSCAN march 16, 2018
■■8) Gasoil 50ppm: FOB AG (Ras Laffan / Jebel Ali / Jubail):
Trafigura bids MOPAG +0.75 Apr 5-9 250kb INCO
■■-9) Gasoil 500ppm: FOB Straits: Winson bids MOPS -0.60
Apr 9-13 150kb (Deemed pricing Apr 9-13) INCO
■■PLATTS GO OFFERS: FINALS ON CLOSE
■■1) Gasoil 10ppm: FOB Straits: Winson offers MOPS +0.25
Mar 31-Apr 4 150kb (Deemed pricing Mar 23-29) INCO
■■2) Gasoil 10ppm: FOB Straits: Shell offers MOPS +0.20 Mar
31-Apr 4 150kb (Deemed pricing Mar 23-29)
■■3) Gasoil 10ppm: FOB Straits: Freepoint offers MOPS
+0.50 Mar 31-Apr 4 150kb (Deemed pricing Mar 23-29)
■■4) Gasoil 10ppm: FOB Straits: Winson offers on MOPS
+0.35 Apr 5-9 150kb (Deemed pricing Apr 4-10) INCO after
trade with BP at MOPS +0.30 (4:28:50)
■■-5) Gasoil 500ppm: FOB Straits: Trafigura offers Apr -0.20
Apr 8-12 150kb INCO
■■Platts Gasoil Trade Summary - TWO trades reported
■■1) Gasoil 10ppm: FOB Straits: Apr 5-9: 150kb: BP buys from
Winson at MOPS plus 30 cents/b (Deemed pricing Apr
4-10) INCO (4:28:50)
■■2) Gasoil 10ppm: FOB Straits: Apr 7-11: 165kb: Hin Leong
sells to BP at MOPS plus 30 cents/b (Deemed pricing Apr
6-12) (4:29:04)
Asia & Middle East Gasoil exclusions: (PGA page 2491) No
market data was excluded from the March 16, 2018 Asian
gasoil market on close assessment process.
Fuel Oil
Market analysis: (PGA page 2599) The Singapore high sulfur
fuel oil market on Friday continued to see sentiment stay
rangebound, despite the front-month trading rolling to April,
trade sources said. As of 0700 GMT, broking sources pegged
the April/May timespread at plus $1/mt for 180 CST HSFO
and plus 55 cents/mt for the 380 CST grade. This compares
with Thursday’s close of plus 85 cents/mt for 180 CST and
parity for 380 CST HSFO, S&P Global Platts data showed.
Singapore’s commercial stockpiles of heavy distillates rose
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Deals summaries (PGA page 190)
Naphtha paper
Reported outside MOC:
Platts Asia deals summary: Naphtha paper March 16, 2018:
Platts Naphtha Japan swap: Apr heard done 563.75 (4:29:36 pm)
Platts Naphtha Japan swap: Apr heard done 563.75 (4:29:43 pm)
Platts Naphtha Japan swap: Apr heard done 563.75 (4:29:50 pm)
Platts Naphtha Japan swap: Apr heard done 563.75 (4:29:59 pm)
Platts Naphtha Japan swap: Apr heard done 563.75 (4:29:22 pm)
Platts Naphtha Japan swap: Apr heard done 563.75 (4:30:18 pm)
Platts Naphtha Japan swap: May/Jun heard done 4.00 (4:15:08 pm)
Platts Naphtha Japan swap: Oct/Dec heard done 3.75 (4:04:51 pm)
Platts Naphtha Japan swap: Nov/Dec heard done 2.00 (4:05:45 pm)
Platts Naphtha Japan swap: Apr/May heard done 4.50 (4:09:43 pm)
Jet paper
Platts Asia deals summary: Jet paper: March 16, 2018: Jet: Apr18
done 76.2 FREEPTASIA buys from Mercuria (08:29:28) 50; Jet:
Apr18 done 76.11 Mercuria sells to DVTRADING (08:29:56) 50
Platts Asia deals summary: Regrade paper: March 16, 2018:
Regrade: Apr18 done -0.75 Citibank buys from TOTSA (08:29:04) 50
Gasoil paper
Platts Asia deals summary: Gasoil paper: March 16 2018:
Gasoil: May18/Jun18 done 0.21 Litasco buys from DVTRADING
(08:20:10)
Gasoil: Apr18 done 76.96 BP buys from Saudi Aramco Products
(08:29:00)
Gasoil: Apr18 done 76.97 Litasco buys from Saudi Aramco Products
(08:29:03)
Gasoil: Apr18 done 76.97 BP buys from Saudi Aramco Products
(08:29:05)
Gasoil: Apr18 done 76.96 Saudi Aramco Products sells to Gunvor
(08:29:07)
Gasoil: Apr18 done 76.96 Litasco buys from Saudi Aramco Products
(08:29:11)
Gasoil: Apr18 done 76.97 BP buys from Saudi Aramco Products
(08:29:14)
Gasoil: Apr18 done 76.96 BP buys from Saudi Aramco Products
(08:29:18)
Gasoil: Apr18 done 76.96 Litasco buys from Saudi Aramco Products
(08:29:20)
Gasoil: Apr18 done 76.96 Mitsui buys from Saudi Aramco Products
(08:29:27)
12
Gasoil: Apr18 done 76.97 Litasco buys from Saudi Aramco Products
(08:29:29)
Gasoil: Apr18 done 76.96 ZENROCK buys from Saudi Aramco
Products (08:29:33)
Gasoil: Apr18 done 76.96 Vitol buys from Saudi Aramco Products
(08:29:35)
Gasoil: Apr18 done 76.97 Vitol buys from Saudi Aramco Products
(08:29:37)
Gasoil: Apr18 done 76.96 BP buys from Saudi Aramco Products
(08:29:38)
Gasoil: Apr18 done 76.95 FREEPTASIA sells to BP (08:29:39)
Gasoil: Apr18 done 76.96 Litasco buys from Saudi Aramco Products
(08:29:41)
Gasoil: Apr18 done 76.95 Vercer sells to Litasco (08:29:55)
Gasoil: Apr18/May18 done 0.24 Citibank sells to TOTSA (08:29:55)
Gasoil: Apr18 done 76.96 BP buys from Saudi Aramco Products
(08:29:56)
Gasoil: Apr18 done 76.96 Vitol buys from DVTRADING (08:29:57)
Gasoil: Apr18 done 76.95 Vercer sells to Vitol (08:29:58)
Gasoil: Apr18 done 76.95 Vercer sells to BP (08:29:59)
Gasoil: Apr18 done 76.96 Vitol buys from ENGIE (08:30:00)
Gasoil: Apr18 done 76.96 Vitol buys from Saudi Aramco Products
(08:30:02)
Gasoil: Apr18 done 76.95 ENGIE sells to Vitol (08:30:05)
Gasoil: Apr18 done 76.95 ENGIE sells to BP (08:30:07)
Gasoil: Apr18 done 76.96 Vitol buys from Saudi Aramco Products
(08:30:08)
Gasoil: Apr18 done 76.95 Citibank sells to Vitol (08:30:09)
Gasoil: Apr18 done 76.95 DVTRADING sells to BP (08:30:16)
Fuel oil paper
Platts Asia deals summary: 180 CST paper: March 16, 2018:
180 CST: Apr18 done 366 Trafigura sells to Shell (08:29:46)
180 CST: Apr18 done 366 Vercer sells to Shell (08:29:49)
180 CST: Apr18 done 366 Vitol sells to Shell (08:29:54)
180 CST: Apr18 done 366 Gunvor sells to Citibank (08:29:58)
180 CST: Apr18 done 366 Trafigura sells to Shell (08:30:06)
Platts Asia deals summary: 380 CST paper: March 16, 2018:
380 CST: Bal March done 358.25 Trafigura sells to Vercer (08:28:41)
380 CST: Bal March done 358.25 Trafigura sells to Vercer (08:28:46)
380 CST: Bal March done 358.25 Trafigura sells to Vercer (08:28:50)
380 CST: Bal March done 358.25 Trafigura sells to Vercer (08:28:54)
ASIA-PACIFIC/ARAB GULF MARKETSCAN march 16, 2018
8.35% in the week ended March 14, according to data
released by International Enterprise Singapore. Total stocks
of heavy distillates, which IE describes as “residues” and
include cracked and straight run fuel oil and low sulfur waxy
residue, were reported at 23.87 million barrels. That
compared with 22.03 million barrels reported a week earlier.
In the UAE, Fujairah’s inventory levels for heavy distillates
and residues for the week ending March 12 were at 7.36
million barrels, according to the Fujairah Energy Data
Committee data. This is an increase of 13.17% week on
week. The Singapore-delivered 380 CST bunker fuel
premium to the Mean of Platts Singapore 380 CST high
sulfur fuel oil cargo assessment fell to a 22-month low
Thursday on ample supply. The premium slid $5.18/mt day
on day to $1.67/mt Thursday, and was last assessed lower at
$1.49/mt on May 5, 2016, S&P Global Platts data showed.
Singapore-delivered 380 CST bunker was assessed at
$358.75/mt Thursday, down $5.25/mt day on day. The Platts
Market on Close assessment process Thursday saw
Glencore offering 500 mt of bunker fuel for March 18-22
delivery at $359/mt. The offer stood unclaimed at the close
of the MOC process. The market has been well-supplied in
recent months, with fuel oil imports to Singapore at over 6
million mt in January and also in February, along with
expectations of a similar volume in March too, according to
industry sources. Reflecting a well-supplied market, the
Singapore ex-wharf 380 CST bunker differential to MOPS
380 CST HSFO also slipped to a seven-month low of minus
$1.58/mt Thursday. The differential was last assessed lower
at minus $1.78/mt on August 4, 2017, the data showed. A
trader said Thursday that a supply overhang from February
was weighing on the March market, adding to the downward
pressure on premiums.
FO 180 CST 3.5%S FOB Spore Cargo assessment
rationale: (PGA page 2593) The FOB Singapore 180 CST high
sulfur fuel oil assessment Friday reflected a day-on-day rise
of 15 cents/mt on the April/May timespread which was
assessed at plus $1/mt.
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Deals summaries (PGA page 190)
380 CST: Bal March done 358.3 Trafigura sells to MCE (08:29:05)
380 CST: Apr18 done 358.75 Trafigura sells to Gunvor (08:30:01)
Platts Asia deals summary: Viscosity paper: March 16, 2018:
No trades reported
Mogas paper
PLATTS ASIA MOGAS 92 RON SWAPS MOC: DEAL SUMMARY:
TWENTY-ONE TRADES
1. 92 RON: Apr/May18 done minus $0.12/b Hartree buys from ENOC
(8:01:05)
2. 92 RON: Apr/May18 done minus $0.11/b Hartree buys from PTT
(8:01:11)
3. 92 RON: Apr/May18 done minus $0.10/b Vitol buys from TOTSA
(8:17:58)
4. 92 RON: Apr/May18 done minus $0.10/b Vitol buys from ENOC
(8:17:59)
5. 92 RON: May/Jun18 done plus $0.29/b Hartree buys from SK
(8:24:00)
6. 92 RON: Bal Mar/Apr18 done minus $0.32/b PTT sells to BP
(8:24:38)
7. 92 RON: Bal Mar/Apr18 done minus $0.35/b PTT sells to Vitol
(8:24:41)
8. 92 RON: May/Jun18 done plus $0.28/b PTT sells to BP (8:25:54)
The above commentary applies to the market data code: PUADV00
FO 380 CST 3.5%S FOB Spore Cargo assessment
rationale: (PGA page 2593) The FOB Singapore 380 CST high
sulfur fuel oil assessment Friday reflected a bid from Vitol
at MOPS minus $1.50/mt for a March 31-April 4 loading
cargo, an offer from Glencore at $358.50/mt for an April 5-9
loading cargo, and an offer from Hin Leong at $358/mt for a
March 31-April 4 loading cargo.
The above commentary applies to the market data code: PPXDK00
FO 180 CST FOB Arab Gulf Cargo assessment rationale:
(PGA page 2593) The FOB Arab Gulf 180 CST high sulfur fuel
oil assessment was derived as a freight netback from the
FOB Singapore 180 CST HSFO assessment, using the
following calculation: FOB Singapore 180 CST HSFO
13
9. 92 RON: May/Jun18 done plus $0.28/b PTT sells to Hartree
(8:25:57)
10. 92 RON: May/Jun18 done plus $0.28/b PTT sells to Hartree
(8:26:10)
11. 92 RON: May/Jun18 done plus $0.28/b PTT sells to Hartree
(8:26:21)
12. 92 RON: Apr18 done $73.65/b PTT buys from Vitol (8:27:41)
13. 92 RON: Apr18 done $73.65/b BOCIGC buys from Phillips66
(8:29:33)
14. 92 RON: Bal Mar/Apr18 done minus $0.36/b PTT sells to BP
(8:29:38)
15. 92 RON: Apr18 done $73.68/b ENOC buys from Vitol (8:29:45)
16. 92 RON: Bal Mar/Apr18 done minus $0.37/b PTT sells to Vitol
(8:29:50)
17. 92 RON: Apr18 done $73.68/b TOTSA buys from Phillips66
(8:29:53)
18. 92 RON: Apr18 done $73.65/b Trafigura sells to MCELT (8:30:10)
19. 92 RON: Apr18 done $73.68/b TOTSA buys from Vitol (8:30:37)
20. 92 RON: Apr18 done $73.68/b BOCIGC buys from Phillips66
(8:30:39)
21. 92 RON: Apr18 done $73.68/b BOCIGC buys from Trafigura
(8:30:42)
assessment minus the cost of transporting an 80,000 mt
dirty cargo from the Persian Gulf to the East.
The above commentary applies to the market data code: PUABE00
FO 380 CST 3.5% FOB Arab Gulf Cargo assessment
rationale: (PGA page 2593) The FOB Arab Gulf 380 CST high
sulfur fuel oil assessment was derived as a freight netback
from the FOB Singapore 380 CST HSFO assessment, using
the following calculation: FOB Singapore 380 CST HSFO
assessment minus the cost of transporting an 80,000 mt
dirty cargo from the Persian Gulf to the East.
The above commentary applies to the market data code: AAIDC00
Singapore Fuel Oil bids/offers/trades: (PGA page 2594)
■■ASIA 180 CST HSFO CARGO: DEAL SUMMARY: No trades.
■■ASIA 180 CST HSFO CARGO: OUTSTANDING INTEREST:
ASIA-PACIFIC/ARAB GULF MARKETSCAN march 16, 2018
Platts HSFO 180CST: FOB Straits: Vitol bids MOPS -1.00
Apr 11-15 20kt INCOPlatts HSFO 180CST: FOB Straits: Vitol
bids MOPS -1.00 Apr 8-12 20kt INCOPlatts HSFO 180CST:
FOB Straits: CAO bids MOPS -0.50 Mar 31-Apr 4 20kt
INCOPlatts HSFO 180CST: FOB Straits: CAO bids MOPS
+0.25 Apr 3-7 20kt INCOPlatts HSFO 180CST: FOB Straits:
Vitol offers MOPS +3.00 Apr 7-11 20kt INCO Platts HSFO
180CST: FOB Straits: Total offers Bal Mar Avg +1.50 Apr
1-5 20kt TOTAL GTC ORPlatts HSFO 180CST: FOB Straits:
Total offers Bal Mar Avg +2.00 Apr 6-10 20kt TOTAL
GTCPlatts HSFO 180CST: FOB Straits: Trafi offers MOPS
+3.00 Mar 31-Apr 4 20kt INCOPlatts HSFO 180CST: FOB
Straits: Trafi offers MOPS +3.00 Apr 5-9 20kt INCO.
■■ASIA 180 CST HSFO CARGO: WITHDRAWN: None.
■■ASIA 380 CST HSFO CARGO: DEAL SUMMARY: No trades.
■■ASIA 380 CST HSFO CARGO: OUTSTANDING INTEREST:
Platts HSFO 380CST: FOB Straits: Vitol bids MOPS -1.50
Mar 31-Apr 4 40kt INCOPlatts HSFO 380CST: FOB Straits:
Coastal bids MOPS -1.00 Apr 11-15 20kt ORPlatts HSFO
380CST: FOB Straits: Coastal bids 356.00 Apr 11-15
20ktPlatts HSFO 380CST: FOB Straits: Vitol offers MOPS
+1.00 Apr 11-15 20ktPlatts HSFO 380CST: FOB Straits:
Shell offers MOPS +1.50 Mar 31-Apr 4 20kt SHELL
GTCPlatts HSFO 380CST: FOB Straits: Shell offers MOPS
+1.50 Apr 4-8 20kt SHELL GTCPlatts HSFO 380CST: FOB
Straits: Total offers Bal Mar Avg +1.50 Apr 1-5 20kt TOTAL
GTCPlatts HSFO 380CST: FOB Straits: Glencore offers H2
Bal Mar Avg +0.00 Mar 31-Apr 4 20kt ORPlatts HSFO
380CST: FOB Straits: Glencore offers MOPS +1.00 Apr 5-9
20kt Platts HSFO 380CST: FOB Straits: Glencore offers
358.50 Mar 31-Apr 4 20kt ORPlatts HSFO 380CST: FOB
Straits: Glencore offers 358.50 Apr 5-9 20ktPlatts HSFO
380CST: FOB Straits: HL offers 358.00 Mar 31-Apr 4 20kt
INCO2000.
■■ASIA 380 CST HSFO CARGO: WITHDRAWN: None.
Singapore Fuel Oil exclusions: (PGA page 2594) No market
data was excluded from the March 16, 2018 assessment
process.
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Subscriber notes (PGA page 1500)
assessments to the 35,000 mt clean tanker freight from the
current 30,000 mt assessment starting January 2, 2019: Australia
gasoline assessments: Australian 92 RON and 95 RON unleaded
gasoline are assessed on a C+F Melbourne/Sydney basis as a
netforward from FOB Singapore 92 RON and 95 RON unleaded
assessments using the Singapore-Australia Clean Medium Range
tanker freight assessments. Australia jet fuel: Australian jet fuel is
assessed on a C+F Sydney/Melbourne basis as a netforward from
FOB Singapore jet fuel using the Singapore-Australia Clean
Medium Range tanker freight assessments. Australia gasoil:
Australian 10 ppm gasoil is assessed on a C+F Sydney/Melbourne
basis as a net forward using the Singapore-Australia Clean
Medium Range tanker freight assessments. Please send all
feedback and comments by March 31, 2018 to
asia_products@spglobal.com and pricegroup@spglobal.com. For
written comments, please provide a clear indication if comments
are not intended for publication by Platts for public viewing. Platts
will consider all comments received and will make comments not
marked as confidential available upon request.
Platts to amend FOB Singapore unleaded gasoline assessments
S&P Global Platts proposes to amend the specifications for
gasoline reflected in its FOB Singapore 92 RON unleaded, 95 RON
unleaded and 97 RON unleaded assessments from July 1, 2019,
after market consultation on a proposal note on October 31, 2017.
The earlier proposal can be viewed at http://www.Platts.com/
subscriber-notes-details/27883410. Since then, Platts has
discussed the proposal in a variety of bilateral meetings involving a
full range of stakeholders. In that announcement, Platts stated it
would not change the specifications for the FOB Singapore 92 RON
gasoline grade and that only the FOB Singapore 95 RON and 97
RON specifications would be amended. Under the new proposal, all
three gasoline grades assessed by Platts — 92 RON, 95 RON and 97
RON — will reflect similar specification standards. This is due to
strong market support for reflecting similar specifications for all
three grades because of blending economics, as well as an
ongoing fundamental shift in supply flows in the region. Due to the
proposed change to all three grades, Platts is also seeking
feedback on the date of implementation. Previously, Platts had
proposed amending the specifications of 95 RON and 97 RON on
September 3, 2018. Platts is now proposing to amend all three
grades from July 1, 2019. Under the new proposal, all three gasoline
grades will see the sulfur level lowered from a maximum of 350
ppm (0.035%) to 50 ppm (0.005%). The reduction of the sulfur
content to a maximum of 50 ppm will have additional limits on
14
aromatics by percentage volume and olefins by percentage
volume. The maximum aromatics content will be set at 40%, while
maximum olefins content will be set at 25%. Platts also proposes
to lower the Reid Vapor Pressure specification to a maximum of 9
PSI from 9.5 PSI currently. Platts will also reduce the final boiling
point from a maximum of 225 degrees Celsius to 215 degrees
Celsius. The current specification standards for gasoline on an FOB
AG basis remain unchanged. These changes reflect evolving quality
standards in Asia, where gasoline trading reflects supply and
demand across the Asia Pacific and the Middle East. Vietnam has
already began adopting 50 ppm sulfur for its domestic 95 RON
gasoline specifications since January 2017. Platts periodically
reviews the specifications of all its assessments to ensure they are
representative of the most tradeable grades. Such reviews may
lead to changes to the existing specifications of an assessment,
though any changes would be subject to further industry
consultations ahead of any final decision. Platts last updated the
specifications of these assessments on July 1, 2016. The current
specifications for the Platts Singapore gasoline assessments can
also be viewed at https://www.platts.com/IM.Platts.Content/
MethodologyReferences/MethodologySpe cs/Asia-refined-oil-
products-methodology.pdf Any submissions for the review process
should be sent to asia_products@spglobal.com and
pricegroup@spglobal.com by March 30, 2018. For written
comments, please provide a clear indication if they are not
intended for public viewing. Platts will consider all comments
received and will make those not marked as confidential available
upon request.
Platts to launch FOB Singapore non-oxygenate gasoline
assessment
S&P Global Platts will launch an FOB Singapore non-oxygenate
gasoline assessment, with effect from April 2, 2018. This is in line
with the significant growth of non-oxygenate gasoline import
markets in Asia and Pacific. The new assessment would reflect
50,000- to 150,000-barrel cargoes loading from any of the
approved Platts FOB Straits terminal 15-30 days ahead of the date
of publication. Platts will publish the assessment as both an
outright value and as a differential against the FOB Singapore 92
RON gasoline MOPS Strip. Platts proposed the new assessment on
October 31, 2017 (http://www.platts.com/subscriber-notes-
details/27883415). Since that time, it has received feedback in
support of the proposal, as well as feedback supporting some
changes to the proposed specifications. In response to feedback,
Platts is amending some elements of the specifications reflected in
ASIA-PACIFIC/ARAB GULF MARKETSCAN march 16, 2018
US West Coast Gasoline (PGA page 397)
On the West Coast, gasoline differentials were assessed as
unchanged Friday. A market source active in the Los
Angeles CARBOB market said Thursday was the final day to
schedule barrels on the prompt Kinder Morgan pipeline
cycle. As a result, differentials moved higher Thursday. With
that scheduling squeeze apparently over on Friday, a
source said he was not aware of new deals for March Los
Angeles CARBOB getting done. He said that April Los
Angeles CARBOB was bid at May futures plus 14 cents/gal,
which did impact the assessment for March Los Angeles
CARBOB. That assessment was left unchanged at futures
plus 18.50 cents/gal. On Friday a source indicated it traded
at that level on Thursday evening. San Francisco CARBOB
was also assessed unchanged at futures plus 15.50 cents/
gal. New data released from the California Energy
Commission on Thursday show that stocks of gasoline at
that state’s refineries are returning to their historic norms.
Stocks of gasoline were reported at 76.05 million barrels for
the week ended March 9, which is only 1.8% above their
levels from the same week a year ago, the data showed.
Sour Crude
Market analysis: (PGA page 2298) The Middle East sour crude
market saw tepid activity at the end of the week, possibly
since several refiners were still running linear programs for
best value, sources said. Arbitrage flows from Europe, Africa
and the US to Asia could be triggered if prices are softer this
month in global crude markets as expected. Additionally,
buyers with term arrangements might choose to pick up
more spot barrels given the current market structure,
sources said. North Asian buyers have their sights set on
relatively lighter to medium-heavy sour crude grades such
as Murban and Al-Shaheen this month, while demand for
heavier sour crude grades could dwindle, traders said. For
instance, Iraqi Basrah crude was seeing little uptake by
Asian refiners, they said. “Basrah is slow to move, demand
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Subscriber notes (PGA page 1500)
the new assessment. Under these changes, Platts will reflect a
minimum Motor Octane Number (MON) of 81, while previously there
was no specification stated. For density, per industry practice,
Platts will reflect a specification of “Report,” while previously it had
proposed a minimum of 0.72 g/ml at 15 degrees Celsius. Platts will
also specify oxygenates as contaminants by volume at 1.0%
maximum, whereas initially the oxygenate parameter was
proposed as NIL. Finally, Platts is updating the color property to
reflect Undyed, rather than Undyed, Red Orange. Platts FOB
Singapore non-oxygenate assessment will reflect the following
specifications: Property Standard Research Octane Number (RON)
Min 91 Motor Octane Number (MON) Min 81 Lead content, gpb/l Max
0.013 Density@15 deg C, g/ml Report Reid Vapor Pressure (PSI) Max
9 Distillation, degree C Initial Boiling Point Report 10% evaporated
Max 65 50% evaporated Max 115, Min 74 90% evaporated Max 183
Final Boiling Point Max 215 Residue, %vol Max 2.0 Loss, %vol 2 Odor
Marketable Existent gum, mg/100ml Max 4 Benzene content, %vol
Max 1 Sulfur, % wt Max 0.015 Doctor Test Negative or Mercaptan
sulfur, ppm Max 15 Mercaptan sulfur, % wt Max 0.0015 Copper
corrosion Max 1 (3 hours at 50 deg C) Induction period, minutes Min
360 Oxygenates as components, % vol Nil Oxygenates as
contaminants, % vol Max 1.0 Aromatics, % vol, 17-42 Olefin, % Vol,
Max 18 Color Undyed Alcohol No addition of any alcohol Metallic
Additives None added Acetone Max 100 ppm These assessment
will be published on Platts Global Alert, Platts Asia-Pacific/Arab Gulf
Marketscan and in the Platts price assessment database. Please
send all comments, feedback and questions to
pl_asia_oilproducts@spglobal.com and pricegroup@spglobal.com.
For written comments, please provide a clear indication if
comments are not intended for publication by Platts for public
viewing. Platts will consider all comments received and will make
comments not marked as confidential available upon request.
Platts proposes discontinuation of CFR South China 0.2% gasoil
assessments
S&P Global Platts is proposing to discontinue its assessments for
CFR South China 0.2% sulfur gasoil with effect from October 1,
2018. The proposed discontinuation stems from a lack of liquidity
in that market, as the supply of spot gasoil cargoes to the regional
hub has decreased over the years. The daily CFR South China 0.2%
gasoil assessments can be found on PGA 2404, 2405, 2010 and
PGA 2450 and 2451, and on the Platts Asia Pacific/Arab Gulf
Marketscan. Details of the assessments proposed for
discontinuation are as follows: Code Assessment AALEK00 C+F
15
South China Gasoil 0.2% (Daily) AALEL00 C+F South China Gasoil
0.2% (Monthly) Please send feedback by April 30, 2018, to
pricegroup@spglobal.com. Please send all comments or questions
to asia_oilproducts@spglobal.com and pricegroup@spglobal.com.
For written comments, please provide a clear indication if
comments are not intended for publication by Platts for public
viewing. Platts will consider all comments received and will make
comments not marked as confidential available to the public upon
request. Platts no longer reflects Jade Palms tanker in Singapore
fuel oil MOC Effective immediately, S&P Global Platts will no longer
reflect the tanker Jade Palms as an additional delivery point in its
FOB Singapore fuel oil Market on Close assessment process. Platts
understands the very large crude carrier Jade Palms is no longer
being used as a floating storage unit at Tanjung Pelepas. The
vessel was reviewed and approved as a delivery point in the FOB
Singapore fuel oil MOC process on September 25, 2015. Please send
all feedback and comments to asia_products@spglobal.com and
pricegroup@spglobal.com. For written comments, please provide a
clear indication if comments are not intended for publication by
Platts for public viewing. Platts will consider all comments received
and will make comments not marked as confidential available upon
request.
Easter publishing schedule for Platts Asia oil, shipping
The S&P Global Platts office in Singapore will be closed March 30,
2018, for the Good Friday holiday, and there will be no oil and
shipping publications or assessments from Singapore on that day.
Additionally, Platts in Asia will close its Market on Close
assessment process early on Thursday, March 29, and all
assessments will be basis 12:30 pm Singapore time (0430 GMT).
Normal Singapore publishing schedules will resume on Monday,
April 2. For full details of Platts publishing schedule and services
affected, refer to http://www.platts.com/HolidayHome. For queries,
please contact support@platts.com.
Corrections
Please note that the following December 18 gasoil 10 ppm interim
assessments should read as follows: Gasoil 10ppm Cargo Jan
AAOZB00 75.04 Gasoil 10ppm Cargo Feb AAOZC00 74.88 These
assessments appear in the Platts Asia Pacific/Arab Gulf
Marketscan, on Platts Global Alert pages: MH2656, MH2634 and
MH2654.
ASIA-PACIFIC/ARAB GULF MARKETSCAN march 16, 2018
is really bad [in Asia]. Some Koreans and Japanese are
looking at Basrah, but only looking, not buying” a Chinese
trader said. Barrels of Basrah Light and Heavy crude grades
could be forced to move in the opposite direction, to Europe,
if sellers decide to seek better prices, traders said. A Basrah
Light cargo destined for Europe was bought by Turkish
refinery Tupras, which purchased 2 million barrels of the
grade for loading in the third decade of April at discounts in
the range of $4.80/b to $5/b to Dated Brent, according to
sources. The cargo was priced basis CIF Augusta, they
added. Elsewhere, Russia’s Surgutneftegaz sold two 100,000
mt cargoes of ESPO Blend crude to a Chinese buyer and a
trading house, traders said. The cargoes for loading in May
were said to be priced at premiums in the range of
$3-$3.20/b to Platts front-month Dubai crude assessments,
FOB. Surgut previously offered three cargoes for April
loading via tender. The tender results, however, could not be
confirmed. Prior to that, it sold five cargoes of the crude for
loading over March 9-13, March 13-17, March 17-21, March
24-28, and March 26-30 to Unipec, Vitol, Mercuria and an
unknown buyer, at a premium of $4.60-$4.90/b to Platts
front-month Dubai crude assessments, FOB. Also, Sri
Lanka’s Ceylon Petroleum Corporation was looking for a
700,000-barrel cargo of Abu Dhabi’s Murban crude via
tender. The tender, seen on the company’s website, closes
March 20, with 72-hour validity, for delivery over April 22-23
to Colombo. Ceypetco previously bought a similar-sized
cargo of Murban via tender for January 18-22 delivery from
Swiss Singapore. The state-owned refiner was heard to have
paid a premium of $1.61/b to Murban’s OSP, DAP Colombo,
sources said. It also issued a term tender for Murban last
month, which market sources said was in the final stages of
government approval.
Dubai Mo01 assessment rationale: (PGA page 2295) The May
cash Dubai assessment on Friday took into consideration a
bid and an offer at $61.75/b standing at the end of the Platts
Market on Close assessment process.
The above commentary applies to the market data code: PCAAT00
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
Oman Blend Mo01 assessment rationale: (PGA page 2295)
May cash Oman was assessed equivalent to a premium of
54 cents/b to May Dubai swaps on Friday, in line with values
discussed in the wider market.
The above commentary applies to the market data code: PCABS00
Sour Crude bids/offers/trades: (PGA page 2296)
■■ME SOUR CRUDE MOC: OUTSTANDING INTEREST: BIDS:
■■Platts Dubai Partial May18: Lukoil no longer bids at
$61.80/b for 25kb after trade with Shell (08:29:57) ; Platts
Dubai Partial May18: Koch bids at $61.75/b for 25kb ;
Platts Dubai Partial May18: PDCL bids at $61.70/b for 25kb
; Platts Dubai Partial May18: Mercuria bids at $61.65/b for
25kb ; Platts Dubai Partial May18: SK Energy bids at
$61.65/b for 25kb ; Platts Dubai Partial May18: Chinaoil
bids at $61.40/b for 25kb; Platts Dubai Partial May18:
Mercuria withdraws bids at $50.00/b for 25kb (08:18:03);
Platts Dubai Partial Jul18: Unipec bids at $62.25/b for
25kb; Platts Upper Zakum Cargo May18: BP bids at minus
-0.28 cents/b to Nomination Month OSP for 500kb
■■ME SOUR CRUDE MOC: OUTSTANDING INTEREST: OFFERS:
■■Platts Dubai Partial May18: Unipec offers at $61.75/b for
25kb and trades during extension; Platts Dubai Partial
May18: Shell no longer offers at $61.80/b for 25kb after
trade with Koch (08:29:43); Platts Dubai Partial May18:
Totsa offers at $62.00/b for 25kb; Platts Dubai Partial
May18: Reliance offers at $62.00/b for 25kb; Platts Dubai
Partial May18: Chinaoil offers at $62.00/b for 25kb; Platts
Dubai Partial May18: Vitol offers at $62.15/b for 25kb;
Platts Dubai Partial May18: SK Energy offers at $62.25/b
for 25kb; Platts Qatar Marine Cargo May18: Unipec offers
at minus 40 cents to BL Month OSP for 500kb
■■ME SOUR CRUDE: DEALS SUMMARY: 29 trades: 1) Dubai:
FOB Fateh: May18: 25kb: Koch buys from Unipec at $61.75/b
(08:27:59); 2) Dubai: FOB Fateh: May18: 25kb: Koch buys
from Unipec at $61.75/b (08:28:07); 3) Dubai: FOB Fateh:
May18: 25kb: Mercuria buys from Unipec at $61.75/b
(08:28:13); 4) Dubai: FOB Fateh: May18: 25kb: Unipec sells to
Koch at $61.75/b (08:28:20); 5) Dubai: FOB Fateh: May18:
16
25kb: Unipec sells to Koch at $61.75/b (08:28:27); 6) Dubai:
FOB Fateh: May18: 25kb: Unipec sells to Koch at $61.75/b
(08:28:38); 7) Dubai: FOB Fateh: May18: 25kb: Koch buys
from Unipec at $61.75/b (08:28:43); 8) Dubai: FOB Fateh:
Jul18: 25kb: Mercuria sells to Unipec at $62.15/b (08:28:43);
9) Dubai: FOB Fateh: May18: 25kb: Mercuria buys from
Unipec at $61.75/b (08:28:48); 10) Dubai: FOB Fateh: May18:
25kb: Unipec sells to Koch at $61.75/b (08:28:55); 11) Dubai:
FOB Fateh: May18: 25kb: Mercuria buys from Unipec at
$61.75/b (08:28:59); 12) Dubai: FOB Fateh: May18: 25kb:
Unipec sells to Koch at $61.75/b (08:29:04); 13) Dubai: FOB
Fateh: May18: 25kb: Shell sells to Lukoil at $61.8/b
(08:29:10); 14) Dubai: FOB Fateh: Jul18: 25kb: Mercuria sells
to Unipec at $62.2/b (08:29:11); 15) Dubai: FOB Fateh:
May18: 25kb: Unipec sells to Koch at $61.75/b (08:29:11); 16)
Dubai: FOB Fateh: May18: 25kb: Unipec sells to Koch at
$61.75/b (08:29:18); 17) Dubai: FOB Fateh: May18: 25kb: Shell
sells to Lukoil at $61.8/b (08:29:19); 18) Dubai: FOB Fateh:
May18: 25kb: Unipec sells to Koch at $61.75/b (08:29:21); 19)
Dubai: FOB Fateh: May18: 25kb: Unipec sells to Koch at
$61.75/b (08:29:27); 20) Dubai: FOB Fateh: May18: 25kb:
Shell sells to Lukoil at $61.8/b (08:29:30); 21) Dubai: FOB
Fateh: Jul18: 25kb: Mercuria sells to Unipec at $62.2/b
(08:29:35); 22) Dubai: FOB Fateh: May18: 25kb: Mercuria
buys from Unipec at $61.75/b (08:29:37); 23) Dubai: FOB
Fateh: May18: 25kb: TOTSA sells to Lukoil at $61.8/b
(08:29:38); 24) Dubai: FOB Fateh: May18: 25kb: Koch buys
from Shell at $61.8/b (08:29:43); 25) Dubai: FOB Fateh:
May18: 25kb: Reliance sells to Koch at $61.75/b (08:29:43);
26) Dubai: FOB Fateh: May18: 25kb: Mercuria buys from
Unipec at $61.75/b (08:29:46); 27) Dubai: FOB Fateh: May18:
25kb: Mercuria buys from Unipec at $61.75/b (08:29:54);
28) Dubai: FOB Fateh: May18: 25kb: Shell sells to Lukoil at
$61.8/b (08:29:57); 29) Dubai: FOB Fateh: May18: 25kb:
Mercuria buys from Unipec at $61.75/b (08:30:01)
Sour Crude exclusions: (PGA page 2296) No market data was
excluded from the March 16 2018, Middle East sour crude
assessment process.
ASIA-PACIFIC/ARAB GULF MARKETSCAN march 16, 2018
Sweet Crude
Market analysis: (PGA page 2299) Spot deals continued to
emerge in the Asian sweet crude market Friday with more
tenders issued earlier in the month closing. India’s ONGC
Videsh offered 700,000 barrels of Sokol crude for loading
over May 9-15 via tender. It was heard to have sold the
cargo to an oil major at a premium in the low $4s/b to
Platts Dubai crude assessments on a CFR North Asia
basis. This was not far from the premium for its last
tender offering Sokol crude for loading over April 20-26,
which was heard sold to a Chinese trader at a premium of
$4.35/b to Platts Dubai crude assessments on a CFR
North Asia basis. The ONGC deal came on the heels of
another May-loading Sokol sale that sources said Japan’s
Marubeni made at a premium of around $4.40/b to Platts
Dubai assessments. The buyer of the cargo could not be
confirmed. Nonetheless, the traded premiums
represented a sharp fall from that seen for cargoes
loading in early April sold just a month earlier. Sokol
cargoes changed hands at a premium of $5.30-$5.40/b to
Platts Dubai assessments. The Far East Russian grade
© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.
ESPO Blend, a favorite of Chinese independent refiners,
has also seen its premium slide over the last two months.
M2 ESPO cargoes were assessed at a premium of $3.45/b
to Platts Dubai on March 15, down from a near four-year
high of $5.40/b on January 25. Sources said regional
sweet grades were facing challenges with demand still
weak amid the turnaround season. “This month, demand
hasn’t been good. The Persian Gulf light grades have
dropped a lot,” a crude trader with a Chinese end-user
said. Demand from China, in particular, has waned ever
since a new tax reporting rule came into effect this month.
Sources said a large number of crude cargoes at Chinese
ports were still to find buyers, among them ESPO, Lula,
Djeno and Oman crudes. An S&P Global Platts survey
showed that around 9.58 million mt of crude oil was
expected to call at ports in Tianjin and Shandong in March,
up 22.5% from February. “Demand has weakened. As a
result, some buyers are looking to take delivery of cargoes
behind their original schedule or even cancel the
purchases,” a Chinese port source said. That could affect
the current trading cycle as importers try to clear the
overhang before venturing into the spot market to procure
17
cargoes. Elsewhere, more clarity was seen on the recent
North West Shelf condensate sale from oil major Shell to
South Korea’s Hanwha Total for an April-loading cargo.
Sources said the cargo was sold at a premium in the mid-
$2/b to Platts Dated Brent on a CFR Daesan basis.
ESPO FOB Kozmino Mo01 Spore vs Dubai Mo01
assessment rationale: (PGA page 2292) The ESPO M1
assessment took into consideration latest trade indications
heard for ESPO Blend crude.
The above commentary applies to the market data code: AASEU00
Sweet Crude bids/offers/trades: (PGA page 2293)
■■ASIA LIGHT CRUDE MOC: DEAL SUMMARY: No deals.
■■ASIA LIGHT CRUDE MOC: OUTSTANDING INTEREST: BIDS:
No bids.
■■ASIA LIGHT CRUDE MOC: OUTSTANDING INTEREST:
OFFERS: No offers.
Sweet Crude exclusions: (PGA page 2293) No market data
was excluded from the March 16 2018, Asia Light Crude
assessment process.