Apag 20171110

ASIA-PACIFIC/ARAB GULF MARKETSCAN
Volume 36 / Issue 216 / November 10, 2017
Asia products
Code Mid Change Code Mid Change Code Mid Change
Singapore (PGA page 2002)

FOB Singapore ($/barrel) MOPS strip Premium/Discount
Naphtha PAAAP00 65.62–65.66 65.640 +0.850 AAPKA00 64.51–64.55 64.530 +0.810
Gasoline 97 unleaded PGAMS00 78.67–78.71 78.690 +0.530 AAPKE00* 14.14/14.18 14.160 -0.280
Gasoline 95 unleaded PGAEZ00 77.33–77.37 77.350 +0.530 AAPKF00* 12.80/12.84 12.820 -0.280
Gasoline 92 unleaded PGAEY00 74.56–74.60 74.580 +0.530 AAPKG00* 10.03/10.07 10.050 -0.280
Gasoline 92 unleaded AAXEQ00 73.95–73.99 73.970 +0.760 AAXER00 0.59/0.63 0.610 -0.230
CFR Naphtha AAOVF00 64.930 +0.810 AAOVG00 0.400 0.000
Kerosene PJABF00 74.98–75.02 75.000 +0.580 AAPJZ00 75.09–75.13 75.110 +0.620 PJACU00 -0.13/-0.09 -0.110 -0.040
Gasoil 10 ppm AAOVC00 74.54–74.58 74.560 +0.700 AAOVD00** 0.95/0.99 0.970 +0.010
Gasoil 50 ppm AAPPF00 74.40–74.44 74.420 +0.700 AAPPH00** 0.81/0.85 0.830 +0.010
Gasoil 0.05% sulfur AAFEX00 73.31–73.35 73.330 +0.690 AAFFB00** -0.28/-0.24 -0.260 0.000
Gasoil 0.25% sulfur AACUE00 72.35–72.39 72.370 +0.690 AACQI00** -1.24/-1.20 -1.220 0.000
Gasoil POABC00 73.31–73.35 73.330 +0.690 AAPJY00 73.57–73.61 73.590 +0.690 POAIC00** -0.28/-0.24 -0.260 0.000
FO 180 CST 2% ($/mt) PUAXS00 385.62–385.66 385.640 +3.780
HSFO 180 CST ($/mt) PUADV00 377.13–377.17 377.150 +3.690 AAPJX00 377.21–377.25 377.230 +3.230 AAGZF00 -0.10/-0.06 -0.080 +0.460
HSFO 380 CST ($/mt) PPXDK00 374.27–374.31 374.290 +3.240 AAPJW00 373.43–373.47 373.450 +3.130 PPXDL00 0.82/0.86 0.840 +0.110
Ex-Wharf 180 CST ($/mt) AAFET00 380.00–381.00 380.500 +3.500
Ex-Wharf 380 CST ($/mt) AAFER00 376.50–377.50 377.000 +4.000
Ex-Wharf 500 CST ($/mt) AAVUP00 373.50–374.50 374.000 +4.500
*Differential to FOB Singapore naphtha. **Differential to FOB Singapore gasoil. The “Gasoil Reg 0.5%” assessment was renamed “Gasoil” on January 3, 2012. The renamed Gasoil assessment continued to reflect the same underlying methodology and quality
specifications, including a sulfur content of 0.5% sulfur, through calendar year 2012. The specification changed to 500 ppm sulfur on January 2, 2013.
Middle East physical oil assessments (PGA page 2004 and 2018)
FOB Arab Gulf ($/barrel) Premium/Discount
Naphtha ($/mt) PAAAA00 574.99–580.24 577.615 +7.070 AAPKH00 18.75/19.25 19.000 0.000 Subscriber notes (PGA page 1500)
Naphtha LR2 ($/mt) AAIDA00 576.44–581.69 579.065 +7.250
Gasoline 95 unleaded AAICY00 75.02–75.06 75.040 +0.550 AAWUJ00 4.83/4.87 4.850 +0.200 S&P Global Platts will include ExxonMobil Singapore Chemical
Gasoline 95 unleaded CFR AAWUK00 5.58/5.62 5.600 Plant’s Banyan facility — previously known as the Jurong
Gasoline 92 unleaded AAGJA00 72.270 +0.550 AAGZA00 4.850 +0.200 Aromatics plant — as a loading point in the Singapore Market on
Kerosene PJAAA00 73.41–73.45 73.430 +0.570 PJACV00 0.53/0.57 0.550 0.000 Close assessment process for gasoil and jet fuel, starting
Kerosene LR2 AAKNZ00 73.44–73.48 73.460 +0.580 November 1, 2017. Platts invited feedback on the proposal to
Gasoil 10 ppm AAIDT00 72.49–72.53 72.510 +0.670 AAIDU00* 1.43/1.47 1.450 0.000 include the facility as a loading point in a subscriber note published
Gasoil 0.005% sulfur AASGJ00 72.29–72.33 72.310 +0.670 AASGK00* 1.23/1.27 1.250 0.000 June 4, 2017. Platts extended the review on August 2, to collect
Gasoil 0.05% sulfur AAFEZ00 71.64–71.68 71.660 +0.670 AAFFD00* 0.58/0.62 0.600 0.000
further data for the complex. In August 2017, ExxonMobil Asia
Gasoil 0.25% sulfur AACUA00 70.64–70.68 70.660 +0.770 AACUC00* -0.42/-0.38 -0.400 +0.100
Gasoil POAAT00 71.64–71.68 71.660 +0.670 POAID00* 0.58/0.62 0.600 0.000
Pacific Pte Ltd completed the acquisition of the facility from Jurong
Gasoil LR2 AAKBT00 71.67–71.71 71.690 +0.690 Aromatics Corp. Pte Ltd. Platts uses the Singapore MOC process to
HSFO 180 CST ($/mt) PUABE00 365.73–365.77 365.750 +3.690 AAXJA00 7.25/7.75 7.500 -1.000 assess the value of oil across Asia and the Middle East. The
HSFO 380 CST ($/mt) AAIDC00 362.87–362.91 362.890 +3.240 AAXJB00 7.25/7.75 7.500 -1.000 benchmark FOB Singapore price assessments reflect FOB Straits
HSFO 180/380 spread ($/mt) PPXDM00 -2.88/-2.84 -2.860 -0.450 bids, offers and trades, wherein the seller may nominate cargoes
Ex-Wharf Fujairah 380 CST** ($/mt) AAYBG00 4.250
-0.750 for loadings from approved terminals in Singapore and Malaysia.
*premium to MOPAG Gasoil during loading.**Ex-Wharf differential represents premium/discount to the MOPAG 180 CST strip. (Subscriber notes continue on page 13)
www.platts.com
ASIA-PACIFIC/ARAB GULF MARKETSCAN November 10, 2017
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 ($/barrel) MOPAG Strip ended the week on a steady note, with market
Gasoline 95 unleaded AFUJA00 78.730 +0.900 AFUJB00 73.880
+0.700 fundamentals little changed over the week. “Asian demand
Kerosene AFUJF00 74.080 +0.590 AFUJG00 73.530
+0.590
is still relatively strong” a source said. The 92 RON gasoline
Gasoil 10 ppm AFUJP00 73.370 +0.670
Gasoil AFUJK00 72.520 +0.670 AFUJL00 71.920
+0.670 crack versus ICE Brent front-month futures remained range
HSFO 380 CST ($/mt) AFUJQ00 368.750
+2.030 AFUJR00 361.250
+3.030 bound, according to sources. “[The crack] is still holding well
Ex-Wharf 380 CST ($/mt) AAYBF00 370.000
+1.750 AAYBD00 365.750
+2.500
[and is] supported,” a source said. The 92 RON gasoline
*FOB Fujairah outright prices are derived by adding the MOPAG strips and the FOB Arab Gulf premiums/discounts.
crack closed at $10.60/b on Thursday, continuing to hover
Gasoline components (PBF page 2410) around the $10-$11/b crack range of November so far.

FOB Singapore ($/mt) Following two weeks of the US Atlantic Coast not receiving
MTBE PHALF00 706.00–708.00 707.000 +5.000 European gasoline cargoes, according to the latest US
Singapore demurrage (PGT pages 2910 & 2960)
$/day
Weekly Fujairah oil product stocks
Demurrage Clean AALPY00 17000.000
-500.000 Code (’000 barrels) Change
Demurrage Dirty AALQA00 21000.000 0.000
Nov 06 (PGA page 2022)
Indonesia physical oil assessments (PGA page 2516) Light distillates FUJLD04 4845 +579

FOB Indonesia ($/barrel) Premium/Discount Middle distillates FUJMD04 1744 -501
Heavy distillates and residues FUJHD04 8641 -743
LSWR Mixed/Cracked PPAPU00 60.70–60.74 60.720 +0.490 AAHXR00 5.22/5.26 5.240 +0.010
Source: FEDCom, Platts
LSWR AAUGR00 58.50–58.54 58.520 +0.490 AAWTX00 1.34/1.38 1.360 0.000
Code Mid Change Code Mid Change Code Mid Change
Singapore paper (PGA page 2655)
Balance November* ($/barrel) December ($/barrel) January ($/barrel)
Naphtha Japan ($/mt) AAXFE00 591.00–591.50 591.250 +7.000 AAXFF00 583.75–584.25 584.000 +6.500
Naphtha AAPLD00 64.88–64.92 64.900 +0.850 PAAAQ00 64.13–64.17 64.150 +0.800 PAAAR00 63.33–63.37 63.350 +0.750
Gasoline 92 unleaded AAXEK00 74.57–74.61 74.590 +0.890 AAXEL00 73.32–73.36 73.340 +0.670 AAXEM00 72.77–72.81 72.790 +0.520
Reforming Spread AAXEN00 9.67/9.71 9.690 +0.040 AAXEO00 9.17/9.21 9.190 -0.130 AAXEP00 9.42/9.46 9.440 -0.180
Kerosene AAPLE00 75.09–75.13 75.110 +0.630 PJABS00 75.08–75.12 75.100 +0.600 PJABT00 75.10–75.14 75.120 +0.630
Gasoil 10ppm (0.001%)** AAOZA00 74.600 +0.700 AAOZB00 74.880 +0.740 AAOZC00 74.980 +0.610
Gasoil AAPLF00 73.58–73.62 73.600 +0.700 POAFC00 73.56–73.60 73.580 +0.680 POAFG00 74.96–75.00 74.980 +0.610
HSFO 180 CST ($/mt) AAPML00 377.18–377.22 377.200 +3.200 PUAXZ00 377.23–377.27 377.250 +3.250 PUAYF00 376.48–376.52 376.500 +3.250
HSFO 380 CST ($/mt) AAPKB00 373.78–373.82 373.800 +3.150 AAPKC00 373.08–373.12 373.100 +3.150 AAPKD00 371.68–371.72 371.700 +3.100
Gasoil EFS ($/mt) AAQTX00 -21.180 -1.780 AAQTY00 -19.830 -0.680 AAQTZ00 -10.150 -0.460
*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 November* ($/barrel)
December ($/barrel) January ($/barrel)
Gasoline 95 unleaded AFUIM00 74.830 +0.910 AFUIM01 73.630
+0.690 AFUIM02 73.130 +0.540
Kerosene AFUAM00 73.540 +0.620 AFUAM01 73.530
+0.590 AFUAM02 73.550 +0.620
Gasoil AFUJM00 71.930 +0.680 AFUJM01 71.910
+0.660 AFUJM02 73.310 +0.590
HSFO 180 CST AAYBM00 365.200
+2.650 AAYBM01 365.250
+2.700 AAYBM02 364.500
+2.950
HSFO 180 CST** AADZB00 365.750
+2.500 AADZM01 365.750
+2.500 AADZM02 364.500
+2.500
HSFO 380 CST AFURM00 361.800
+3.050 AFURM01 361.100
+3.050 AFURM02 359.700
+3.000
*Balance month swaps are assessed from the 1st to 10th of the month. ** At 1730 Singapore time
© 2017 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 2
Asia products Interim Gasoil 10 ppm Strip and Diffs

Code Mid Change Code Mid Change FOB Singapore ($/barrel) (PGA page 2404)
Japan physical oil assessments (PGA page 2006) Premium/Discount Change

C+F Japan ($/mt) Premium/Discount (vs MOPS 10 ppm)
Gasoil 10 ppm AAQGR00 -0.18 -0.03
Naphtha PAAAD00 597.50–602.75 600.125 +7.250 PAADI00 11.75/12.25 12.000 +0.750 Gasoil 50 ppm AAQIR00 -0.32 -0.03
Nph 2nd 1/2 Dec PAAAE00 607.00–607.50 607.250 +7.250 Gasoil 500 ppm AAQHR00 -1.41 -0.04
Nph 1st 1/2 Jan PAAAF00 602.25–602.75 602.500 +7.250 Gasoil 0.25% AAQJR00 -2.37 -0.04
Nph 2nd 1/2 Jan PAAAG00 597.50–598.00 597.750 +7.250 Gasoil AAQKR00 -1.41 -0.04
Naphtha MOPJ Strip AAXFH00 583.75–584.25 584.000 +6.500 AAXFI00 15.88/16.38 16.130 +0.750
MOPS Gasoil 10 strip AAQFR00 74.74 +0.73
C+F Japan ($/barrel) Premium/Discount
Gasoline 91-92 unleaded PGACW00 76.44–76.48 76.460 +0.470
Gasoline 95 unleaded PGAQQ00 79.21–79.25 79.230 +0.470
Kerosene
Gasoil
PJAAN00
POABF00
76.49–76.53 76.510 +0.660
76.74–76.78 76.760 +0.750
PAADK00 1.38/1.42
AAWVG00 2.18/2.22
1.400
2.200
+0.040
+0.050
PLATTS OIL IS ON LINKEDIN
HSFO 180 CST ($/mt) PUACJ00 387.79–387.83 387.810 +3.690 Follow Platts OIL to get the latest industry
FOB Okinawa ($/barrel) Premium/Discount news and exclusive content
Gasoil POAIW00 73.57–73.61 73.590 +0.690 POAIY00 -0.02/0.02 0.000 0.000
www.linkedin.com/company/platts-oil
South Korea physical oil assessments (PGA page 2008)

C+F Korea ($/mt) Premium/Discount
Naphtha PAADE00 610.88–611.38 611.130 +8.000 PAADG00 10.75/11.25 11.000 +0.750 customs data, Europe is starting to turn out-bound cargoes
FOB Korea ($/barrel) Premium/Discount again toward the US. This has left some sources discussing
Gasoline 95 unleaded PGAQO00 76.22–76.26 76.240 +0.490 if more Asian barrels will now flow to the Middle East to
Jet PJADG00 74.89–74.93 74.910 +0.620 PJADI00 -0.22/-0.18 -0.200 0.000 meet their healthy demand in light of ongoing refinery
Gasoil POAIE00 73.52–73.56 73.540 +0.690 POAIG00 -0.07/-0.03 -0.050 0.000 maintenance works in the region. In India, state-owned
HSFO 180 CST 3.5% ($/mt) PUBDP00 378.46–378.50 378.480 +3.230 PUBDR00 1.00/1.50 1.250 0.000
refiner Hindustan Petroleum Corp. Ltd.’s gross refining
HSFO 380 CST 3.5% sulfur ($/mt) PUBDY00 375.60–375.64 375.620 +2.780 PUBEA00 1.00/1.50 1.250 0.000
margin rose 136% year on year to $7.61/b in July-September,
Mean of Platts West India netbacks (PGA page 2012) from $3.23/b a year earlier, due to high returns from refined
FOB India ($/mt) FOB India ($/barrel) product cracks, the company officials said Thursday. Sales
Naphtha AAQWK00 579.530 +7.440 AAQWJ00 64.390 +0.820
of gasoline over the period rose 7.1%, reflecting domestic
Gasoline (92 RON) AARBQ00 621.270 +4.590 AARBP00 73.090 +0.540
Gasoline (95 RON) AAQWI00 637.080 +4.540 AAQWH00 75.840 +0.540
demand and inventory gain. A gasoline market analyst said
Jet kero AAQWM00 579.840 +4.670 AAQWL00 73.400 +0.590 that the domestic demand during the monsoon season did
Gasoil (10ppm) AAQWO00 555.490 +5.430 AAQWN00 72.900 +0.710 not diminish as much as previously expected; in fact, it
Gasoil (500ppm) AAQWQ00 533.650 +5.230 AAQWP00 71.630 +0.700 remained healthy. International Enterprise Singapore data
Gasoil (2500ppm) AAQWS00 526.500 +5.230 AAQWR00 70.670 +0.700 released Thursday showed stocks of light distillates —
Australia (PGA page 2014) which includes gasoline, reformate and naphtha but

C+F Australia ($/barrel) excludes gases like LPG — fell 7.42% over the week ended
Gasoline 92 AACZF00 78.42–78.46 78.440 +0.450 November 8 and now sit at 10.70 million barrels. In other
Gasoline 95 AACZH00 81.19–81.23 81.210 +0.450 news, China’s Ministry of Commerce Wednesday announced
Jet AAFIY00 79.13–79.17 79.150 +0.500 that the total crude oil import quotas for independent oil
Gasoil 10ppm AAQUD00 78.94–78.98 78.960 +0.610 companies in 2018 would be 142.42 million mt (2.86 million
Asia products Gasoline Unl 97 FOB Spore Cargo assessment rationale:

Code Mid Change Code Mid Change
(PGA page 2392) The FOB Singapore 97 RON gasoline
Freight netbacks (PGA pages PGT2910 & PGT2960) assessment Friday took into account the previous day’s

AG-Spore
Spore-Japan AG-Japan Spore-Australia 97/95 inter-RON spread in the absence of bids and offers
Naphtha AAPOF00 16.00* AAPOG00 22.51* for 97 RON gasoline.
Naphtha-LR2 AAPOH00 21.06* The above commentary applies to the market data code: PGAMS00
Gasoline AAPOC00 2.31 AAPOD00 1.88 AAPOE00 3.86
Kerosene AAPOI00 1.57 AAPOJ00 4.15
Singapore Gasoline bids/offers/trades: (PGA page 2393)
Kerosene-LR2 AAPOK00 1.54
Gasoil AAPOL00 1.67 AAPOM00 4.40
■■PLATTS ASIA MOGAS CARGO MOC: OUTSTANDING
Gasoil-LR-2 AAPON00 1.64 INTEREST: BIDS
HSFO 180 CST AAPOO00 11.40* AAPOP00 10.66* ■■92 RON: FOB Straits: Nov 25-29: Petrochina bids at
HSFO 380 CST AAPOQ00 11.40* $74.60/b for 50kb

All values in $/barrel, except * values in $/mt ■■92 RON: FOB Straits: Nov 25-29: BP bids at $74.50/b for
South China/Hong Kong physical oil assessments (PGA page 2010) 50kb

South China ($/mt) Premium/Discount to MOPS ($/barrel) ■■92 RON: FOB Straits: Nov 25-29: Lukoil bids at $74.30/b
Gasoline 90 unleaded AAICU00 627.75–631.75 629.750 +4.500 for 50kb

Gasoline 93 unleaded AAICW00 636.25–640.25 638.250 +4.500 ■■92 RON: FOB Straits: Nov 25-29: Hin Leong bids at
Jet/kero PJABQ00 601.75–605.75 603.750 +4.250 AAWTW00 1.30/1.34 1.320 -0.090
Gasoil POAFA00 552.75–556.75 554.750 +4.750 AABJZ00 0.86/0.90 0.880 -0.030
$74.10/b for 50kb
■■92 RON: FOB Straits: Nov 25-29: Total bids at $73.50/b OR
Gasoil 0.2% AALEK00 546.00–550.00 548.000 +4.750
Hong Kong bunker grades ($/mt) Nov 29 - Dec 3 at $73.50/b for 50kb
■■92 RON: FOB Straits: Nov 30 - Dec 4: Sietco bids at
HSFO 180 CST PUACC00 394.00–395.00 394.500 +3.500
HSFO 380 CST PUAER00 390.50–391.50 391.000 +3.500 $74.30/b for 50kb
*C+F Hong Kong, $/barrel premium/discount to Mean of Platts Singapore. ■■PLATTS ASIA MOGAS CARGO MOC: OUTSTANDING
INTEREST: NO OFFERS
Foreign exchange rates (PGA page 2160)
Gasoline Unl 92 FOB Spore Cargo assessment rationale: ■■PLATTS ASIA MOGAS CARGO MOC: OUTSTANDING
USD/Yen AAWFX00 113.5250 -0.1150
Eur/USD AAWFU00 1.1639 +0.0028 (PGA page 2392) The FOB Singapore 92 RON gasoline INTEREST: WITHDRAWN
GBP/USD AAWFV00 1.3125 -0.0021 assessment Friday considered the three trades for cargoes ■■WD 92 RON: FOB Straits: Dec 5-9: PTT withdraws offers at
USD/SGD AAWFZ00 1.3604 -0.0011
loading over November 27-December 1 at $74.70/b, the $74.60/b for 50kb (4:16:01)
USD/MYR AAWGA00 4.1935 -0.0280
USD/HK AAWFY00 7.8016 +0.0036 trade for a cargo loading over November 30-December 4 at ■■TDD 92 RON: FOB Straits: Nov 27 - Dec 1: Trafi no longer
AUD/USD AAWFT00 0.7678 -0.0007 $74.50/b, and the two trades for cargoes loading over offers at $74.70/b after three trades with Vitol at $74.40/b
USD/CNY AAWFW00 6.6282 -0.0043
December 6-10 at $74.40/b. for 50kb (4:17:34, 4:25:00, 4:25:12)
Source: Development Bank of Singapore
The above commentary applies to the market data code: PGAEY00 ■■TDD 92 RON: FOB Straits: Dec 1-5: Gunvor no longer offers
at $74.60/b after trade with Vitol for 50kb (4:25:05)

b/d), compared to 87.6 million mt (1.76 million b/d) that the Gasoline Unl 95 FOB Spore Cargo assessment rationale: ■■TDD 92 RON: FOB Straits: Dec 6-10: Trafi no longer offers
government had set for 2017, according to calculations by (PGA page 2392) The FOB Singapore 95 RON gasoline at $74.40/b after trade with Hin Leong for 50kb (4:25:08)
S&P Global Platts. But the actual quotas awarded so far in assessment Friday took into account the previous day’s ■■TDD 92 RON: FOB Straits: Nov 30 - Dec 4: Hin Leong no
2017 stand at 103.52 million mt. State-owned companies — 95/92 inter-RON spread in the absence of bids and offers longer bids at $74.50/b after trade with Lukoil for 50kb
Sinopec, PetroChina, CNOOC and Sinochem — do not need for 95 RON gasoline. (4:29:19)
quotas to import crude oil. The above commentary applies to the market data code: PGAEZ00 ■■WD 92 RON: FOB Straits: Nov 25-29: Unipec withdraws
bids at $74.70/b OR MOPS 92 RON plus $1/b for 50kb

European products ($/mt)
(4:29:56)
■■TDD 92 RON: FOB Straits: Dec 6-10: Hin Leong no longer
Mediterranean (PGA page 1114)
FOB (Italy) CIF (Genova/Lavera)
bids at $74.40/b after trade with Unipec for 50kb (4:29:58) Prem Unl 10ppm AAWZA00 621.50–622.00 621.750
+0.750 AAWZB00 627.50–628.00 627.750
+0.750
■■PLATTS ASIA MOGAS CARGO MOC: DEAL SUMMARY: Naphtha PAAAI00 569.00–569.50 569.250
+3.250 PAAAH00 577.00–577.50 577.250
+3.250
SEVEN TRADES Jet aviation fuel AAIDL00 601.00–601.50 601.250 -0.750
■■1. 92 RON: FOB Straits: Nov 27 - Dec 1: Vitol buys from
Gasoil 0.1% AAVJI00 551.00–551.50 551.250 -2.000 AAVJJ00 560.75–561.25 561.000 -2.000
10ppm ULSD AAWYY00 565.50–566.00 565.750 -0.750 AAWYZ00 573.25–573.75 573.500 -0.750
Trafi at $74.70/b for 50kb (4:17:34) 1% PUAAK00 371.25–371.75 371.500 -1.000 PUAAJ00 378.50–379.00 378.750 -1.000
■■2. 92 RON: FOB Straits: Nov 27 - Dec 1: Vitol buys from 3.5% PUAAZ00 357.75–358.25 358.000
+0.750 PUAAY00 365.25–365.75 365.500
+0.750
Trafi at $74.70/b for 50kb (4:25:00) Northwest Europe cargoes (PGA page 1110)
■■3. 92 RON: FOB Straits: Dec 1-5: Vitol buys from Gunvor at CIF (Basis ARA) FOB NWE
Gasoline 10ppm AAXFQ00 654.75–655.25 655.000 -0.500
$74.60/b for 50kb (4:25:05) Naphtha Swap PAAAJ00 579.00–579.50 579.250
+3.250
■■4. 92 RON: FOB Straits: Dec 6-10: Hin Leong buys from
Naphtha Phy PAAAL00 582.75–583.25 583.000
+3.250
Trafi at $74.40/b for 50kb (4:25:08) Jet PJAAU00 613.00–613.50 613.250 -0.750 PJAAV00 604.75–605.25 605.000 -0.750
■■5. 92 RON: FOB Straits: Nov 27 - Dec 1: Vitol buys from
Ultra low sulfur diesel 10ppm AAVBG00 570.25–570.75 570.500 -1.750 AAVBF00 561.75–562.25 562.000 -1.750
Gasoil 0.1% AAYWS00 563.50–564.00 563.750
+0.250 AAYWR00 551.50–552.00 551.750
+0.250
Trafi at $74.70/b for 50kb (4:25:12) Diesel 10ppm NWE AAWZC00 572.00–572.50 572.250 -1.750 AAWZD00 563.25–563.75 563.500 -1.750
■■6. 92 RON: FOB Straits: Nov 30 - Dec 4: Lukoil sells to Hin Diesel 10 PPM UK AAVBH00 573.00–573.50 573.250 -1.750
1% PUAAL00 377.00–377.50 377.250 -0.500 PUAAM00 366.50–367.00 366.750 -0.500
Leong at $74.50/b for 50kb (4:29:19)
3.5% PUABA00 352.25–352.75 352.500
+1.750 PUABB00 337.75–338.25 338.000
+1.750
■■7. 92 RON: FOB Straits: Dec 6-10: Unipec sells to Hin
0.5-0.7% straight run PKABA00 413.25–414.25 413.750
+0.250
Leong at $74.40/b for 50kb (4:29:58) Low sulfur VGO AAHMZ00 455.50–456.50 456.000 -1.250 AAHMX00 451.50–452.50 452.000 -1.500
■■PLATTS FUJAIRAH MOGAS CARGO MOC: OUTSTANDING High sulfur VGO AAHND00 440.25–441.25 440.750 -1.500 AAHNB00 436.50–437.50 437.000 -1.500
INTEREST: NO BIDS Northwest Europe barges (PGA pages 1112 & 1380)
■■PLATTS FUJAIRAH MOGAS CARGO MOC: OUTSTANDING FOB Rotterdam
Eurobob AAQZV00 636.75–637.25 637.000 -0.500
INTEREST: NO OFFERS Unleaded 98 AAKOD00 716.75–717.25 717.000 -0.500
■■PLATTS FUJAIRAH MOGAS CARGO MOC: OUTSTANDING Premium Unleaded PGABM00 642.75–643.25 643.000 +3.000
INTEREST: NO TRADES Reformate AAXPM00 662.000
-10.500
MTBE* PHALA00 704.75–705.25 705.000 +8.000
Naphtha Phy PAAAM00 578.75–579.25 579.000 +3.250
Singapore Gasoline exclusions: (PGA page 2393) No market Jet PJABA00 619.25–619.75 619.500 +0.250
data was excluded from the Asian gasoline assessment Gasoil 50 ppm AAUQC00 566.00–566.50 566.250 -0.500
Gasoil 0.1%* AAYWT00 557.50–558.00 557.750 -1.250
process on November 10, 2017. 10 ppm* AAJUS00 569.50–570.00 569.750 -0.500
1% PUAAP00 368.75–369.25 369.000 +1.750
3.5% PUABC00 358.75–359.25 359.000 +1.750
Naphtha Fuel Oil 3.5% 500 CST PUAGN00 354.25–354.75 354.500 +1.750
Low sulfur VGO AAHNF00 451.50–452.50 452.000 -1.500
Market analysis: (PGA page 2398) Bullish sentiments High sulfur VGO AAHNI00 436.50–437.50 437.000 -1.500
prevailed in the Asian naphtha market once again, even as *FOB Amsterdam-Rotterdam-Antwerp
the week nears a close, shrugging off the momentary ICE LS gasoil GWAVE (Previous day’s values) (PGA page 702)
recess that happened a day before. H1 January physical Dec PXAAJ00 567.250 09-Nov-17
Jan PXAAK00 566.000 09-Nov-17
delivery naphtha crack, when marked against January Brent
Rotterdam bunker (PGA page 1112)
futures contract, was pegged notionally at $120.15/mt at
380 CST PUAFN00 360.50–361.50 361.000 -1.000
0300 GMT Friday. The crack spread was mildly higher

US products (¢/gal) (PGA page 158)
Thursday at $119.38/mt. Benchmark CFR Japan naphtha US West Coast pipeline
crack spread, which accounts for both the second and third Los Angeles San Francisco
trading cycles, landed at $122.9/mt on November 3, the Unleaded 84 AAUHA00 185.69–185.79 185.740 -3.230 PGADG00 180.69–180.79 180.740 -3.230
highest level since August 1, 2016. The December Mean of Premium 90 PGABG00 220.69–220.79 220.740 -3.230 PGABO00 208.69–208.79 208.740 -3.230
Platts naphtha swap remained flat at Thursday’s Asian close CARBOB AAKYJ00 189.19–189.29 189.240 -3.230 AAKYN00 184.19–184.29 184.240 -3.230
CARBOB PREM AAKYL00 224.19–224.29 224.240 -3.230 AAKYP00 212.19–212.29 212.240 -3.230
of $584.25/mt. Demand had been resilient in the market as
Jet PJAAP00 187.94–188.04 187.990 -2.450 PJABC00 187.94–188.04 187.990 -2.450
steady petrochemical production lent support for the ULS (EPA) Diesel POAET00 202.44–202.54 202.490 -1.700 POAEY00 205.44–205.54 205.490 +1.300
naphtha feedstock. The spread between naphtha and LPG CARB diesel POAAK00 202.44–202.54 202.490 -1.700 POAAL00 205.44–205.54 205.490 +1.300
narrowed to minus $6.25/mt Thursday, from minus $16.25/ Seattle Portland
Unleaded 84 AAXJE00 204.04–204.14 204.090 +3.020 AAXJC00 205.19–205.29 205.240 +3.020
mt in the midweek. A source said that the switch to using
Premium 90 AAXJF00 232.04–232.14 232.090 +3.020 AAXJD00 233.19–233.29 233.240 +3.020
LPG as petrochemical feedstock would unlikely take place Jet PJABB00 187.94–188.04 187.990 -2.450
for now, as the discount of LPG to naphtha is not deep ULS (EPA) Diesel AAUEX00 214.79–214.89 214.840 +0.800 AAUEY00 215.94–216.04 215.990 +0.800
enough. Nonetheless, more offers had also appeared in the Phoenix
tender market, given recent strong premiums for physical RBOB unleaded 84 AADDP00 190.19–190.29 190.240 -3.230
RBOB premium 89.5 PPXDJ00 224.19–224.29 224.240 -3.230
cargoes. Middle Eastern supplier Qatar Petroleum for the
Differential to NYMEX
Sale of Petroleum Products, or QPSPP, is offering a 50,000
CARBOB AANVX00 7.95/8.05 8.000 -2.500
mt full-range naphtha and 25,000 mt Pearl GTL naphtha, CARBOB paper 1st month* AAKYR00 2.70/2.80 2.750 -0.250
both to be co-loaded, for lifting over December 3-6 at Ras CARBOB paper 2nd month* AAKYS00 7.20/7.30 7.250 -0.250
Laffan. The tender closes November 14 1000 GMT and Jet Fuel AANVY00 -5.55/-5.45 -5.500 -1.250
remains valid until the next day at 1400 GMT. QPSPP last ULS (EPA) Diesel AANVZ00 8.95/9.05 9.000 -0.500
CARB Diesel AANWA00 8.95/9.05 9.000 -0.500
offered 600,000 mt of full-range naphtha and 300,000 mt of
* Premium to NYMEX gasoline settlement
Pearl GTL naphtha, by a term tender, for loading October 1,
US West Coast waterborne
2017, to September 30, 2018, from Ras Laffan. Award details
Los Angeles
to the term tender could not be confirmed. An unknown Unleaded 87 PGADI00 185.69–185.79 185.740 -3.230
buyer sealed Mangalore Refinery and Petrochemicals Ltd.’s Jet PJABI00 186.94–187.04 186.990 -2.450
tender offer for 35,000 mt of naphtha with minimum 75%
paraffin content, for loading over November 24-26, at New
Mangalore, west coast of India. The cargo was done at a
premium of around $19/mt to Mean of Platts Arab Gulf Platts assessment of futures markets at MOC close (PGA page 703)
naphtha assessments, FOB, pricing five days around bill of Singapore 16:30
lading. MRPL last issued a tender to sell 35,000 mt of ICE gasoil futures ($/mt) NYMEX RBOB (¢/gal) NYMEX NY ULSD (¢/gal)
Nov 17* AAQYM01 569.50 Dec XNRBA01 181.70 Dec XNHOA01 194.55
naphtha with a minimum paraffin content of 75% for Dec 17 AAQYM02 568.00 Jan XNRBA02 179.89 Jan XNHOA02 194.70
November 15-17 loading from New Mangalore. The award Jan 18 AAQYM03 568.75 Feb XNRBA03 179.64 Feb XNHOA03 194.38
details of that tender could not be confirmed. New York 14:30
NYMEX light sweet crude ($/barrel) NYMEX RBOB (¢/gal) NYMEX NY ULSD (¢/gal)
Naphtha C+F Japan Cargo assessment rationale: (PGA Dec NYCRM01 56.75 Dec NYRBM01 181.36 Dec NYHOM01 193.50
Jan NYCRM02 56.99 Jan NYRBM02 179.67 Jan NYHOM02 193.77
page 2388) The CFR Japan naphtha cargo assessment Feb NYCRM03 57.16 Feb NYRBM03 179.60 Feb NYHOM03 193.66
Friday took into consideration the following inputs: The *Balance month swaps are assessed from the 1st to the 15th of the month, and to the 14th of February.
Asia Pacific and Middle East crude assessments ($/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 65.90–65.94 65.920 +0.420 AAPAI00 2.50 +0.050 AAPAH00 66.090 +0.070
DFC 56.82 ADFCA00 65.09–65.13 65.110 +0.530 ADFCB00 3.80/3.90 3.850 +0.050 ADFCC00 1.690 +0.160 ADFCD00 65.280 +0.180
Qatar LSC 56.9 AARBB00 64.29–64.33 64.310 +0.530 AARBD00 3.00/3.10 3.050 +0.050 AARBC00 0.890 +0.160 AARBA00 64.480 +0.180
South Pars 57.4 AARAV00 63.04–63.08 63.060 +0.530 AARAX00 1.75/1.85 1.800 +0.050 AARAW00 -0.360 +0.160 AARAU00 63.230 +0.180
Diff to ICP
Senipah 54.4 AAEOE00 63.21–63.25 63.230 +0.420 AAEOK00 3.65/3.75 3.700 0.000 AAPBE00 -0.190 +0.050 AAPBD00 63.400 +0.070
Light crude (PGA page 2214) (PGA page 2215)
Diff to ICP Diff to Asian Dated Brent
Cossack 47.7 PCAGZ00 65.50–65.54 65.520 +0.420 AAPAC00 2.100 +0.050 AAPAB00 65.690 +0.070
Gippsland 48.7 PCACP00 64.30–64.34 64.320 +0.420 AAPAU00 0.900 +0.050 AAPAT00 64.490 +0.070
Tapis 45.2 PCACB00 66.20–66.24 66.220 +0.420 AAOZW00 2.800 +0.050 AAOZV00 66.390 +0.070
Belida 45.1 PCAFL00 61.42–61.46 61.440 +0.540 PCAFM00 1.40/1.50 1.450 0.000 AAPBQ00 -1.980 +0.170 AAPBP00 61.610 +0.190
Kutubu 44.3 PCAFJ00 65.65–65.69 65.670 +0.420 AAPAE00 2.250 +0.050 AAPAD00 65.840 +0.070
Handil Mix 43.9 PCABE00 64.72–64.76 64.740 +0.540 PCABF00 3.20/3.30 3.250 0.000 AAPBI00 1.320 +0.170 AAPBH00 64.910 +0.190
Attaka 42.3 PCAAJ00 61.22–61.26 61.240 +0.540 PCAAK00 0.55/0.65 0.600 0.000 AAPBC00 -2.180 +0.170 AAPBB00 61.410 +0.190
Ardjuna 38.0 PCACQ00 59.62–59.66 59.640 +0.540 PCACR00 0.55/0.65 0.600 0.000 AAPBG00 -3.780 +0.170 AAPBF00 59.810 +0.190
Banyu Urip 32.0 PCAFQ00 67.420 +0.420 PCAQQ00 5.400 0.000 AAPBU00 4.000 +0.050 AAPBR00 67.590 +0.070
Diff to Dubai
Sakhalin Blend 45.5 AARBN00 64.29–64.33 64.310 +0.530 AARCN00 3.00/3.10 3.050 +0.050 AARDN00 0.890 +0.160 AAREN00 64.480 +0.180
ESPO M1 34.8 AARWF00 64.81–64.85 64.830 +0.520 AASEU00 3.20/3.30 3.250 +0.050 AARWE00 1.280 +0.200 AARWD00 65.020 +0.060
ESPO M2 34.8 AAWFE00 64.79–64.83 64.810 +0.530 AAWFG00 3.50/3.60 3.550 +0.050
Diff to Oman/Dubai
Sokol 39.7 AASCJ00 66.14–66.18 66.160 +0.530 AASCK00 4.85/4.95 4.900 +0.050 AAPAO00 2.740 +0.160 AAPAN00 66.330 +0.180
Kikeh 34.9 AAWUH00 67.70–67.74 67.720 +0.420 AAOZY00 4.300 +0.050 AAOZX00 67.890 +0.070
Miri Light 32.3 PCABQ00 67.75–67.79 67.770 +0.420 AAPAS00 4.350 +0.050 AAPAR00 67.940 +0.070
Labuan 32.0 PCABL00 67.75–67.79 67.770 +0.420 AAPAQ00 4.350 +0.050 AAPAP00 67.940 +0.070
Kimanis 38.6 AASCL00 67.570 +0.420 AASCM00 4.150 +0.050 AASCN00 67.740 +0.070
Medium crude (PGA page 2216) (PGA page 2217)
Diff to OSP Diff to Asian Dated Brent
Su Tu Den 36.8 AARAR00 65.85–65.89 65.870 +0.370 AARAT00 0.10/0.20 0.150 0.000 AARAS00 2.450 0.000 AARAQ00 66.040 +0.020
Bach Ho 40.7 PCAHY00 66.35–66.39 66.370 +0.370 AAPAK00 2.950 0.000 AAPAJ00 66.540 +0.020
Nanhai 40.0 PCAFR00 61.10–61.14 61.120 +0.420 AAPAG00 -2.300 +0.050 AAPAF00 61.290 +0.070
Diff to ICP
Minas 35.3 PCABO00 59.67–59.71 59.690 +0.490 PCABP00 2.20/2.30 2.250 -0.100 AAPBA00 -3.730 +0.120 AAPAZ00 59.860 +0.140
Nile Blend 33.9 AAPLC00 58.82–58.86 58.840 +0.590 AAPEX00 1.35/1.45 1.400 0.000 AAPAM00 -4.580 +0.220 AAPAL00 59.010 +0.240
Widuri 33.2 PCAFE00 58.07–58.11 58.090 +0.490 PCAFF00 0.80/0.90 0.850 -0.100 AAPBO00 -5.330 +0.120 AAPBN00 58.260 +0.140
Daqing 32.2 PCAAZ00 57.82–57.86 57.840 +0.490 AAPAW00 -5.580 +0.120 AAPAV00 58.010 +0.140
Cinta 31.1 PCAAX00 57.97–58.01 57.990 +0.490 PCAAY00 0.80/0.90 0.850 -0.100 AAPBK00 -5.430 +0.120 AAPBJ00 58.160 +0.140
Heavy crude (PGA page 2218) (PGA page 2219)
Diff to ICP Diff to Asian Dated Brent
Dar Blend 25.0 AARAB00 59.45–59.49 59.470 +0.370 AARAC00 -3.950 0.000 AARAA00 59.640 +0.020
Shengli 24.2 PCABY00 58.12–58.16 58.140 +0.490 AAPAY00 -5.280 +0.120 AAPAX00 58.310 +0.140
Duri 20.8 PCABA00 57.87–57.91 57.890 +0.490 PCABB00 3.75/3.85 3.800 0.000 AAPBM00 -5.530 +0.120 AAPBL00 58.060 +0.140
Enfield 22.0 AARAE00 65.220 +0.420 AARAF00 1.800 +0.050 AARAD00 65.390 +0.070
Vincent 18.3 AARAK00 64.220 +0.420 AARAL00 0.800 +0.050 AARAJ00 64.390 +0.070
outstanding bid for H1 January at $602/mt with a notional China tanker fixtures
Vessel Volume Grade Route Arrival date Importer
crack of $122.95/mt demonstrated value. The H2
December/H1 January spread was assessed at plus $4.75/ Vessel Name Volume Grade Route Arrive Buyer
mt and the H1 January/H2 January spread at plus $4.75/mt. CSK Valiant 100kt Crude TBA-Longkou 1-Nov TBA
Seachance 100kt Crude Malaysia-Longkou 2-Nov TBA
The above commentary applies to the market data code: PAAAD00
FELICITY 145kt Lapa TBA-Qingdao 6-Nov Haike
Sea Horizon 260kt Oman Oman-Rizhao 9-Nov Dongming
Naphtha FOB Spore Cargo assessment rationale: (PGA SCF Shanghai 260kt Merey Venezuela-Rizhao 9-Nov Dongming
ANAFI WARRIOR 100kt ESPO Russia-Laizhou 11-Nov ChemChina
page 2388) The FOB Singapore naphtha assessment was
Merchant Trader 20kt Fuel Oil TBA-Laizhou 14-Nov ChemChina
derived as a freight netback from the CFR Japan naphtha Dht Sundarbans 130kt Saturno Angola-Qingdao 14-Nov Hongrun
first-cycle assessment, using the following calculation: CFR Kythira Warrior 100kt ESPO Russia-Laizhou 15-Nov ChemChina
Delta Eurydice 150kt Merey Venezuela-Qingdao 15-Nov Chambroad
Japan naphtha first-cycle assessment minus the cost of
Dht Utah 260kt Crude Angola-Qingdao 22-Nov Qirun
transporting a 30,000 mt clean cargo on the Singapore-
Japan route. International dirty tanker fixtures (PGT page 2950)
The above commentary applies to the market data code: PAAAP00 Ship name Size Type Date Route Rate Charterer
PG/East
Naphtha FOB Arab Gulf Cargo assessment rationale: Ridgebury Progress o/o Luxe 270 CR Nov23 R Tanura-Bataan w59 HMM
(PGA page 2388) The FOB Arab Gulf naphtha assessment Front Signe 270 CR Nov27 PG-SEast, FarEast w73.75, w71.5 CSSA
was derived as a freight netback from the CFR Japan Shinyo Saowalak 270 CR Nov28 PG-China rnr Chinese
C.Dignity 270 CR Nov28 PG-China w70 Unipec
marker, using the following calculation: CFR Japan Tbn 270 CR Nov24 R Tanura-Taiwan rnr Formosa
naphtha marker minus the cost of transporting a 55,000 T.Semahat 140 DY Nov18 Kharg Island-Turkey o/p Tupras
mt clean cargo from a basket of ports in the Persian Gulf Chafa 140 DY Nov25 Kharg Island-UKC, Med w45, rnr Litasco
Novo 140 CR Nov20 Kharg Island-UKC, Med rnr, rnr Eni
to Japan. Jag Lalit 140 CR Nov28 Basrah-UKC, Med w35, rnr CSSA
The above commentary applies to the market data code: PAAAA00 Blue Sun 80 DY Nov28 Wadi Feiran-Sikka w120 RIL
Singapore River 100 CR Nov20 Kozmino-Spore $515k Shell
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Naphtha Cargo bids/offers/trades: (PGA page 2389) International tanker fixtures (PGT pages 2904 and 2950)
■■PLATTS NAPHTHA BIDS ON CLOSE: Ship name Size Type Date Route Rate Charterer
■■Naphtha CFR Japan: 25kt: Glencore bids H2 Dec 602.00 Brightoil Tbn 100 CR Nov21 Kozmino-NChina $490k Trafigura
Astro Saturn 100 CR Nov20 Kozmino-NChina $495k CNOOC
or H1 Jan 598.00 or H2 Jan 591.00 Brightoil League 80 DY Nov15 Yeosu-NChina rnr BORA
■■Naphtha CFR Japan: 25kt: Total bids H2 Dec 592.00 or H1
Teekay Tbn 41 DY Nov24 Kimanis-Spore $425k STL
Jan 588.00 or H2 Jan 582.00 Yue Chi 30 FO Nov17 Spore-China $460k Chimbusco
■■Naphtha CFR Japan: 25kt: Marubeni bids H2 Dec 591.00 UKC
Seabravery 100 FO Nov17 Vysotsk-UKC w65 Litasco
or H1 Jan 588.00
Four Wind 80 VGO Nov16 Rotterdam-USGC w85 Resource M
■■Naphtha CFR Japan: 25kt: Unipec bids H1 Jan 602.00
NS Lion 100 CR Nov16 Ust Luga-UKC w63.75 ENI
■■Naphtha CFR Japan: 25kt: Idemitsu bids H1 Jan 597.00 Dhonoussa 55 DY Nov23 ARA-USGC w115 Clearlake
■■Naphtha CFR Japan: 25kt: Petredec bids H2 Jan 591.00 Black Sea/Med
■■PLATTS NAPHTHA OFFERS ON CLOSE: Maran Homer 135 CR Dec1 CPC-SKorea $2.9m Chevron
Seasprite 80 CR Nov17 Es Sider-Med rnr Vitol
■■Naphtha CFR Japan: 25kt: Statoil offers H1 Jan 607.00
Kalamas 80 CR Nov17 Marsa el Hamra-TA w100 BP
■■Naphtha CFR Japan: 25kt: Shell offers H2 Jan 601.00
WAF
■■PLATTS NAPHTHA SPREADS BIDS ON CLOSE:
Skopelos 260 CR Dec9 WAF-WC India $3.175m IOC
■■Naphtha CFR Japan: 25kt: Shell bids H1 Jan/H1 Feb 9.25 Aegean Dream 130 CR Nov22 WAF-Fos w83 Petroineos
Euronike 130 CR Nov26 Yoho-USAC rnr Monroe
or H2 Jan/H2 Feb 9.25
Ottoman Tbn 130 CR Nov27 Kribi-Rdam w77.5 Maersk
■■Naphtha CFR Japan: 25kt: Marubeni bids H1 Jan/H1 Feb
Americas
9.00 Bahri Tbn 270 CR Dec5 USGC-East $4.35m Unipec
■■Naphtha CFR Japan: 25kt: Marubeni bids H2 Jan/H2 Feb DS Commodore 270 CR Dec5 Caribs-East rnr cnr
8.00 Apolytares 260 CR Dec3 Brazil-East rnr Petrobras
Gener8 Spartiate 130 CR Nov21 Delta Zone-Chile w110 Repsol
■■PLATTS NAPHTHA SPREADS OFFERS ON CLOSE: None
Minerva Zoe 70 CR Nov15 ECMex-USGC w115 Hou Ref
■■PLATTS NAPHTHA CARGO MOC: DEAL SUMMARY: No Cape Troy 50 CR Nov15 ECMex-USGC w110 Hou Ref
trades reported Kastos 45 DY Nov15 USGC-Jamaica $350k BP
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
Naphtha Cargo exclusions: (PGA page 2389) No market data
was excluded from the November 10, 2017 Asian Naphtha International clean tanker fixtures (PGT page 2904)
assessment process. Ship name Size Type Date Route Rate Charterer
PG/East
Jet Sea Legend

Densa Crocodile
90
75
CL
NA
Nov22
Nov23
PG-UKC
PG-Japan
$1.825m
Platts
Shell
Chevron
Tbn 75 NA Nov28 PG-Japan w122.5 YNCC
Market analysis: (PGA page 2499) The North Asian jet fuel Densa Alligator 75 NA Nov25 PG-Japan w122.5 Marubeni
market was quiet Friday afternoon, with no trades heard yet Scorpio Tbn 75 NA Nov27 PG-Japan w122.5 Daelim
for December-loading cargoes. Market sources continued SCF Pioneer 60 UNL Nov16 Sikka-Spore, PG w125, rnr BP
Spruce 2 55 NA Nov16 Kochi-Japan w125 Clearlake
to point to a lack of spot buying interest, despite the BW Cheetah 35 GO Nov15 Sohar-Jubail $180k BP
upcoming winter season in the Northern Hemisphere. They Maersk Tbn 35 JET Nov21 Jubail-UKC $1.215m CSSA
remained divided, with some sources confident that any Torm Laura 35 JET Nov13 Yanbu-Med $750k, $800k Gulf Petro
Maersk Tbn 35 GO Nov18 Sikka-EAfrica, Australia w225, w215 BP
additional Chinese exports over November and December Norstar Intrepid 60 UNL Nov18 Sikka-PG $275k OTI
would be sufficient to cover spot demand, while others Hafnia Africa 65 CL Nov13 Jebel Ali-PG rnr cnr
were optimistic that a colder-than-usual winter this year

International tanker fixtures (PGT pages 2904 and 2950)
Ship name Size Type Date Route Rate Charterer
could give the markets a shot in the arm. “The market is
FPMC P Eagle 65 CL Nov13 R Tanura, PG-Karachi rnr cnr
moving sideways nowadays, demand seems a bit quiet,” a
Chrysanthemum 90 UNL Nov11 NChina-Spore rnr cnr
North Asian refiner said. Sources also noted that buying Torm Emilie 60 JET Nov11 SKorea-USWC rnr Valero
interest from the US West Coast appeared to be weak as Petalouda 40 CL Nov17 Spore-Durban, Cape Town $885k, $1.035m Engen
Teatralny Bridge 40 CL Nov24 Spore-Colombo $385k PChina
well, with arbitrage economics seemingly unattractive in
CPTA Tbn 35 CL Nov25 SKorea-Japan $380k cnr
recent days. Data out Thursday from the California Energy Maersk Misaki 35 CL Nov24 Skorea-USWC $1.2m Valero
Commission revealed that jet inventories there had risen by Jurkalne 35 CL Nov15 Dalain-Hong Kong $385k Sinopec
NCC Najd 35 UNL Nov23 Dalian-Spore $490k SK Energy
3.6% week on week to 2.94 million barrels in the week
Hellas Revenger 35 JET Nov18 SKorea-USWC, Peru $1.0m, $1.27m PChina
ended November 3 — a 16.8% year-on-year build. Caribbean Spirit 35 CL Nov19 Onsan-Botany Bay, Hastings rnr S-Oil
Meanwhile, statewide jet production fell by 0.1% week on Orchid Express 35 CL Nov18 SKorea-Australia w225 AMPOL
Dl Navig8 32 JET Nov17 Ulsan-Okinawa+1 $595k MSC
week — and was 18.6% higher year on year — to 1.93
Navig8 Tbn 30 CL Nov24 SKorea-Vietnam rnr Soleum
million barrels the same week. In tenders, Mangalore Excelsior Bay 30 NA Nov18 SKorea-Japan $360k Aramco
Refinery and Petrochemicals Ltd. was heard offering UKC
40,000 mt of jet for December 26-28 loading out of New Torm Helene 95 ULSD Nov12 Ventspils-UKC rnr Vitol
Mangalore via a tender. The tender closes November 16, Romeo 40 ULSD Nov12 Baltic-Brazil, Argie rnr, $850k Trafigura
Energy Progress 37 UNL Nov17 Brofjorden-TA, UKC w107.5, w127.5 Chevron
with same-day validity. Maersk Matsuyama 37 UNL Nov10 ARA-TA, ECCan w105, w120 Clearlake
Black Sea/Med
Jet Kero FOB Spore Cargo assessment rationale: (PGA Posillipo 37 UNL Nov16 Barcelona-WAF w120 Litasco
page 2494) The FOB Singapore jet fuel cash differential Navig8 Strength 37 UNL Nov14 Lavera-WAF w130 Nyala
Sunlight Express 37 NA Nov16 Skikda-Brazil w170 Petrobras
Friday was based on the following inputs: The back-loading Maritime Amanda 35 GO Nov11 STS Kerch-Fuja $650k Alchemist
period was assessed at MOPS minus 15 cents/b, reflecting Histria Crown 33 GO Nov17 Bsea-Med w130 Neutrade
an offer for a cargo loading December 6-10 at December Mount Everest 30 NA Nov16 Taranto-Med w125 Eni
Rosita 30 GO Nov18 Novo-Med w140 Litasco
MOPS minus 10 cents/b. The middle-loading and front- STI Comandante 30 GO Nov16 Novo-Med w140 ST
loading periods were assessed at MOPS minus 10 cents/b Americas
and MOPS minus 8 cents/b, respectively, reflecting the Piltene 38 CL Nov14 USGC-Caribs $450k Valero
movement in the back-loading period. PTI Cygnus 38 CL Nov15 USGC-Opts rnr cnr
Grace Victoria 60 NA dnr USGC-FEast $1.6m Vitol
The above commentary applies to the market data code: PJABF00
River Shiner 60 CL dnr USGC-TA w95 Valero
Maersk Maya 38 CL dnr USGC-Caribs $450k Tauber
Singapore Jet bids/offers/trades: (PGA page 2495) SW Impression 38 CL dnr USGC-Caribs $450k Reliance
■■Platts Jet Trade Summary: No trades reported PTI Rhine 38 CL Nov15 USGC-Chile $1.25m ENAP
Alexandros II 38 CL Nov12 USGC-Peru $1.015m Repsol
■■PLATTS JET BIDS: FINALS ON CLOSE - No bids reported
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,
■■PLATTS JET OFFERS: FINALS ON CLOSE: Jet: FOB Straits: o/p: own program
Total offers Bal Nov +0.00 Nov 25-29 200kb; Jet: FOB
Straits: Trafigura offers Dec -0.10 Dec 6-10 100kb INCO
PLATTS OIL IS ON TWITTER
Singapore Jet exclusions: (PGA page 2495) No market data FOR UP-TO-THE-MINUTE OIL NEWS AND INFORMATION FROM PLATTS
was excluded from the November 10, 2017 Asian jet fuel/
Follow us on twitter.com/PlattsOil
kerosene market on close assessment process.
Jet Index (PGA page 115) Deals summaries (PGA page 190) Commodities Asia LLC (08:29:22)
Index $/barrel Gasoil: Bal Month done 73.6 Glencore buys from Shell (08:29:24)
Naphtha paper
Asia & Oceania PJASO00 215.84 PJASO08 75.54 Gasoil: Bal Month/Dec17 done -0.05 Winson buys from Shell
Mid East & Africa PJMEA00 223.62 PJMEA08 74.88 Platts Asia deals summary: Naphtha paper November 10, 2017: (08:29:29)
Global PJGLO00 209.35 PJGLO08 76.58 Platts Naphtha Japan swap: Dec heard done 591.25 (4:30:11 pm) Gasoil: Bal Month done 73.6 Winson buys from Shell (08:29:31) 50
Platts Naphtha Japan swap: Dec heard done 591.25 (4:29:30 pm) Gasoil: Bal Month/Dec17 done -0.04 Litasco buys from OCEAN
Platts Naphtha Japan swap: Dec heard done 591.25 (4:29:26 pm) ENERGY (08:29:34)
Gasoil
Platts Naphtha Japan swap: Dec heard done 591.25 (4:28:57 pm) Gasoil: December done 73.58 VCMTL buys from Litasco (08:29:35) 5
Market analysis: (PGA page 2498) Fresh barrels have emerged Jet paper Gasoil: Bal Month/Dec17 done -0.05 Winson buys from Shell
in the Asian gasoil spot market this week, adding further to (08:29:36)
Platts Asia deals summary: Jet paper: November 10, 2017: Jet: Bal
already ballooning supplies. Egypt’s Middle East Oil Refinery or Gasoil: Bal Month done 73.6 Freepoint Commodities Asia LLC sells
Month/Dec17 done 0 VCMTL sells to BP (08:22:15); Jet: December
to Winson (08:29:36)
Midor is offering to supply up to 30,000 mt of 0.1% sulfur done 75.1 BB Energy buys from Mitsui (08:29:51)
Gasoil: Bal Month done 73.6 Freepoint Commodities Asia LLC sells
gasoil for loading from Dekheila, Alexandria, over December Platts Asia deals summary: Regrade paper: November 10, 2017:
to Winson (08:29:40)
15-17 in a tender that closed November 8 with validity until Regrade: December done 1.45 BP buys from Freepoint
Gasoil: December done 73.58 Mitsui buys from PetroChina
Commodities Asia LLC (08:28:53)
November 13. Taiwan’s CPC Corp. closed a sell tender for light (08:29:43)
cycle oil with maximum sulfur content of 0.85% on November Gasoil paper Gasoil: Bal Month/Dec17 done -0.05 Winson buys from Shell
9, also with validity until November 13. The 10,000 kl cargo is Platts Asia deals summary: Gasoil paper: November 10, 2017: (08:29:44)
slated for loading in a five-day range over November 18-25 Gasoil: December done 73.55 Mitsui buys from Unipec (08:23:38) Gasoil: Bal Month done 73.61 Winson buys from Freepoint
from Kaohsiung. CPC last offered to supply 10,000 mt of light Gasoil: December done 73.55 Mitsui buys from Mercuria (08:23:40) Commodities Asia LLC (08:29:45)
Gasoil: December done 73.55 Litasco buys from OCEAN ENERGY Gasoil: Bal Month done 73.63 Glencore buys from Freepoint
cycle oil with maximum sulfur content of 0.8% for loading
(08:23:43) Commodities Asia LLC (08:29:52)
from Kaohsiung in a five-day range over July 10-31. Award
Gasoil: December done 73.55 ENGIE buys from Unipec (08:23:48) 5 Gasoil: Bal Month done 73.6 Shell sells to Winson (08:29:52)
details of that tender could not be confirmed. Reflecting the Gasoil: Bal Month done 73.6 Shell sells to Glencore (08:29:54)
Gasoil: Bal Month/Dec17 done -0.07 TOTSA sells to Winson
length, Singapore’s commercial onshore middle distillates Gasoil: December done 73.58 Mitsui buys from PetroChina
(08:27:57)
stocks, which include gasoil, jet fuel and kerosene, rose to (08:29:55)
Gasoil: December done 73.55 ENGIE buys from Shell (08:28:16)
11.55 million barrels over November 2-8, latest data from Gasoil: Bal Month done 73.6 Shell sells to Winson (08:29:57)
Gasoil: Bal Month done 73.55 Winson buys from Unipec (08:28:23)
government agency IE Singapore showed Thursday. Gasoil: Bal Month/Dec17 done -0.03 Winson buys from Freepoint
Gasoil: Bal Month done 73.55 Winson buys from OCEAN ENERGY
Stockpiles had dipped to 9.99 million barrels in mid-October. Commodities Asia LLC (08:29:57)
(08:28:24)
However, unviable arbitrage economics from Asia to the west Gasoil: Bal Month/Dec17 done -0.03 Winson buys from TOTSA
Gasoil: Bal Month done 73.55 Winson buys from Litasco (08:28:25)
of Suez and high run rates at regional refineries has since (08:29:58)
Gasoil: December done 73.59 ENGIE buys from Citibank (08:29:06)
Gasoil: December done 73.59 Winson buys from Citibank (08:29:58)
resulted in surplus barrels being diverted to Singapore, Gasoil: Bal Month done 73.6 Winson buys from PetroChina (08:29:11)
Gasoil: December done 73.58 Winson buys from PetroChina
sources said. Meanwhile, no price level has been established Gasoil: Bal Month done 73.6 Winson buys from Freepoint (08:29:59)
for Taiwanese sell tenders for term barrels that were pricing Commodities Asia LLC (08:29:12)
Gasoil: Bal Month done 73.6 Shell sells to Glencore (08:29:59)
against the revised specifications for benchmark Mean of Gasoil: Bal Month done 73.6 Winson buys from BP (08:29:14)
Gasoil: Bal Month done 73.62 Glencore buys from ONYX (08:29:59)
Platts Singapore Gasoil assessments. Formosa Petrochemical Gasoil: Bal Month done 73.6 Glencore buys from VCMTL (08:29:15)
Gasoil: December done 73.58 Winson buys from PetroChina
Corp. is offering 300,000 barrels of 10 ppm sulfur gasoil for Gasoil: Bal Month done 73.6 Winson buys from Litasco (08:29:16) (08:30:01)
each quarter for loading from Mailiao over May 1-December Gasoil: Bal Month done 73.6 Winson buys from Unipec (08:29:17) Gasoil: Bal Month done 73.6 Shell sells to Winson (08:30:01)
31, 2018. The tender closed November 9 and remains valid Gasoil: Bal Month done 73.6 Glencore buys from Shell (08:29:19) Gasoil: December done 73.6 Winson buys from SIMOSA (08:30:02)
until November 24. The refiner is also looking to supply similar Gasoil: Bal Month done 73.6 Winson buys from Mercuria (08:29:20) Gasoil: Bal Month done 73.63 Glencore buys from Citibank
lots of 500 ppm sulfur gasoil cargoes for loading over January Gasoil: Bal Month done 73.6 Glencore buys from PetroChina (08:30:04)
(08:29:21) Gasoil: Bal Month done 73.6 OCEAN ENERGY sells to Winson
1-December 31, 2018.
Gasoil: Bal Month done 73.6 Winson buys from Freepoint (08:30:06)
Gasoil .001%S (10ppm) FOB Spore Cargo assessment

Deals summaries (PGA page 190)
rationale: (PGA page 2490) The FOB Singapore Gasoil 0.001% Gasoil: December done 73.58 Winson buys from PetroChina 380 CST: Decemberdone 373 BP sells to Shell (08:29:48) 5
(08:30:11) 380 CST: Decemberdone 373 BP sells to Unipec (08:29:54) 5
(10 ppm) Cargo assessment Friday was based on the
Gasoil: Bal Month/Dec17 done -0.05 Shell sells to Winson (08:30:50) Platts Asia deals summary: Viscosity paper: November 10, 2017:
adjusted relationship between the physical and swaps
Fuel oil paper Viscosity: Decemberdone 4.25 Mercuria sells to Vitol (08:28:27) 5
markets. The cash differential was up 1 cent/b day on day
as the balance November/December Singapore gasoil swap Platts Asia deals summary: 180 CST paper: November 10, 2017: Mogas paper
rose 2 cents/b. 180 CST: Bal Month done 377.5 Trafigura buys from Vitol (08:29:12) 5 1. 92 RON: Jan18/Feb18 done 0.1 PTT International buys from BP
The above commentary applies to the market data code: AAOVC00 180 CST: Decemberdone 377.5 VCMTL buys from Mercuria (08:20:01) x2
(08:29:33) 5 2. 92 RON: Dec17/Jan18 done 0.54 BP buys from ENOC (08:21:10)
180 CST: Decemberdone 377.25 Mercuria sells to Shell (08:29:34) 5 3. 92 RON: Dec17/Jan18 done 0.55 BP buys from TOTSA (08:21:11)
Gasoil .05%S (500ppm) FOB Spore Cargo assessment
180 CST: Decemberdone 377.25 Mercuria sells to Shell (08:29:35) 5 4. 92 RON: Dec17/Jan18 done 0.55 BP buys from Vitol (08:21:12)
rationale: (PGA page 2490) The FOB Singapore Gasoil 0.05%
180 CST: Decemberdone 377.25 Mercuria sells to MCE (08:29:37) 5 5. 92 RON: Dec17/Jan18 done 0.55 BP buys from Citibank (08:21:13)
(500 ppm) Cargo assessment Friday was derived using the
180 CST: Decemberdone 377.25 Mercuria sells to VCMTL (08:29:37) 5 6. 92 RON: Dec17/Jan18 done 0.55 BP buys from Hartree (08:21:17)
following inputs: The front and middle loading periods
180 CST: Decemberdone 377.25 Mercuria sells to Shell (08:29:39) 5 7. 92 RON: December done 73.15 BOCI Global buys from Citibank
were assessed at Mean of Platts Singapore Gasoil minus (08:21:18)
180 CST: Decemberdone 377.25 Mercuria sells to VCMTL (08:29:45) 5
29 cents/b and minus 26 cents/b respectively, based on a 8. 92 RON: Dec17/Jan18 done 0.55 BP buys from Mitsui (08:21:20)
180 CST: Decemberdone 377.25 Mercuria sells to Shell (08:29:47) 5
trade for a cargo loading over November 25-29 at MOPS 9. 92 RON: Bal Month/Dec17 done 1.25 PTT International buys from
180 CST: Bal Month done 377.25 Trafigura buys from Vitol (08:29:53) 5
minus 31 cents/b and outstanding bid and two offers for Mitsui (08:25:33)
180 CST: Decemberdone 377.25 Mercuria sells to MCE (08:29:53) 5
cargoes loading over November 28-December 2, November 10. 92 RON: December done 73.3 Trafigura buys from Vitol
180 CST: Decemberdone 377.25 Mercuria sells to Shell (08:29:53) 5
25-29 and November 30-December 4 at MOPS minus 30 (08:27:39)
180 CST: Decemberdone 377.25 Mercuria sells to VCMTL (08:29:54) 5
cents/b, minus 20 cents/b and minus 21 cents/b, 11. 92 RON: December done 73.3 Trafigura buys from BOCI Global
180 CST: Decemberdone 377.25 Shell buys from Mercuria (08:29:57) 5 (08:27:42)
respectively, after accounting for deemed pricing. The 180 CST: Decemberdone 377.25 Mercuria sells to VCMTL (08:30:00) 5 12. 92 RON: December done 73.32 BP buys from Vitol (08:28:32)
back loading period was assessed at MOPS minus 25 Platts Asia deals summary: 380 CST paper: November 10, 2017: 13. 92 RON: December done 73.33 Phillips 66 sells to BP (08:29:48)
cents/b, based on a bid for a cargo loading over December 380 CST: Decemberdone 373 CSC Commodities UK Ltd. buys from 14. 92 RON: December done 73.34 PTT International sells to
4-8 at MOPS minus 30 cents/b, after accounting for Mercuria (08:24:15) 5 Trafigura (08:29:56)
deemed pricing. 380 CST: Decemberdone 373 BP sells to DV Trading, LLC (08:29:37) 5 15. 92 RON: December done 73.34 Phillips 66 sells to Trafigura
The above commentary applies to the market data code: AAFEX00 380 CST: Decemberdone 373 BP sells to Litasco (08:29:43) 5 (08:30:17)
Gasoil FOB Spore Cargo assessment rationale: (PGA page pricing. The back loading period was assessed at MOPS Gasoil .05% (500ppm) FOB Arab Gulf Cargo assessment
2490) The FOB Singapore Gasoil 0.05% (500 ppm) Cargo minus 25 cents/b, based on a bid for a cargo loading over rationale: (PGA page 2489) The FOB Arab Gulf Gasoil 0.05%
assessment on Friday was derived using the following December 4-8 at MOPS minus 30 cents/b, after (500 ppm) Cargo assessment was derived as a freight
inputs: The front and middle loading periods were accounting for deemed pricing. netback from the FOB Singapore Gasoil 0.05% (500 ppm)
assessed at Mean of Platts Singapore Gasoil minus 29 The above commentary applies to the market data code: POABC00 cargo assessment, using the following input: FOB
cents/b and minus 26 cents/b respectively, based on a Singapore Gasoil 0.05% (500 ppm) cargo assessment
trade for a cargo loading over November 25-29 at MOPS Gasoil .25%S (2500ppm) FOB Spore Cargo assessment minus the cost of transporting a 55,000 mt clean cargo
minus 31 cents/b and outstanding bid and two offers for rationale: (PGA page 2489) The FOB Singapore Gasoil 0.25% from a basket of ports in the Persian Gulf to Singapore.
cargoes loading over November 28-December 2, (2,500 ppm) Cargo assessment Friday was stable at Mean The above commentary applies to the market data code: AAFEZ00
November 25-29 and November 30-December 4 at MOPS of Platts Singapore Gasoil minus $1.22/b, as the 500 ppm
minus 30 cents/b, minus 20 cents/b and minus 21 sulfur gasoil assessment was unchanged. Gasoil FOB Arab Gulf Cargo assessment rationale: (PGA
cents/b, respectively, after accounting for deemed The above commentary applies to the market data code: AACUE00 page 2489) The FOB Arab Gulf Gasoil 0.05% (500 ppm) Cargo
assessment was derived as a freight netback from the FOB Subscriber notes (PGA page 1500)
Singapore Gasoil 0.05% (500 ppm) cargo assessment,
using the following input: FOB Singapore Gasoil 0.05% (500 From November 1, sellers in the MOC process would be able to The new assessment would reflect cargoes loading from any of the
ppm) cargo assessment minus the cost of transporting a nominate the SCP Banyan facility as a loading point for cargoes approved Platts FOB Straits terminals 15-30 days ahead of the date
55,000 mt clean cargo from a basket of ports in the Persian traded on a FOB Straits basis. Delivery of oil from SCP Banyan of publication and of parcel size in the range of 50,000 to 150,000
would be subject to the performance and nomination requirements barrels. Platts would publish the assessment as both an outright
Gulf to Singapore. prevailing in the FOB Straits markets. The list of Straits terminals value and as a differential against the FOB Singapore 92 RON
The above commentary applies to the market data code: POAAT00 reflected in the FOB Singapore MOC process is published in the gasoline MOPS Strip. Platts proposes to assess FOB Singapore non-
methodology and specification guide “Asia Pacific And Middle East oxygenate with the following specifications: Property Standard
Asia & Middle East Gasoil bids/offers/trades: (PGA page 2491) Refined Oil Products” at https://www.platts.com/methodology- Research Octane Number (RON) Min 91 Lead content, gpb/l Max
■■PLATTS GO TRADES: One trade reported: Gasoil 500ppm: specifications/oil. Located in Jurong Island, Singapore, the complex 0.013 Density@15 deg C, g/ml Min 0.72 Reid Vapor Pressure (PSI)
houses a 100,000 b/d condensate splitter designed primarily to Max 9 Distillation, degree C Initial Boiling Point Report 10%
FOB Straits: Nov 25-29: 150kb: Winson buys from BP at produce aromatics. The complex also produces 2.50 million mt/ evaporated Max 65 50% evaporated Max 115, Min 74 90%
December minus 30 cents/b BP GTC (4:28:06) year of petroleum products such as jet fuel, ultra low sulfur diesel, evaporated Max 183 Final Boiling Point Max 215 Residue, %vol Max
■■PLATTS GO BIDS: Gasoil 500ppm: FOB Straits: Winson bids light naphtha, LPG, hydrogen and fuel oil. Platts understands the 2.0 Loss, %vol 2 Odor Marketable Existent gum, mg/100ml Max 4
MOPS -0.30 Nov 28-Dec 2 150kb (Deemed pricing Nov complex uses two tanks each for storage for gasoil and jet fuel, Benzene content, %vol Max 1 Sulfur, % wt Max 0.015 Doctor Test
28-Dec 4) INCO; Gasoil 500ppm: FOB Straits: Winson bids with a combined capacity to store about 500,000 barrels of each Negative or Mercaptan sulfur, ppm Max 15 Mercaptan sulfur, % wt
product. The complex has three jetties, each with the maximum Max 0.0015 Copper corrosion Max 1 (3 hours at 50 deg C) Induction
MOPS -0.30 Dec 4-8 150kb (Deemed pricing Dec 4-8) INCO depth of 17 meters. Jetty No. 1 (OJAC1) is capable of handling Long period, minutes Min 360 Oxygenates content, % vol Nil Aromatics,
■■PLATTS GO OFFERS: Gasoil 10ppm: FOB Straits: PetroChina
Range 2 tankers. Please send any feedback or questions to % vol, 17-42 Olefin, % Vol, Max 18 Color Undyed, Red Orange Alcohol
offers MOPS +1.50 Nov 25-29 150kb (Deemed pricing Nov [email protected] and [email protected]. For No addition of any alcohol Metallic Additives None added Acetone
27-Dec 1) INCO; Gasoil 10ppm: FOB Straits: Total offers written comments, please provide a clear indication if comments Max 100 ppm These assessments will be published on Platts Global
MOPS +1.08 Nov 25-29 250kb (Deemed pricing Dec 1-29); are not intended for publication by Platts for public viewing. Platts Alert, Platts Asia-Pacific/Arab Gulf Marketscan and in the Platts
will consider all comments received and will make comments not price assessment database. Please send all comments, feedback
Gasoil 10ppm: FOB Straits: Trafigura offers MOPS +1.00 Nov marked as confidential available upon request. Following a and questions by December 1, 2017, to
25-29 150kb (Deemed pricing Nov 24-30) INCO; Gasoil continued review of additives reflected in its FOB Singapore gasoil [email protected] and [email protected].
10ppm: FOB Straits: Total offers MOPS +1.30 Nov 29-Dec 3 assessments, S&P Global Platts will begin reflecting two new For written comments, please provide a clear indication if
150kb (Deemed pricing Dec 1-29); Gasoil 10ppm: FOB additives as of November 15. The additives are conductivity comments are not intended for publication by Platts for public
Straits: Total offers MOPS +1.30 Dec 2-6 250kb (Deemed improver T3514 and Lubricity Additive T9121 by Baker Hughes. viewing. Platts will consider all comments received and will make
Platts understands that both additives have been used around the comments not marked as confidential available upon request. S&P
pricing Dec 1-29); Gasoil 10ppm: FOB Straits: Total offers region in countries such as Australia and Singapore. Platts will add Global Platts proposes to amend the specifications for gasoline
MOPS +1.30 Dec 3-7 150kb (Deemed pricing Dec 1-29); these additives to the list of recognized additives reflected in its reflected in its FOB Singapore 95 RON unleaded and 97 RON
Gasoil 10ppm: FOB Straits: Total offers MOPS +1.30 Dec assessment process. Platts proposed the inclusion of these unleaded assessments, as of September 3, 2018. There will be no
6-10 150kb (Deemed pricing Dec 1-29); Gasoil 500ppm: FOB additives, and others, in a subscriber note published on July 18, change to the current FOB Singapore 92 RON gasoline
Straits: Shell offers MOPS +0.00 Nov 25-29 150kb (Deemed 2017. https://www.platts.com/subscriber-notes-details/27856129 assessments. The changes follow a consultation on gasoline
For the full list of previously identified additives, please see http:// specifications launched by Platts on July 31, and reflects the
pricing Nov 24-30); Gasoil 500ppm: FOB Straits: Unipec www.Platts.com/subscriber-notes-details/27047375 Please send feedback received. Under these changes, Platts proposes to lower
offers MOPS -0.20 Nov 25-29 150kb (Deemed pricing Nov all comments or questions to [email protected] and the Reid Vapor Pressure specification to a maximum of 9 PSI, from
24-30); Gasoil 500ppm: FOB Straits: Ocean Energy offers [email protected]. For written comments, please provide a 9.5 PSI currently. Platts will also reduce the final boiling point from
MOPS +0.00 Nov 25-29 150kb (Deemed pricing Nov 23-29) clear indication if comments are not intended for publication by a maximum of 225 degrees Celsius to 215 degrees Celsius. Platts
INCO; Gasoil 500ppm: FOB Straits: Freepoint offers MOPS Platts for public viewing. Platts will consider all comments received will also move down the sulfur level from a maximum of 350 ppm
and will make comments not marked as confidential available to (0.035%) currently, to 50 ppm (0.005%). The lowering of the
+0.00 Nov 25-29 150kb (Deemed pricing Nov 24-30); Gasoil the public upon request. S&P Global Platts proposes to launch an sulfur in gasoline to 50 ppm will see additional limits on
500ppm: FOB Straits: BP offers Dec -0.20 Nov 30-Dec 4 FOB Singapore non-oxygenate gasoline assessment with effect aromatics by percent volume and olefin by percent volume. The
150kb BP GTC; Gasoil 500ppm: FOB Straits: Freepoint from April 2, 2018. This is in line with the significant growth of non- maximum aromatics content will be set at 40%, while maximum
offers MOPS -0.20 Nov 30-Dec 4 150kb (Deemed pricing oxygenate gasoline waterborne markets in the Asia Pacific region. olefin content will be set at 25%. The amended specifications,
which will take effect from September 2018, will have cargoes assessment, though any changes would be subject to further
Nov 29-Dec 5); Gasoil 500ppm: FOB Straits: Total offers traded during the Platts Market on Close assessment process industry consultation ahead of any final decision. Platts last
MOPS +0.10 Nov 30-Dec 4 150kb (Deemed pricing Dec from that point should meet these revised specification updated the specifications of these assessments on July 1, 2016.
1-29); Gasoil 500ppm: FOB Straits: Unipec offers MOPS standards. These changes reflect evolving quality standards in Platts current specifications for the Singapore gasoline
-0.10 Nov 30-Dec 4 150kb (Deemed pricing Nov 29-Dec 5) Asia, where gasoline trading reflects supply and demand across assessments can also be viewed at https://www.platts.com/
the Asia Pacific and Middle East. Vietnam has already began IM.Platts.Content/MethodologyReferences/MethodologySpe cs/
INCO; Gasoil 500ppm: FOB Straits: Total offers MOPS +0.20
adopting 50 ppm sulfur gasoline for its domestic 95 RON Asia-refined-oil-products-methodology.pdf Any submissions for
Dec 4-8 150kb (Deemed pricing Dec 1-29); Gasoil 500ppm: gasoline specification since January 2017. Platts periodically the review process should be sent to
FOB Straits: BP offers Dec -0.10 Dec 5-9 150kb BP GTC; reviews the specifications of all its assessments to ensure they [email protected] and [email protected] by
Gasoil 500ppm: FOB Straits: Unipec offers MOPS -0.10 Dec are representative of the most tradable grades. Such reviews December 1, 2017. For written comments, please provide a clear
5-9 150kb (Deemed pricing Dec 5-11) INCO; Gasoil 500ppm: may lead to changes to the existing specifications of an indication if comments are not intended for publication.
FOB Straits: Freepoint offers MOPS +0.00 Dec 6-10 150kb
Corrections
(Deemed pricing Dec 5-11); Gasoil 500ppm: FOB Straits:
Platts corrects October 27 Asia Gasoil 10 ppm interim assessments 0.64 Gasoil 50ppm AAQIR00 0.46 Gasoil 0.05% S AAQHR00 -0.52
PetroChina offers MOPS +0.30 Dec 6-10 150kb (Deemed
Please note that the following October 27 gasoil 10ppm interim Gasoil 0.25% S AAQJR00 -1.68 Gasoil Cargo AAQKR00 -0.52
pricing Dec 6-12) INCO assessments should read as follows:
■■PLATTS GO WITHDRAWN: Gasoil 500ppm: FOB Straits: BP
These assessments appear in the Platts Asia Pacific/Arab Gulf
no longer offers Dec -0.30 Nov 25-29 150kb after trade Gasoil 10ppm Cargo Nov AAOZB00 70.77 MOPS Strip 10ppm Marketscan, on Platts Global Alert pages: MH2410, MH2404,
with Winson (4:28:06) AAQFR00 70.74 vs Gasoil 10ppm MOPS Strip Gasoil 10ppm AAQGR00 MH2656, MH2634, MH2654
Asia & Middle East Gasoil exclusions: (PGA page 2491) No at MOPS minus $0.50/mt, a bid from Gunvor at December FO 380 CST 3.5% FOB Arab Gulf Cargo assessment
market data was excluded from the November 10, 2017 average minus $0.25/mt for a November 30 to December 4 rationale: (PGA page 2593) The FOB Arab Gulf 380 CST high
Asian gasoil market on close assessment process. cargo, a bid from Gunvor at MOPS for a December 6-10 sulfur fuel oil assessment was derived as a freight netback
loading cargo, and an offer from Vitol at MOPS for an from the FOB Singapore 380 CST HSFO assessment, using
November 26-30 loading cargo. the following calculation: FOB Singapore 380 CST HSFO
Fuel Oil
The above commentary applies to the market data code: PUADV00 assessment minus the cost of transporting an 80,000 mt
Market analysis: (PGA page 2599) Fuel oil stocks in Fujairah dirty cargo from the Persian Gulf to the East.
falling 7.9% to an eight-month low this week does not FO 380 CST 3.5%S FOB Spore Cargo assessment The above commentary applies to the market data code: AAIDC00
indicate a shortage, market sources said Friday. Rather, it is rationale: (PGA page 2593) The FOB Singapore 380 CST high
a function of lower bunker demand at the port, combined sulfur fuel oil assessment Friday reflected an offer from Singapore Fuel Oil bids/offers/trades: (PGA page 2594)
with the backwardated market structure, that does not Vitol at MOPS plus $1.00/mt for a November 25-29 loading ■■ASIA 180 CST HSFO CARGO: DEAL SUMMARY: 1) Platts
provide any incentive to carry excess inventory, sources cargo. HSFO 180CST: FOB Straits: 20kt: Nov 25-29: Gunvor buys
said. The end of the week was seeing the value of the The above commentary applies to the market data code: PPXDK00 from Vitol at MOPS minus $0.50/mt INCO (4:28:48.282).
December Singapore 380 CST vs Rotterdam Barges spread ■■ASIA 180 CST HSFO CARGO: OUTSTANDING INTEREST:
trade down to $18.50/mt, a drop of $3.50/mt in the past FO 180 CST FOB Arab Gulf Cargo assessment rationale: Platts HSFO 180CST: FOB Straits: Vitol bids MOPS -2.00
three weeks, reducing the attractiveness of arbitrage flows (PGA page 2593) The FOB Arab Gulf 180 CST high sulfur fuel Dec 6-10 20kt INCOPlatts HSFO 180CST: FOB Straits:
from Europe to Singapore in the coming month. oil assessment was derived as a freight netback from the Gunvor bids Bal Nov Avg -1.00 Nov 25-29 20kt INCO
FOB Singapore 180 CST HSFO assessment, using the ORPlatts HSFO 180CST: FOB Straits: Gunvor bids Dec Avg
FO 180 CST 3.5%S FOB Spore Cargo assessment following calculation: FOB Singapore 180 CST HSFO -0.25 Nov 30-Dec 4 40kt INCO ORPlatts HSFO 180CST:
rationale: (PGA page 2593) The FOB Singapore 180 CST high assessment minus the cost of transporting an 80,000 mt FOB Straits: Gunvor bids MOPS +0.00 Dec 6-10 20kt
sulfur fuel oil assessment Friday reflected a trade where dirty cargo from the Persian Gulf to the East. INCOPlatts HSFO 180CST: FOB Straits: Vitol offers MOPS
Gunvor bought from Vitol a November 25-29 loading cargo The above commentary applies to the market data code: PUABE00 +0.00 Nov 26-30 20kt INCOPlatts HSFO 180CST: FOB
Straits: Vitol offers MOPS +1.00 Nov 30-Dec 4 20kt +1.50 Dec 1-5 20kt TOTAL GTC ORPlatts HSFO 380CST: FOB stemmed from the stronger OSP differential for Murban
INCOPlatts HSFO 180CST: FOB Straits: Vitol offers 379.00 Straits: Total offers MOPS +2.00 Dec 6-10 20kt TOTAL GTC. crude set earlier this month. Abu Dhabi National Oil Company
Nov 26-30 20kt INCO. ■■ASIA 380 CST HSFO CARGO: WITHDRAWN: WD Platts HSFO has set the October OSP of Murban crude at $58.10/b,
■■ASIA 180 CST HSFO CARGO: WITHDRAWN: Platts HSFO 380CST: FOB Straits: P66 no longer offers MOPS +2.25 equivalent to a premium of $2.55/b to Dubai and up 52
180CST: FOB Straits: Vitol no longer offers MOPS -0.50 Dec 6-10 20kt INCO Platts HSFO 380CST: FOB Straits: HL cents/b from the previous month. More Middle East OSPs
Nov 25-29 20kt INCO, after 1x Gunvor. no longer offers 374.00 Nov 25-29 20kt INCO2000, 1x BP. emerged overnight. Kuwait Petroleum Corp. has increased
■■ASIA 380 CST HSFO CARGO: DEAL SUMMARY: 2) Platts the price of its Asia-bound Kuwait Export crude loading in
HSFO 380CST: FOB Straits: 20kt: Nov 25-29: BP buys Singapore Fuel Oil exclusions: (PGA page 2594) No market December by 60 cents/b to a discount of 50 cents/b versus
from Vitol at MOPS plus $0.75/mt (4:28:58.162)3) Platts data was excluded from the November 10, 2017, assessment the average of Oman and Dubai. This was the highest since
HSFO 380CST: FOB Straits: 20kt: Nov 25-29: BP buys process. August 2014 when it was set at a discount of 40 cents/b to
from Hin Leong at $374.00/mt INCO2000 (4:29:04.591)4) the Oman/Dubai average, according to S&P Global Platts
Platts HSFO 380CST: FOB Straits: 20kt: Nov 25-29: BP data. Elsewhere, Saudi Arabia will cut its December crude
US West Coast Gasoline (PGA page 397)
buys from Vitol at MOPS plus $1.00/mt (4:29:40.866) exports by 120,000 b/d from its planned November levels, a
■■ASIA 380 CST HSFO CARGO: OUTSTANDING INTEREST: West Coast gasoline markets moved in different directions ministry spokesman said Thursday, as the country aims to
Platts HSFO 380CST: FOB Straits: Mercuria bids MOPS Friday, with prices in California falling as Pacific Northwest keep the market rebalancing going. The spokesman, who
+0.00 Nov 25-29 20kt INCO Platts HSFO 380CST: FOB differentials rose. Los Angeles CARBOB fell 2.5 cents day on spoke on condition of anonymity, did not specify what Saudi
Straits: Mercuria bids MOPS +0.00 Nov 30-Dec 4 20kt day to NYMEX December RBOB plus 8 cents/gal on a trade Arabia’s December export volumes would be. The ministry
INCOPlatts HSFO 380CST: FOB Straits: Mercuria bids MOPS heard at that level, following Thursday’s illiquid trading. San had said last month its November crude allocations would
+0.00 Dec 6-10 20kt INCO Platts HSFO 380CST: FOB Francisco CARBOB, meanwhile, was talked 5 cents lower only be 7.150 million b/d, so if the December cuts are
Straits: Coastal bids MOPS +0.00 Dec 6-10 20kt INCO than the Los Angeles blendstock, and was assessed at implemented, Saudi Arabia would export 7.030 million b/d.
ORPlatts HSFO 380CST: FOB Straits: Coastal bids 373.00 futures plus 3 cents/gal. The Pacific Northwest gasoline The spokesman said the country’s crude sales to the US in
Dec 6-10 20kt INCOPlatts HSFO 380CST: FOB Straits: BP market remained strong amid ongoing refinery issues in the December would fall by more than 10% from November and
bids MOPS +0.00 Nov 25-29 40kt BP GTCPlatts HSFO region. Portland suboctane gained 3.75 cents from that all regions saw allocations below November’s. In Asia, it
380CST: FOB Straits: Gunvor offers MOPS +2.00 Nov 25-29 Thursday to NYMEX December RBOB plus 24 cents/gal. was heard that South Korean refiners could have received
20kt INCO ORPlatts HSFO 380CST: FOB Straits: Gunvor allocation cuts of between 5% and 10% for December-
offers MOPS +2.00 Nov 30-Dec 4 20kt INCO ORPlatts HSFO loading from Saudi Aramco. It was not immediately clear if
Sour Crude
380CST: FOB Straits: Gunvor offers MOPS +2.00 Dec 5-9 other refiners in the region have received similar cuts.
20kt INCOPlatts HSFO 380CST: FOB Straits: Shell offers Market analysis: (PGA page 2298) The Middle Eastern sour
MOPS +1.50 Nov 25-29 20kt SHELL GTCPlatts HSFO crude market was calm Friday with very few trades for Dubai Mo01 assessment rationale: (PGA page 2295) The
380CST: FOB Straits: Shell offers MOPS +2.50 Nov 30-Dec January loading heard to have commenced. A January January cash Dubai assessment Friday took into
4 20kt SHELL GTCPlatts HSFO 380CST: FOB Straits: Shell loading cargo of Murban crude changed hands during the consideration trades for cash Dubai partials at the end of
offers MOPS +2.50 Dec 2-6 20kt SHELL GTCPlatts HSFO Platts Market on Close assessment process on Thursday. Oil the Platts Market on Close assessment process.
380CST: FOB Straits: Vitol offers on MOPS +1.00 Nov 25-29 major Shell bought a 500,000-barrel cargo of Murban crude The above commentary applies to the market data code: PCAAT00
20kt INCO, after 2x BP at +0.75, +1.00Platts HSFO 380CST: for loading over January 1-25 from BP at a premium of 20
FOB Straits: Vitol offers MOPS +1.25 Nov 30-Dec 4 20kt cents/b to the bill of lading month official selling price. Oman Blend Mo01 assessment rationale: (PGA page 2295)
INCOPlatts HSFO 380CST: FOB Straits: Vitol offers MOPS Traders have earlier indicated that they expected January The January cash Oman assessment Friday reflected a
+2.00 Dec 6-10 20kt INCOPlatts HSFO 380CST: FOB Straits: loading Murban crude to trade at a smaller premium to its premium of 80 cents/b to January Dubai swaps, in line with
Total offers MOPS +1.50 Nov 26-30 20kt TOTAL GTC OSP compared to premiums of 50-60 cents/b heard traded values discussed in the wider market.
ORPlatts HSFO 380CST: FOB Straits: Total offers MOPS for December-loading cargoes last month. This expectation The above commentary applies to the market data code: PCABS00
Sour Crude bids/offers/trades: (PGA page 2296) of Malaysia’s official selling price differentials for and Argus. It also considers its buyers’ views on trades
■■ME SOUR CRUDE MOC: OUTSTANDING INTEREST: BIDS: November in the Asian regional sweet crude market, and any recommendations they make on the value of the
■■Platts Dubai Partial Jan18: Mercuria bids at $62.05/b for 25kb; sources said Friday. State-owned Petronas has raised the crude grades. Meanwhile, Indonesia’s Pertamina issued a
Platts Dubai Partial Jan18: Vitol bids at $62.05/b for 25kb; November Malaysian Crude Oil OSP differential by 55 buy tender seeking up to 1.95 million barrels of
Platts Dubai Partial Jan18: Shell bids at $62.05/b for 25kb; cents/b from October to a premium of $4.50/b to Platts condensate for January arrival, trading sources said. In
Platts Dubai Partial Jan18: Chinaoil bids at $62.00/b for 25kb; Dated Brent crude assessments, the company said the tender, closing Friday and valid till November 14, the
Platts Dubai Partial Jan18: BP bids at $61.95/b for 25kb; Platts Friday. This is the highest level since February 2016, when company was seeking three cargoes of 650,000 barrels
Dubai Partial Jan18: Totsa bids at $61.95/b for 25kb; Platts it was set at a premium of $4.60/b, S&P Global Platts data each for delivery over January 3-4, 15-16 and 23-24.
Dubai Partial Jan18: SK Energy bids at $61.90/b for 25kb; showed. It is also the fifth consecutive month that However, the specific ports for each cargo could not be
Platts Dubai Partial Jan18: Unipec bids at $61.75/b for 25kb. Petronas has increased the OSP differential. As of determined. Pertamina typically lists Tuban as its stated
■■ME SOUR CRUDE MOC: OUTSTANDING INTEREST: OFFERS: January 1, Kimanis has been added to the basket of crude delivery port for condensate tenders. It accepts
■■Platts Dubai Partial Jan18: Reliance offers on at $62.06/b grades that determines the MCO OSP differential or alpha. submissions of a variety of condensate grades and last
for 25kb and trades with Mercuria during extension; Platts Prior to that, the alpha reflected Labuan, Miri and Kikeh. bought up to 1.2 million barrels of condensate for delivery
Dubai Partial Jan18: Unipec offers at $62.10/b for 25kb; S&P Global Platts launched daily assessments for to Tuban over December 10-12 and 21-24. The cargoes will
Platts Dubai Partial Jan18: P66 offers at $62.20/b for Malaysia’s light sweet Kimanis crude on February 10, 2016. be priced off the whole month average of Platts Dated
25kb; Platts Dubai Partial Jan18: SK Energy offers at The Platts assessment reflects Kimanis cargoes for Brent crude assessments on a CFR basis.
$62.20/b for 25kb; Platts Dubai Partial Jan18: Vitol offers lifting on an FOB basis from Sabah. Malaysian crude
at $62.25/b for 25kb; Platts Dubai Partial Jan18: Chinaoil grades that are not in the basket are set at a fixed ESPO FOB Kozmino Mo01 Spore vs Dubai Mo01
offers at $62.25/b for 25kb. differential to the MCO OSP. Since January, Petronas has assessment rationale: (PGA page 2292) The ESPO M1
■■ME SOUR CRUDE: DEALS SUMMARY: Three trades: set the Tapis Blend crude OSP at a discount of $1.60/b to assessment Friday took into consideration last trade
■■1) Dubai: FOB Fateh: Jan18: 25kb: Glencore sells to Shell the MCO OSP, compared with a discount of $2.20/b indications heard for ESPO Blend crude and trends in the
at $62.05/b (08:29:42); 2) Dubai: FOB Fateh: Jan18: 25kb: earlier. It has set the Bintulu crude OSP at a discount of Middle East crude market.
Vitol buys from Reliance at $62.06/b (08:29:56); 3) Dubai: $1.60/b to the MCO OSP, 90 cents/b higher. Dulang and The above commentary applies to the market data code: AASEU00
FOB Fateh: Jan18: 25kb: Mercuria buys from Reliance at Cendor crude OSPs have been maintained at a discount
$62.06/b (08:30:01). of 40 cents/b and a premium of 35 cents/b to the MCO Sweet Crude bids/offers/trades: (PGA page 2293)
OSP, respectively, unchanged from the year before. The ■■ASIA LIGHT CRUDE MOC: DEAL SUMMARY: No deals.
Sour Crude exclusions: (PGA page 2296) No market data was MCO OSP differential is set each month taking into ■■ASIA LIGHT CRUDE MOC: OUTSTANDING INTEREST: BIDS:
excluded from the November 10 2017, Middle East sour account a number of factors such as the average No bids.
crude assessment process. premium or discount to Platts Dated Brent crude ■■ASIA LIGHT CRUDE MOC: OUTSTANDING INTEREST:
assessments achieved in physical spot sales of Labuan, OFFERS: No offers.

Miri Light, Kikeh and Kimanis loading in the month.
Sweet Crude
Petronas also takes into consideration the price Sweet Crude exclusions: (PGA page 2293) No market data
Market analysis: (PGA page 2299) Trading activity for assessments of those grades during a specific time was excluded from the November 10 Asia Light Crude
January-loading cargoes took off with the announcement period by price information providers such as Platts, RIM assessment process.

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ASIA-PACIFIC/ARAB GULF MARKETSCAN

Volume 36 / Issue 216 / November 10, 2017

Arab Gulf Front Month Swaps (PGA page 2638)

Asia products Interim Gasoil 10 ppm Strip and Diffs

Asia products Gasoline Unl 97 FOB Spore Cargo assessment rationale:

HSFO 380 CST AAPOQ00 11.40* $74.60/b for 50kb

Gasoline 90 unleaded AAICU00 627.75–631.75 629.750 +4.500 for 50kb

at $74.60/b after trade with Vitol for 50kb (4:25:05)

bids at $74.70/b OR MOPS 92 RON plus $1/b for 50kb

0300 GMT Friday. The crack spread was mildly higher

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

Jet Sea Legend

were optimistic that a colder-than-usual winter this year

Gasoil .001%S (10ppm) FOB Spore Cargo assessment

assessments achieved in physical spot sales of Labuan, OFFERS: No offers.

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