Marketscan 11 - 07

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European Marketscan
Volume 56 / Issue 134 / July 11, 2024
European products ($/mt)
Code Mid Change Code Mid Change Code Mid Change
Mediterranean cargoes (PGA page 1114)
FOB Med (Italy) CIF Med (Genova/Lavera) MOPL Diff
Naphtha* PAAAI00 654.25–654.75 654.500 +1.250 PAAAH00 677.50–678.00 677.750 +3.750
Prem Unl 10 ppm AAWZA00 840.75–841.25 841.000 -1.250 AAWZB00 858.25–858.75 858.500 +0.750
Jet AAIDL00 799.50–800.00 799.750 +0.250 AAZBN00 830.50–831.00 830.750 +3.500
10 ppm ULSD AAWYY00 777.00–777.50 777.250 -0.500 AAWYZ00 794.50–795.00 794.750 +1.250 AMOPN00 4.43 +0.010
Gasoil 0.1% AAVJI00 740.50–741.00 740.750 +2.000 AAVJJ00 756.75–757.25 757.000 +3.750 AMOPI00 -7.31 -0.060
Fuel oil 1.0% PUAAK00 517.00–517.50 517.250 0.000 PUAAJ00 534.00–534.50 534.250 0.000
Fuel oil 3.5% PUAAZ00 502.50–503.00 502.750 +0.250 PUAAY00 519.25–519.75 519.500 +0.250
*Basis East Med.
Northwest Europe cargoes (PGA page 1110)
FOB NWE CIF NWE/Basis ARA MOPL Diff
Naphtha (Aug) PAAAJ00 676.50–677.00 676.750 +3.750
Naphtha PAAAL00 693.25–693.75 693.500 +5.250
Gasoline 10 ppm AAXFQ00 881.25–881.75 881.500 -2.000
Jet PJAAV00 818.00–818.50 818.250 +3.500 PJAAU00 832.00–832.50 832.250 +3.500 AMOPJ00 0.87 +1.550
ULSD 10 ppm AAVBF00 779.00–779.50 779.250 +2.500 AAVBG00 788.25–788.75 788.500 +2.500 AMOPL00 -1.20 +0.020
Diesel 10 ppm NWE** AAWZD00 779.00–779.50 779.250 +2.500 AAWZC00 790.25–790.75 790.500 +2.500
Diesel 10ppm NWE all origin ALORA00 788.500 +2.500
Diesel 10ppm NWE all origin spread ALORB00 0.000 0.000
Diesel 10 ppm UK AAVBH00 791.50–792.00 791.750 +2.500 AUKMA00 2.053 +0.022
Gasoil 0.1% AAYWR00 758.00–758.50 758.250 +2.250 AAYWS00 775.75–776.25 776.000 +2.250 AMOPH00 0.10 +0.050
Fuel oil 1.0% PUAAM00 494.00–494.50 494.250 +1.000 PUAAL00 511.00–511.50 511.250 +0.750
Fuel oil 3.5% PUABB00 472.75–473.25 473.000 -8.250 PUABA00 488.50–489.00 488.750 -8.250
Bionaptha PAAAU00 1693.500 +5.250
Bionaptha premium PAADU00 1000.000 0.000
**Basis Le Havre.
Northwest Europe barges (PGA page 1112)
FOB Rotterdam*** MOPL Diff
Naphtha PAAAM00 689.25–689.75 689.500 +5.250
Eurobob AAQZV00 835.00–835.50 835.250 -2.000
E10 Eurobob AGEFA00 840.250 +2.500
98 RON gasoline 10 ppm AAKOD00 915.00–915.50 915.250 -2.000
Premium gasoline 10 ppm PGABM00 838.00–838.50 838.250 +4.250
Reformate AAXPM00 884.250 -7.000
Jet PJABA00 827.75–828.25 828.000 +5.000 AMOPK00 0.99 +2.750
Diesel 10 ppm AAJUS00 780.75–781.25 781.000 +3.250 AMOPM00 2.03 +0.030
Gasoil 50 ppm AAUQC00 773.00–773.50 773.250 +3.250
Gasoil 0.1% AAYWT00 756.50–757.00 756.750 +2.250 AMOPG00 -2.35 -0.060
www.spglobal.com/commodityinsights
European Marketscan July 11, 2024
European products ($/mt) (continued) Euro-denominated assessments 16:30 London

Code Mid Change Med cargoes (€/mt) (PGA page 1120)
FOB Med CIF Med
DMA MGO 0.1% LGARD00 730.000 0.000 (Italy) (Genova/Lavera)
Fuel oil 1.0% PUAAP00 499.00–499.50 499.250 -1.000 Naphtha* ABWHE00 602.116 ABWHD00 623.505
Fuel oil 3.5% PUABC00 489.50–490.00 489.750 -8.250 Prem Unl 10ppm ABWGV00 773.689 ABWGU00 789.788
Fuel oil 3.5% 500 CST PUAGN00 485.50–486.00 485.750 -8.250 Jet ABWGZ00 735.741 AAZBO00 764.259
Rotterdam bunker 380 CST PUAYW00 499.50–500.50 500.000 -15.000 10ppm ULSD ABWHM00 715.041 ABWHH00 731.141
Gasoil 0.1% ABWGQ00 681.463 ABWGO00 696.412
***See notes on delivery basis for this table. (see page 11)
Fuel oil 1.0% ABWGH00 475.851 ABWGF00 491.490
Fuel oil 3.5% ABWGM00 462.511 ABWGK00 477.921
*Naphtha FOB Med is basis East Med.
Northwest Europe cargoes (€/mt) (PGA page 1116)
FOB NWE CIF NWE/Basis ARA
Naphtha AAQCE00 637.994
Gasoline 10ppm ABWGS00 810.948
Jet ABWHB00 752.760 AAQCF00 765.639
Africa products European feedstocks and blendstocks ULSD 10 ppm ABWHO00 716.881 ABWHI00 727.231
Diesel 10ppm NWE ABWHP00 716.881 ABWHK00 725.391
Code Code
Mid Change Mid Change
Diesel 10 ppm UK ABWHJ00 728.381
CIF Northwest Europe cargo ($/mt) (PGF page 1760)
West Africa cargoes (PGA pages 1122, 2342 and 2412) Diesel 10ppm UK MOPL Diff AUKMB00 1.889
VGO 0.5-0.6% AAHMZ00 648.75–649.75 649.250 -0.500 Gasoil 0.1% ABWGR00 697.562 ABWGP00 713.891
FOB NWE ($/mt) VGO 2% AAHND00 636.00–637.00 636.500 -0.500 Fuel oil 1.0% AAQCG00 454.692 ABWGG00 470.331
Gasoline AAKUV00 786.250 +0.250 Fuel oil 3.5% ABWGN00 435.143 ABWGL00 449.632
FOB Northwest Europe cargo ($/mt)
CIF West Africa ($/mt) Straight run 0.5-0.7% ABWHG00 521.159
VGO 0.5-0.6% AAHMX00 625.00–626.00 625.500 -0.250
Gasoline AGNWC00 821.250 -1.500 West Africa cargoes (€/mt) (PGA page 1116)
VGO 2% AAHNB00 612.25–613.25 612.750 -0.250
FOB NWE CIF WAF
FOB STS West Africa ($/mt) Straight Run 0.5-0.7% PKABA00 566.00–567.00 566.500 +2.750
Gasoline AGNWA00 723.321 AANWC00 755.520
Gasoil 0.3% AGNWD00 753.000 -1.500 FOB Black Sea cargo ($/mt) FOB STS West Africa
Jet AJWAA00 861.750 -7.750 Gasoil 0.3% AGNWE00 692.732
VGO 0.8% ABBAD00 614.750 -0.500
CFR South Africa ($/barrel) VGO 2% ABBAC00 607.750 -0.500 Jet AJWAB00 792.778
Gasoline 95 unleaded AAQWW00 102.061 +0.720 Northwest Europe barges (€/mt) (PGA page 1118)
CIF Mediterranean cargo ($/mt)
Jet kero AAQWT00 103.753 +0.940 FOB Rotterdam
Gasoil 10 ppm AAQWU00 104.539 +1.070 Straight Run 0.5-0.7% AAJNT00 574.750 -0.250 Naphtha ABWHF00 634.315
Gasoil 500 ppm AAQWV00 102.139 +1.070 VGO 0.8% ABBAB00 635.500 -0.250 Eurobob ABWGT00 768.399
VGO 2% ABBAA00 628.750 0.000 E10 Eurobob AGEFE00 772.999
98 RON gasoline 10 ppm ABWGX00 841.996
Jet Index (PGA page 115) FOB Rotterdam barge ($/mt)
Premium gasoline 10 ppm AAQCH00 771.159
July 11, 2024 Index $/mt MTBE* PHALA00 1006.75–1007.25 1007.000 +2.250 Reformate AAXPN00 813.477
Europe & CIS PJECI00 283.48 PJECI09 830.13 VGO 0.5-0.6% AAHNF00 632.00–633.00 632.500 -0.250 Jet ABWHC00 761.730
MidEast & Africa PJMEA00 296.71 PJMEA09 784.52 VGO 2% AAHNI00 619.25–620.25 619.750 -0.250 Diesel 10 ppm* AAQCI00 718.491
Global PJGLO00 281.45 PJGLO09 813.03 *FOB Amsterdam-Rotterdam-Antwerp. Gasoil 50 ppm AAUQF00 711.362
Gasoil 0.1%* AAYWY00 696.182
DMA MGO 0.1%* LGARE00 671.573
Fuel oil 1.0% ABWGI00 459.292
Fuel oil 3.5% AAQCK00 450.552
Fuel oil 3.5% 500 CST PUAGO00 446.872
Rotterdam bunker 380 CST AAUHE00 459.982
*FOB Amsterdam-Rotterdam-Antwerp. Euro/US$ forex rate: 1.0870. Platts
Euro denominated European and US product assessments are based on
market values and a Euro/US$ forex rate at 4:30 PM local London time.
© 2024 by S&P Global Inc. All rights reserved. 2

Marine Fuel (PGA page 30) ICE futures Euro cents per liter assessments 16:30 London
$/mt Change Platts ICE 16:30 London assessments* (PGA page 703) Med cargoes (€ cents/liter) (PGA page 1370)
0.5% FOB Singapore cargo AMFSA00 610.010 +1.670 Low Sulfur Gasoil Brent FOB Med CIF Med
0.5% FOB Fujairah cargo AMFFA00 620.560 +3.720 Aug AARIN00 778.00 Sep AAYES00 85.41 Prem Unl 10 ppm ABXGA00 58.392 ABXGB00 59.607
0.5% FOB Rotterdam barge* PUMFD00 561.250 -0.500 Sep AARIO00 778.50 Oct AAYET00 84.48 Jet ABXGH00 60.110 ABXGI00 62.439
0.5% FOB US Gulf Coast barge AUGMB00 582.500 +0.250 Oct AARIP00 779.25 Nov AAXZY00 83.66 10 ppm ULSD ABXGO00 60.443 ABXGP00 61.804
0.5% Dlvd US Atlantic Coast barge AUAMB00 610.500 +0.250 Dec AAYAM00 82.96 Gasoil 0.1% ABXGY00 57.605 ABXGZ00 58.868
0.5% FOB Mediterranean cargo MFFMM00 563.000 -0.250 *Platts ICE assessments reflect the closing value of the ICE contracts at Northwest Europe cargoes (€ cents/liter) (PGA page 1370)
0.5% CIF Mediterranean cargo MFCMM00 578.000 -0.250 precisely 16:30 London time. FOB NWE CIF NWE/Basis ARA
$/barrel ICE gasoil settlements (PGA page 702) Gasoline 10 ppm ABXGC00 61.204
0.5% FOB US Gulf Coast barge AUGMA00 91.730 +0.040 Low Sulfur Gasoil Low Sulfur Gasoil Jet ABXGJ00 61.500 ABXGK00 62.552
0.5% Dlvd US Atlantic Coast barge AUAMA00 96.140 +0.040 Jul * ICLO001 779.50 Oct ICLO004 778.75 ULSD 10 ppm ABXGQ00 60.599 ABXGR00 61.318
vs FO 380 MOPS strip ($/mt) Aug ICLO002 777.50 Nov ICLO005 775.00 Diesel 10 ppm NWE ABXGS00 60.599 ABXGT00 61.473
0.5% FOB Singapore cargo AMOPA00 101.880 -2.270 Sep ICLO003 778.00 Dec ICLO006 769.25 Gasoil 0.1% ABXHA00 58.966 ABXHB00 60.346
Northwest Europe barges (€ cents/liter) (PGA page 1370)
*See notes on delivery basis for this table. (see page 11) *On day of ICE LS Gasoil midday expiry, M1 shows settlement value
FOB Rotterdam
NYMEX futures (16:30 London time) Eurobob ABXGD00 57.992
E10 Eurobob AGEFC00 58.340
NYMEX WTI (PGA page 703) 98 RON Gasoline 10 ppm ABXGE00 63.547
$/barrel $/barrel Premium Gasoline 10 ppm ABXGF00 58.201
Aug AASCR00 82.50 Sep AASCS00 81.36 Jet ABXGL00 62.233
NYMEX NY ULSD (PGA page 703) Diesel 10 ppm ABXGU00 60.735
¢/gal ¢/gal Gasoil 50 ppm ABXHC00 60.132
Aug XUHO100 253.41 Sep XUHO200 254.99 Gasoil 0.1% ABXHD00 58.849
NYMEX RBOB (unleaded gasoline) (PGA page 703)
¢/gal ¢/gal
Aug XUHU100 251.86 Sep XUHU200 248.69
Marine Fuel 0.5% Derivatives, Jul 11

Balance* Change Month 1 Change Month 2 Change
Jul Aug Sep GB pence per liter assessments 16:30 London
$/mt $/mt $/mt Northwest Europe cargoes (p/liter) (PGA page 1370)
0.5% FOB Singapore cargo FOFS000 606.550 +1.100 FOFS001 601.000 +2.000 FOFS002 594.750 +2.750 FOB NWE CIF NWE/Basis ARA
0.5% FOB Fujairah cargo FOFF000 619.750 +4.000 FOFF001 613.250 +4.000 FOFF002 606.000 +4.750 Gasoline 10 ppm ABXGG00 51.508
0.5% FOB Rotterdam barge AMRAB00 560.750 0.000 AMRAM01 558.000 -0.500 AMRAM02 553.000 -0.750 Jet ABXGM00 51.758 ABXGN00 52.643
0.5% vs. 3.5% FOB Rotterdam barge AMRBB00 73.000 +4.500 AMRBM01 77.250 +2.000 AMRBM02 80.500 +0.750 ULSD 10 ppm ABXGV00 50.999 ABXGW00 51.605
$/barrel $/barrel $/barrel Diesel 10 ppm UK ABXGX00 51.817
0.5% FOB US Gulf Coast barge AMARB00 91.650 +0.050 AMARM01 90.600 +0.050 AMARM02 89.700 +0.050 Diesel 10ppm UK MOPL Diff AUKMC00 0.134
0.5% vs US Gulf Coast HSFO barge AUSBB00 17.450 +0.100 AUSBM01 17.750 0.000 AUSBM02 18.100 -0.100 Gasoil 0.1% ABXHE00 49.625 ABXHF00 50.787
*Balance month swaps are assessed from the 1st through the 20th of the month; Asia swaps are assessed through the 14th of February.

European financial derivatives: July 11, 2024 ($/mt) (PPE page 1600)
Code July* Change Code August Change Code September Change
London MOC
Propane CIF NWE Large Cargo Financial ABWFX00 576.500 +4.000 AAHIK00 571.000 +4.000 AAHIM00 566.000 +3.500
Naphtha CIF NWE Cargo Financial ABWFV00 689.250 +5.500 PAAAJ00 676.750 +3.750 AAECO00 669.000 +2.000
Gasoline Prem Unleaded 10 ppm FOB ARA Barge Financial ABWFT00 837.250 +0.500 AAEBW00 834.250 +0.250 AAEBY00 820.000 0.000
Gasoline Eurobob 10 ppm FOB ARA Barge Financial ABWFB00 838.500 +0.750 ABWFC00 835.500 +0.500 ABWFD00 821.250 +0.250
Gasoline Eurobob Non-oxy E10 Barge Financial AGEAB00 839.000 -0.500 AGEAM01 836.000 -0.750 AGEAM02 821.750 -1.000
Jet FOB Rdam Barge Financial AAXUH00 827.000 +2.250 AAXUM01 827.250 +1.250 AAXUM02 829.750 +1.500
Jet CIF NWE Cargo Financial ABWCI00 831.750 +2.250 ABWCJ00 830.500 +1.250 ABWCK00 833.000 +1.500
ULSD 10 ppmS FOB ARA Barge Financial ABWEA00 779.000 +3.250 ABWEB00 778.000 +2.250 ABWEC00 778.500 +1.500
ULSD 10 ppmS CIF NWE Cargo Financial ABWDM00 789.750 +2.750 ABWDN00 789.500 +1.750 ABWDO00 790.250 +1.500
ULSD 10 ppmS CIF Med Cargo Financial ABWCY00 791.250 +1.000 ABWCZ00 788.250 +2.000 ABWDA00 787.750 +1.500
LS Gasoil Frontline Financial ABWAO00 778.000 +2.250 AAPQS00 778.250 +1.750 AAPQT00 779.000 +1.500
Gasoil .1%S (1000 ppm) FOB ARA Barge Financial ABWBT00 759.000 +2.250 ABWBU00 762.250 +1.750 ABWBV00 762.000 +1.500
Gasoil 0.1%S CIF NWE Cargo Financial ABWBF00 775.000 +2.250 ABWBG00 777.750 +1.750 ABWBH00 778.000 +1.500
Gasoil .1%S (1000 ppm) CIF Med Cargo Financial ABWAS00 763.250 +4.500 ABWAT00 766.500 +1.750 ABWAU00 772.750 +1.500
FO 3.5%S FOB Rdam Barge Financial ABWAE00 487.750 -4.500 AAEHB00 480.750 -2.500 AAEHC00 472.500 -1.500
FO 3.5%S FOB Med Cargo Financial ABWAG00 493.500 +2.250 AAEHK00 481.250 -2.000 AAEHL00 470.250 -1.500
FO 3.5%S FOB Rdam Barge vs FO 3.5%S FOB Med Cargo Financial ABWAM00 -5.750 -6.750 AAEHK01 -0.500 -0.500 AAEHL01 2.250 0.000
FO 1%S FOB Rdam Barge Financial ABWAA00 492.250 -1.250 AALTA00 490.250 -2.500 AALTC00 483.500 -3.000
FO 1%S FOB NWE Cargo Financial ABWAC00 496.250 -1.250 AAEGR00 494.250 -2.500 AAEGS00 486.500 -3.000
FO 1%S FOB NWE vs FO 3.5%S Barge (HiLo Diff) Financial ABWAI00 8.500 +3.250 AAEGR01 13.500 0.000 AAEGS01 14.000 -1.500
*Balance month swaps are assessed from the 1st through the 20th of the month.
Singapore at London MOC
FO 380 CST 3.5%S FOB Spore Cargo at London MOC Financial FPLSM01 502.000 -3.250 FPLSM02 486.500 -1.500
FO 380 3.5% FOB Spore Cargo vs FO 3.5% FOB Rdam Barge (E-W) FQLSM01 21.250 -0.750 FQLSM02 14.000 0.000
at London MOC Financial
FO 180 CST 3.5%S FOB Spore Cargo at London MOC Financial FOLSM01 509.000 -1.250 FOLSM02 494.500 -0.500
FO 180 3.5% FOB Spore Cargo vs FO 3.5% FOB Rdam Barge (E-W) F1BDM01 28.250 +1.250 F1BDM02 22.000 +1.000
at London MOC Financial

Calendar month averages for June 2024

Code Mid Code Mid
FOB Med cargo (Italy) (PGA page 1115) CIF NWE cargo (basis ARA) (PGA page 111)
Naphtha* PAAAI03 632.025–632.525 632.275 Naphtha physical PAAAL03 662.675–663.175 662.925
Prem Unl 10ppm AAWZA03 814.238–814.738 814.488 Gasoline 10ppm AAXFQ03 857.213–857.713 857.463
Jet AAIDM00 785.738–786.238 785.988 Jet PJAAU03 811.400–811.900 811.650
10ppm ULSD AAWYY03 760.788–761.288 761.038 ULSD 10ppm AAVBG03 770.438–770.938 770.688
Gasoil 0.1% AAVJI03 738.088–738.588 738.338 Diesel 10ppm NWE AAWZC03 772.550–773.050 772.800
Fuel oil 1.0% PUAAK03 494.800–495.300 495.050 Diesel 10ppm NWE all origin ALORA03 770.688
Fuel oil 3.5% PUAAZ03 457.363–457.863 457.613 Diesel 10ppm NWE all origin spread ALORB03 0.000
FOB Black Sea (PGF page 1761) Diesel 10ppm UK AAVBH03 NA–NA NA
VGO 0.8% ABBAD03 594.288 Diesel 10ppm UK MOPL Diff AUKMA03 4.136
VGO 2% max ABBAC03 590.038 Gasoil 0.1% AAYWS03 758.725–759.225 758.975

Fuel oil 1.0% PUAAL03 494.563–495.063 494.813
CIF Med cargo (Genova/Lavera) (PGA page 1115)
Fuel oil 3.5% PUABA03 472.125–472.625 472.375
Naphtha PAAAH03 649.875–650.375 650.125
VGO 0.5-0.6% AAHNA00 617.913–618.913 618.413
Prem Unl 10ppm AAWZB03 827.613–828.113 827.863
VGO 2% max AAHNE00 610.413–611.413 610.913
Jet AAZBN03 811.100–811.600 811.350
10ppm ULSD AAWYZ03 774.325–774.825 774.575 FOB Rotterdam barges (PGA page 1113)
Gasoil 0.1% AAVJJ03 750.650–751.150 750.900 Naphtha PAAAM03 658.675–659.175 658.925
Fuel oil 1.0% PUAAJ03 515.025–515.525 515.275 Eurobob AAQZV03 810.650–811.150 810.900
Fuel oil 3.5% PUAAY03 477.238–477.738 477.488 98 RON gasoline 10ppm AAKOE00 872.450–872.950 872.700
VGO 0.8% ABBAB03 619.138 Premium gasoline 10ppm PGABM03 810.013–810.513 810.263
VGO 2% max ABBAA03 614.888 MTBE** PHBFZ03 962.413–962.913 962.663
Jet PJABA03 804.663–805.163 804.913
FOB NWE cargo (PGA page 1111)
Diesel 10ppm** AAJUW00 758.763–759.263 759.013
Bionaphtha PAAAU03 1762.925
Gasoil 50ppm AAUQC03 755.688–756.188 755.938
Bionaphtha premium PAADU03 1100.000
Gasoil 0.1%** AAYWT03 746.688–747.188 746.938
Jet PJAAV03 796.313–796.813 796.563
DMA MGO 0.1%* LGARD03 734.500
ULSD 10ppm AAVBF03 760.613–761.113 760.863
Fuel oil 1.0% PUAAP03 479.325–479.825 479.575
Diesel 10ppm NWE AAWZD03 760.463–760.963 760.713
Fuel oil 3.5% PUABC03 473.125–473.625 473.375
Gasoil 0.1% AAYWR03 739.825–740.325 740.075
Fuel oil 3.5% 500 CST PUAGN03 469.125–469.625 469.375
Fuel oil 1.0% PUAAM03 473.913–474.413 474.163
Rotterdam bunker 380 CST PUAYW03 475.600–476.600 476.100
Fuel oil 3.5% PUABB03 453.300–453.800 453.550
VGO 0.5-0.6% AAHNG00 596.763–597.763 597.263
Straight run 0.5-0.7% PKABA03 530.363–531.363 530.863
VGO 2% max AAHNJ00 589.288–590.288 589.788
VGO 0.5-0.6% AAHMY00 589.213–590.213 589.713
Reformate AAXPM03 877.900
VGO 2% max AAHNC00 581.750–582.750 582.250
*Naphtha FOB is basis east Med. **FOB Amsterdam/Rotterdam/Antwerp.
CIF West Africa cargo (PGA page 1111)
Gasoline AGNWC03 784.825
FOB NWE West Africa cargo (PGA page 1111)

Gasoline AAKUV03 752.300

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

SAF Cost of Production BJNWA00 2062.111 -0.401
Analysis SAF CIF ARA MIRWD00 2042.250 +3.500
SAF CIF ARA Premium MIRWF00 1210.000 0.000
Several vessels on subs for TA voyages HVO HVNWA00 1894.470 -0.033
More trading activity on 10 ppm barges USWC ($/mt)

SAF Cost of Production w/ credits ASAFA00 1931.489 +1.278
SAF Cost of Production w/o credits ASAFB00 994.704 +1.278
European gasoline markets were little changed July RD w/ credits ARDFA00 1821.867 +0.756
RD w/o credits ARDFB00 1009.139 +0.756
11, with a slightly steeper market structure amid a fairly
USWC ($/b)
slow market. SAF Cost of Production w/ credits ASAFE00 238.596 +0.158
There were two vessels heard on subjects out of SAF Cost of Production w/o credits ASAFF00 122.875 +0.158
RD w/ credits 225.718 +0.094
Northwest Europe, both having trans-Atlantic options. ARDFE00
RD w/o credits ARDFF00 125.026 +0.094
There was one gasoline cargo on subs out of Spain, Biodiesel price assessments USWC (¢/gal)
also with TA options. Low-High Midpoint Change SAF Cost of Production w/ credits ASAFI00 568.085 +0.376
In the Platts Market on Close assessment process, SAF Cost of Production w/o credits ASAFJ00 292.560 +0.376
Northwest Europe differential to ICE gasoil ($/mt) (PBF page 1313) RD w/ credits ARDFI00 537.424 +0.223
there were three trades off bids for 10 ppm barges, FAME 0 (RED) FOB ARA 399.75-404.75 402.25 +8.00
AAXNT00 RD w/o credits ARDFJ00 297.681 +0.223
which proved the market up sharply versus Eurobob. In PME (RED) FOB ARA AAXNY00 369.75-374.75 372.25 +8.00 Southeast Asia ($/mt)
the Med, there was one BP bid for FOB cargoes out of RME (RED) FOB ARA AAXNU00 413.50-418.50 416.00 -4.00 SAF Cost of Production (PFAD) ASFAA00 1580.230 -2.150
SME (RED) FOB ARA AAXNX00 404.25-409.25 406.75 +4.00
Santa Panagia Bay. HVO (PFAD) HVSAB00 1461.300 -1.260
UCOME (RED) FOB ARA AUMEA00 588.00 -0.50
“There’s still a market for low RVP euros from North Asia ($/mt)
refiners, but generic euros aren’t there,” said one Carbon credits (PGA page 496) SAF Cost of Production (UCO)
HVO (UCO)
ASFAC00
HVNAA00
1650.910
1527.740
-2.560
-1.620
source in the NWE market. “In general people are Change
Platts CEC Foreign exchange rates (PGA page 1151)
keeping blends in tank and withholding a bit.” July 11, 2024 London 16:30
$/mtCO2e PCECA00 17.250 0.000
In refinery news, Valero Energy said operations at Eur/mtCO2e PCECE00 15.891 -0.043 Dollar/Swiss franc BCADC00 0.8940
its Port Arthur, Texas, refinery required flaring, after Jet Fuel Carbon Offset Premiums GB pound/Dollar BCADB00 1.2916
Dollar/Yen BCACW00 158.5500
a power outage July 6 caused multiple process unit $/b AJFCA00 82.986 0.000
Euro/Dollar BCADD00 1.0870
Eur/b AJFCB00 76.450 -0.205
upsets, according to a July 10 filing with the Southeast Dollar/Ruble AAUJO00 88.0000
Texas Alerting Network. Carbon Intensity (PGA page 4207)
Flaring was reported for 10 hours, but flooding, Daily Carbon Intensity Premium Monthly Carbon Intensity
disruptions and power issues from Hurricane Beryl’s Asia $/bbl Date kgCO2e/bbl
July 8 landfall slowed the restart of the plant. Gasoline Unl 92 FOB Singapore Cargo ALCEJ00 0.597 ALCEI00 May-24 48.16
The front-month FOB AR Eurobob barge swap was Jet Kero FOB Singapore Cargo ALCEL00 0.235 ALCEK00 May-24 18.93
Gasoil 10ppm FOB Singapore Cargo ALCEH00 0.354 ALCEG00 May-24 28.54
assessed up 50 cents/mt at $835.50/mt on the day,
United States Gulf Coast ¢/gal Date kgCO2e/gal
with the barge crack equivalent 13 cents/b higher at Gasoline CBOB USGC Prompt Pipeline ALCEN00 1.265 ALCEM00 May-24 1.02
$15.85/b. Jet Kero 54 USGC Prompt Pipeline ALCEP00 0.595 ALCEO00 May-24 0.48
The July/August spread was assessed at $3/ ULSD USGC Prompt Pipeline ALCER00 0.769 ALCEQ00 May-24 0.62
mt, 50 cents/mt steeper on the day, while August/ Northwest Europe $/mt Date kgCO2e/mt
Gasoline Eurobob (E5) FOB NWE Barge 4.666 May-24 376.28
September was 25 cents/mt steeper at a $14.25/mt ALCEB00 ALCEA00
Jet FOB NWE Barge ALCED00 2.125 ALCEC00 May-24 171.36
backwardation. ULSD 10ppm FOB NWE Barge ALCEF00 2.395 ALCEE00 May-24 193.12

The balance-of-month Med/North gasoline Gasoline E10 Eurobob FOB AR Barge <AGEFA00> assessment’s differential to the August swap was at
differential — the spread between the balmo FOB assessment rationale: $9.50/mt, from $11.25/mt on the day.
Mediterranean 10 ppm cargo swap and the equivalent E10 Eurobob gasoline barges were at a $5/mt Gasoline Prem Unleaded 10ppmS CIF Med Cargo
FOB Amsterdam-Rotterdam Eurobob barge — was premium to the physical E5 Eurobob market, from 50 <AAWZB00> assessment rationale:
$2.50/mt narrower on the day at $4/mt, with August cents/mt, based on information heard in the market in The CIF Mediterranean gasoline cargo assessment
unchanged at minus $4/mt. the absence of competitive indications in the MOC. was derived as a freight net-forward from the FOB
Exclusions: None Mediterranean gasoline cargo assessment, using
Platts NWE Gasoline FOB Barge Daily Rationales Platts is part of S&P Global Commodity Insights the following: FOB Med gasoline cargo assessment
& Exclusions plus the cost of transporting a 30,000mt clean cargo
Gasoline Prem Unleaded 10ppmS FOB AR Barge Platts NWE Med Gasoline Cargo Daily Rationale from a basket of Mediterranean ports to a basket of
<PGABM00> assessment rationale: & Exclusions Mediterranean destinations.
The FOB AR 10 ppm premium unleaded gasoline Gasoline 10ppmS CIF NWE Cargo <AAXFQ00> Exclusions: None
barge was assessed at $838.25/mt and at a $3/ assessment rationale: Platts is part of S&P Global Commodity Insights
mt premium to Eurobob barges, up sharply from a The CIF NWE gasoline cargo assessment was at
$3.25/mt discount, on the back of a competitive $881.5/mt and at a $46.25/mt differential to physical Platts European Gasoline, Cargo, Bids,
traded bid in the Platts Market on Close assessment Eurobob, unchanged on the day, based on information Offers, Trades
process. heard in the market in the absence of indications in
Gasoline Eurobob FOB AR Barge <AAQZV00> the Platts Market on Close assessment process. Bids: Platts Prem Unl FOB Med Crg FOB bss SPB
assessment rationale: Gasoline Prem Unleaded 10ppmS FOB Med Cargo 10-25, BP bids Aug 1-Aug 5 100% Prem Unl 10ppm
Eurobob gasoline barges were assessed at $835.25/ <AAWZA00> assessment rationale: FOB Med Crg Full Mnth Aug $4.00 for 27000-27000
mt and at a 25 cents/mt discount to the front-month The FOB Mediterranean gasoline cargo assessment “Optol: 0-6kt: pricing basis FOB Med, B/L plus 3 quotes
Eurobob swap, from a $2.25/mt premium on the day, was at $841/mt based on the MOPL in the absence of plus $10/mt.
based on information heard in the market in the competitive indications in the MOC. The assessment Spec: EN228 EU qualified min 95/85 ron/mon,
absence of information in the MOC. MOPL differential was at $1.99/mt, and the 10ppm S max,60 kPa RVP max, REACH compliant, 0.755
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escalate/de-escalate Russian domestic refined products netbacks

Refinery Port Code Rb/mt Change Code $/mt Change Underlying marker
Special clause: Any clause(s) in relation to
Middle Distillates (PGA page 1440)
Sanctions and Severability either contained herein or Gasoil and Diesel 10 ppm
as part of the governing general terms and conditions, Moscow St Peter AAWRP00 88,443.194 +128.550 AAWRO00 1,006.694 +3.154 ULSD CIF NWE Crg
Yaroslavl St Peter AAXKP00 89,416.262 +128.550 AAXKO00 1,017.770 +3.173 ULSD CIF NWE Crg
shall be updated so as to amend any and all references NORSI Novorossiysk AAXKA00 83,374.748 -491.372 AAWRU00 949.003 -3.988 ULSD FOB Med Crg
to “EU”, “European Union” and “EU member state” to Syzran Novorossiysk AAXKI00 84,390.872 -491.372 AAXKH00 960.569 -3.968 ULSD FOB Med Crg
Komsomolsk Nakhodka AAWRJ00 82,224.244 +685.723 AAWRI00 935.907 +9.366 GO 0.05% SporeCrg
include “the UK.” Khabarovsk Nakhodka AAWRD00 83,310.868 +685.723 AAWRC00 948.276 +9.387 GO 0.05% SporeCrg
Offers: None Ufa Primorsk AAXYF00 87,234.459 +127.742 AAXYJ00 992.936 +3.122 ULSD CIF NWE Crg
Omsk Novorossiysk AAWKQ00 80,153.912 -491.372 AAWKP00 912.342 -4.049 GO 0.1% Med Crg
Trades: None Yaroslavl Primorsk AAWJZ00 90,149.655 +127.742 AAWJY00 1,026.117 +3.177 ULSD CIF NWE Crg
This assessment commentary applies to the NORSI Primorsk AAWJX00 90,154.839 +127.742 AAWJW00 1,026.177 +3.178 ULSD CIF NWE Crg
Kirishi Primorsk AAWJV00 92,177.931 +127.742 AAWJU00 1,049.204 +3.216 ULSD CIF NWE Crg
following market data codes: Gasoline 10ppm CIF Volgograd Novorossiysk ABXKR00 86,882.276 -491.372 ABXKQ00 988.927 -3.920 ULSD FOB Med Crg
NWE Cargo <AAXFQ00> Prem Unl 10ppm FOB Italy Diesel damping value RNDCD00 24,479.296
<AAWZA00> Prem Unl 10ppm CIF Genoa/Lavera Gasoline (PGA page 1340)
Moscow Vysotsk AAWRT00 98,774.381 -355.256 AAWRS00 1,124.287 -2.146 Eurobob ARA Brg
<AAWZB00> Yaroslavl Vysotsk AAXKT00 99,664.181 -355.256 AAXKS00 1,134.415 -2.129 Eurobob ARA Brg
NORSI Novorossiysk AAXKE00 95,643.263 -581.897 AAXKD00 1,088.648 -4.781 Prem Unl Med Crg
NORSI Vysotsk AAWIN00 98,378.045 -355.256 AAWIO00 1,119.776 -2.154 Eurobob ARA Brg
Platts European Naphtha Daily Market Syzran Novorossiysk AAXKL00 96,659.387 -581.897 AAXKK00 1,100.214 -4.762 Prem Unl Med Crg
Analysis Komsomolsk
Khabarovsk
Nakhodka
Nakhodka
AAWRL00
AAWRF00
91,647.836
92,734.460
+674.548
+674.548
AAWRK00
AAWRE00
1,043.170
1,055.539
+9.419
+9.440
Unl 92 Spore Crg
Unl 92 Spore Crg
Kirishi Vysotsk AAWIW00 101,652.341 -355.256 AAWIP00 1,157.045 -2.091 Eurobob ARA Brg
Petrochemical margins remain weak Ufa Vysotsk AAWJE00 96,040.001 -355.256 AAWJD00 1,093.164 -2.198 Eurobob ARA Brg
Omsk Vysotsk AAWJC00 94,598.057 -355.256 AAWIX00 1,076.751 -2.226 Eurobob ARA Brg
East-West spread steady on day Gasoline damping value RNGCD00 30,543.300
Fuel oil (PGA page 1540)
Moscow St Peter AAWRN00 43,641.174 -926.946 AAWRM00 496.740 -9.698 FO 3.5% ARA Brg
The European naphtha market strengthened Yaroslavl St Peter AAXKN00 44,614.242 -926.946 AAXKM00 507.816 -9.679 FO 3.5% ARA Brg
slightly on the day, while the crack spread narrowed NORSI Novorossiysk AAXKC00 42,667.478 -86.931 AAXKB00 485.657 -0.171 FO 3.5% Med Crg
Syzran Novorossiysk AAXKG00 43,683.602 -86.931 AAXKF00 497.223 -0.152 FO 3.5% Med Crg
July 11. Komsomolsk Nakhodka AAWRH00 44,991.527 +374.941 AAWRG00 512.111 +5.122 380 CST Spore Crg
The differential between naphtha prices and Khabarovsk Nakhodka AAWRB00 46,078.151 +374.941 AAWRA00 524.479 +5.143 380 CST Spore Crg
Kirishi Vysotsk AAWJG00 46,447.848 -926.300 AAWJF00 528.687 -9.637 FO 3.5% ARA Brg
propane in Europe had narrowed to the lowest level Ufa Vysotsk AAWJK00 40,835.508 -926.300 AAWJJ00 464.805 -9.744 FO 3.5% ARA Brg
since February amid weakening in naphtha and Omsk Vysotsk AAWJI00 39,393.564 -926.300 AAWJH00 448.392 -9.772 FO 3.5% ARA Brg
stronger prices in the propane cargo market. Spot prices assessed by Platts in key markets are used as underlying markers for netback calculations.
LPG has been in favor for flexible steam crackers

throughout Europe as propane has consistently Although the petrochemical outlook in the near increasing demand for related petrochemical
remained in discounted territory versus naphtha. term remains bleak in Europe, analysts at S&P Global products.”
However, a rise in propane prices coupled with Commodity Insights expect a more bullish picture to However, the impact this year is likely to be minimal
declining naphtha values had shifted the pro-nap emerge eventually. as the benefits of lower interest rates typically take
spread closer to positive territory, potentially putting “The European Central Bank started to ease time to materialize, they added.
naphtha more in favor for petrochemical feedstocks, monetary policy in June 2024, when it cut policy The front-month CIF NWE naphtha crack narrowed
some sources said. rates by 25 basis points,” the analysts said in a 50 cents/b at minus $8.40/b.
In the naphtha market, gasoline blending demand report. “This measure is expected to help stimulate The front-month CIF NWE naphtha swap was
has not been as strong as expected for the summer petrochemical demand growth in time, by making assessed up $3.75/mt at $676.75/mt. The July/August
months while petrochemical demand continues to borrowing cheaper and boosting investment in key spread was assessed up $1.75/mt at $12.50/mt, while
flounder, according to sources. sectors like construction and automotive, thereby August/September spread was also up $1.75/mt at

$7.75/mt. Asia products

Code Mid Change Code Mid Change
The front-month East-West spread — the spread
Singapore (PGA page 2002)
between the CFR Japan naphtha cargo swap and the
FOB Singpore ($/barrel)
CIF NWE equivalent — was down unchanged at $16.50/
Naphtha PAAAP00 74.40–74.44 74.420 +0.810
mt, while the September spread was up 75 cents/mt at Gasoline 92 unleaded PGAEY00 92.04–92.08 92.060 +0.880
$17.75/mt. Gasoline 95 unleaded PGAEZ00 96.46–96.50 96.480 +0.880
Gasoline 97 unleaded PGAMS00 97.11–97.15 97.130 +0.880
Platts NW Europe Naphtha CIF Cargo Daily Kerosene PJABF00 99.55–99.59 99.570 +0.900
Rationale & Exclusions Gasoil 0.05% sulfur AAFEX00 100.08–100.12 100.100 +1.010
Gasoil 0.25% sulfur AACUE00 99.58–99.62 99.600 +1.010
The CIF NWE naphtha cargo <PAAAL00> Gasoil POABC00 100.39–100.43 100.410 +0.940
assessment was at $693.50/mt based on the following Fuel oil 180 CST 2% ($/mt) PUAXS00 530.88–530.92 530.900 +3.870
inputs: HSFO 180 CST ($/mt) PUADV00 519.20–519.24 519.220 +3.790
Value on July 26 was assessed at $694.47/mt based HSFO 380 CST ($/mt) PPXDK00 513.18–513.22 513.200 +4.190
on an outstanding bid for a 12,500 mt cargo. Gasoline components (PBF page 2010)
A backwardated structure was applied to the front FOB Singapore ($/mt)

MTBE PHALF00 831.00–833.00 832.000 +7.500
and back of the physical curve.
Singapore swaps (PPA page 2654)
August ($/barrel) September ($/barrel)
Platts NW Europe Naphtha CIF Cargo Bids, Naphtha Japan ($/mt) AAXFE00 692.75–693.25 693.000 +7.500 AAXFF00 686.75–687.25 687.000 +7.000
Offers, Trades Naphtha PAAAQ00 73.28–73.32 73.300 +0.900 PAAAR00 72.63–72.67 72.650 +0.850
Gasoline 92 unleaded AAXEL00 91.08–91.12 91.100 +0.700 AAXEM00 90.32–90.36 90.340 +0.730
PLATTS EU NAPHTHA PVO MOC TRADES ON CLOSE Reforming Spread AAXEO00 17.78/17.82 17.800 -0.200 AAXEP00 17.67/17.71 17.690 -0.120
NO TRADES REPORTED Kerosene PJABS00 99.75–99.79 99.770 +0.860 PJABT00 99.97–100.01 99.990 +0.960
Gasoil POAFC00 100.73–100.77 100.750 +0.980 POAFG00 100.85–100.89 100.870 +0.980
PLATTS EU NAPHTHA PVO MOC BIDS ON CLOSE
HSFO 180 CST ($/mt) PUAXZ00 509.93–509.97 509.950 +4.460 PUAYF00 495.43–495.47 495.450 +4.210
CIF BASIS ROTTERDAM
Middle East (PGA page 2004)
CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE
FOB Arab Gulf ($/barrel)
CRG 12.5 KT +/- 10%: 10-25: JULY 24-28: TRAFIGURA Naphtha ($/mt) PAAAA00 639.68–643.18 641.430 +9.900
BIDS 11250.0MT AT NAPHTHA CIF NWE CRG $8.00 ANY Naphtha LR2 ($/mt) AAIDA00 653.08–656.58 654.830 +9.840
DAY SEE TQC; TQC: {‘PRICING 19-31 JULY, OPTOL +6’} Kerosene PJAAA00 95.34–95.38 95.360 +0.990
CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE Gasoil 10 ppm AAIDT00 95.92–95.96 95.94 +1.030
Gasoil 0.005% sulfur AASGJ00 95.72–95.76 95.740 +1.030
CRG 12.5 KT +/- 10%: 10-25: JULY 25-29: ARAMCO BIDS
Gasoil 0.05% sulfur AAFEZ00 93.52–93.56 93.540 +1.030
11250.0MT AT NAPHTHA CIF NWE CRG $7.00 FULL Gasoil 0.25% sulfur AACUA00 92.57–92.61 92.590 +1.030
MNTH AUG; TQC: {‘OPTOL +3’} Gasoil POAAT00 95.92–95.96 95.940 +1.030
CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE HSFO 180 CST ($/mt) PUABE00 493.34–493.38 493.360 +4.010
CRG 12.5 KT +/- 10%: 10-25: JULY 28-AUGUST 1: SHELL Japan (PGA page 2006)
BIDS 11250.0MT AT NAPHTHA CIF NWE CRG $5.00 C+F Japan ($/mt) Premium/Discount
ANY DAY SEE TQC; TQC: {‘INDIC 1. PRICING 20-31 JULY. Naphtha PAAAD00 699.25–702.75 701.000 +8.500
Naphtha MOPJ Strip AAXFH00 686.75–687.25 687.000 +7.000 AAXFI00 13.75/14.25 14.000 +1.500
OPTOL @ +5.; IT IS A CONDITION OF THIS BID THAT
Naphtha 2nd 1/2 Aug PAAAE00 705.25–705.75 705.500 +7.000
THE GOODS SOLD AND DELIVERED BY SELLER WILL Naphtha 1st 1/2 Sep PAAAF00 702.25–702.75 702.500 +8.000
NOT BE OF RUSSIAN FEDERATION (RF) ORIGIN, NOR Naphtha 2nd 1/2 Sep PAAAG00 699.25–699.75 699.500 +9.000
(continued on page 11) Gasoline unleaded ($/barrel) PGACW00 96.19–96.23 96.210 +0.850
Kerosene ($/barrel) PJAAN00 100.85–100.89 100.870 +0.860

US Products: July 10, 2024

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

CIF cargoes (¢/gal) RVP
Unleaded 87 AAMHG00 250.54–250.64 250.590 -4.650 AAMHGRV 9.0

$/barrel 1% strip NYH vs 1% strip
No. 6 1.0%** PUAAO00 85.91–85.93 85.920 +0.270 AAUGG00 83.85–83.87 83.860 +0.280 AAUGD00 2.05/2.07 2.060 -0.010
USAC HSFO PUAAX00 79.06–79.08 79.070 -0.500 AAUGF00 -4.80/-4.78 -4.790 -0.780

Settle-based Residual swaps ($/barrel)
No. 6 1.0% paper Bal M AFOAB00 84.000 +0.300
No. 6 1.0% paper 1st month AFOAM01 82.700 +0.300
No. 6 1.0% paper 2nd month AFOAM02 81.550 +0.300
NY numbers include duty.
FOB Gulf Coast (PGA page 156 & 338)

¢/gal RVP
Unleaded 87 PGACT00 234.54–234.64 234.590 -5.900 PGACTRV 9.0
Unleaded 89 PGAAY00 248.14–248.24 248.190 -5.900 PGAAYRV 9.0
Unleaded 93 PGAJB00 268.54–268.64 268.590 -5.900 PGAJBRV 9.0
MTBE PHAKX00 282.09–282.19 282.140 +1.450
Jet 54 PJABM00 248.79–248.89 248.840 -1.770
Jet 55 PJABN00 249.79–249.89 249.840 -1.770
ULS Kero AAVTK00 259.79–259.89 259.840 -1.770
No. 2 POAEE00 232.54–232.64 232.590 -0.520
Alkylate* AAFIE00 38.45/38.55 38.500 +3.500
*Premium to US Gulf Coast pipeline gasoline; DAP

Cargo (¢/gal) Cargo ($/mt)
FOB Naphtha AAXJP00 161.750 +0.750 AAXJU00 611.420 +2.840
Export ULSD AAXRV00 238.710 -0.610 AAXRW00 746.920 -1.910

$/barrel USGC HSFO strip vs 1% strip
Slurry Oil PPAPW00 77.94–77.96 77.950 -0.210 AAUGS00 3.72/3.74 3.730 +0.320
No. 6 1.0% 6 API PUAAI00 85.72–85.74 85.730 +0.240 AAUGT00 11.50/11.52 11.510 +0.770
USGC HSFO PUAFZ00 74.94–74.96 74.950 -0.210 AAUGW00 74.21–74.23 74.220 -0.530 AAUGU00 0.72/0.74 0.730 +0.320
RMG 380 PUBDM00 74.94–74.96 74.950 -0.210 AAUGV00 0.72/0.74 0.730 +0.320

Settle-based Residual swaps ($/barrel)
USGC HSFO swap M1(Aug) AWATM01 72.800 -0.150
USGC HSFO swap M2(Sep) AWATM02 71.450 -0.100

HAVE BEEN BLENDED WITH ANY PRODUCT THAT WAS Delivery basis
PRODUCED IN RF, NOR WILL THE TRANSPORT OF THE
GOODS SOLD COMMENCE FROM OR INVOLVE TRANSIT Please note that the assessments which appear in the FOB Rotterdam barge section have varying delivery bases as
THROUGH RF.’} noted below:
CIF BASIS ROTTERDAM: PLATTS NAPHTHA Code Delivery basis
NWE CRG 12.5 KT +/- 10%: 10-25: JULY 31-AUGUST 4: Naphtha PAAAM00 FOB Amsterdam-Rotterdam-Antwerp
GUNVOR BIDS 11250.0MT AT NAPHTHA CIF NWE CRG Eurobob AAQZV00 FOB Amsterdam-Rotterdam
$2.00 ANY DAY SEE TQC; TQC: {‘INDIC 1: PRICING 20-31 E10 Eurobob AGEFA00 FOB Amsterdam-Rotterdam
JULY, OPTOL+5’} 98 RON gasoline 10 ppm AAKOD00 FOB Amsterdam-Rotterdam
CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE Premium gasoline 10 ppm PGABM00 FOB Amsterdam-Rotterdam
CRG 12.5 KT +/- 10%: 10-25: AUGUST 1-5: ARAMCO BIDS Reformate AAXPM00 FOB Amsterdam-Rotterdam
11250.0MT AT NAPHTHA CIF NWE CRG $7.00 FULL Jet PJABA00 FOB Flushing-Amsterdam-Rotterdam-Antwerp-Ghent
MNTH AUG; TQC: {‘OPTOL +3’} Diesel 10 ppm AAJUS00 FOB Amsterdam-Rotterdam-Antwerp
CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE Gasoil 50 ppm AAUQC00 FOB Amsterdam-Rotterdam-Antwerp
CRG MIN QTY 24 KT: 10-25: JULY 28-AUGUST 1: SHELL Gasoil 0.1% AAYWT00 FOB Amsterdam-Rotterdam-Antwerp
BIDS 24000.0MT AT NAPHTHA CIF NWE CRG $3.00 DMA MGO 0.1% LGARD00 FOB Amsterdam-Rotterdam-Antwerp
ANY DAY SEE TQC; TQC: {‘INDIC 2. PRICING 20-31 JULY. Fuel oil 1.0% PUAAP00 FOB Rotterdam
OPTOL @ +5.; IT IS A CONDITION OF THIS BID THAT Fuel oil 3.5% PUABC00 FOB Rotterdam
THE GOODS SOLD AND DELIVERED BY SELLER WILL Fuel oil 3.5% 500 CST PUAGN00 FOB Rotterdam
NOT BE OF RUSSIAN FEDERATION (RF) ORIGIN, NOR Marine fuel 0.5% PUMFD00 FOB Rotterdam-Antwerp
HAVE BEEN BLENDED WITH ANY PRODUCT THAT WAS Rotterdam bunker 380 CST PUAYW00 Rotterdam Delivered bunkers
PRODUCED IN RF, NOR WILL THE TRANSPORT OF THE
GOODS SOLD COMMENCE FROM OR INVOLVE TRANSIT PRODUCED IN RF, NOR WILL THE TRANSPORT OF THE PLATTS EU NAPHTHA PVO MOC OFFERS ON CLOSE
THROUGH RF.’} GOODS SOLD COMMENCE FROM OR INVOLVE TRANSIT CIF BASIS ROTTERDAM
CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE THROUGH RF.’} CIF BASIS ROTTERDAM: PLATTS NAPHTHA
CRG MIN QTY 24 KT: 10-25: JULY 28-AUGUST 1: ARAMCO CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE NWE CRG MIN QTY 32 KT: 10-25: JULY 21-25: VITOL
BIDS 24000.0MT AT NAPHTHA CIF NWE CRG $7.00 CRG MIN QTY 28 KT: 10-25: AUGUST 1-5: TRAFIGURA OFFERS 32000.0MT AT NAPHTHA CIF NWE CRG $11.00
FULL MNTH AUG; TQC: {‘OPTOL +3’} BIDS 28000.0MT AT NAPHTHA CIF NWE CRG $8.00 BALMNTH NEXT DAY; TQC: {‘INDIC 1; OPTOL+9’}
CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE COD +5 QUOTES; TQC: {‘OPTOL +6’}
CRG MIN QTY 24 KT: 10-25: AUGUST 1-5: TRAFIGURA CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE Platts Mediterranean Naphtha FOB Cargo Daily
BIDS 24000.0MT AT NAPHTHA CIF NWE CRG $7.00 COD CRG MIN QTY 32 KT: 10-25: JULY 28-AUGUST 1: SHELL Rationale
+5 QUOTES; TQC: {‘OPTOL +6’} BIDS 32000.0MT AT NAPHTHA CIF NWE CRG $4.00 Naphtha FOB Med Cargo <PAAAI00> assessment
CIF BASIS ROTTERDAM: PLATTS NAPHTHA NWE ANY DAY SEE TQC; TQC: {‘INDIC 4. PRICING 20-31 JULY. rationale:
CRG MIN QTY 28 KT: 10-25: JULY 28-AUGUST 1: SHELL OPTOL @ +5.; IT IS A CONDITION OF THIS BID THAT The FOB Mediterranean naphtha cargo assessment
BIDS 28000.0MT AT NAPHTHA CIF NWE CRG $3.00 THE GOODS SOLD AND DELIVERED BY SELLER WILL was derived as a freight netback from the CIF NWE
ANY DAY SEE TQC; TQC: {‘INDIC 3. PRICING 20-31 JULY. NOT BE OF RUSSIAN FEDERATION (RF) ORIGIN, NOR naphtha cargo assessment, using the following
OPTOL @ +5.; IT IS A CONDITION OF THIS BID THAT HAVE BEEN BLENDED WITH ANY PRODUCT THAT WAS assessments: CIF NWE naphtha cargo assessment
THE GOODS SOLD AND DELIVERED BY SELLER WILL PRODUCED IN RF, NOR WILL THE TRANSPORT OF THE minus the cost of transporting a 27,500 mt naphtha
NOT BE OF RUSSIAN FEDERATION (RF) ORIGIN, NOR GOODS SOLD COMMENCE FROM OR INVOLVE TRANSIT cargo from Alexandria in the Mediterranean to
HAVE BEEN BLENDED WITH ANY PRODUCT THAT WAS THROUGH RF.’} Rotterdam.

Platts European Jet Daily Market Analysis In other news, stockpiles of oil products at the FARAG: PLATTS JET BRG 2-4KT ICE LSGO M1: MW2:
UAE’s Port of Fujairah showed signs of recovery as JULY 20-24: VITOL SELLS TO GLENCORE* 2KMT AT
Strong supply in jet market
of July 8, with middle distillates leading the recovery, $50.00 (15:29:56)
East of Suez jet imports dip according to Fujairah Oil industry Zone data. This assessment commentary applies to the
Total inventories increased 10.7% on the week following market data codes: Jet FOB Rdam Barge
European jet market participants continued to to 18.32 million barrels, FOIZ data published July 8 <PJABA00>
observe strong supply coming into the continent July 11 showed. Total stocks remained 15% below the most
as summer demand appeared to be in full swing. recent high of June 3. Platts NWE Jet Cargo Daily Rationales &
“The market is pretty well supplied,” a source Platts is part of S&P Global Commodity Insights Exclusions
said, adding that demand was still strong, with Jet CIF NWE Cargo <PJAAU00> assessment
Nigeria’s Dangote refinery exporting plenty of product Platts NWE Jet Barge Daily Rationale & rationale:
into Europe. Exclusions The CIF NWE jet fuel cargo assessment was based
In recent weeks, Northwest Europe has seen Jet FOB FARAG <PJABA00> assessment rationale: on the following inputs, expressed as differentials to
plentiful jet flows coming from Dangote, providing The FOB FARAG jet fuel barge assessment the front-month ICE LSGO futures contract:
additional supply in the market, while demand was based on the following inputs, expressed as Value on July 23 was assessed at $54.04/mt
was recovering to pre-pandemic levels, market differentials to the front-month ICE LSGO futures factoring in an outstanding bid and an outstanding
sources said. contract: offer in the Platts Market on Close assessment
In jet swaps, the July Platts CIF NWE cargo contract Value on July 22 was assessed at $50/mt, on a process.
differential was unchanged at $53.75/mt, while August traded bid in the Platts Market on Close assessment Value on July 24-29 was assessed at $54.26/mt
was assessed down 50 cents/mt to $52.25/mt. process. factoring in an outstanding bid in the MOC.
Exports of jet fuel from East of Suez into Europe Value on July 24 was assessed at $49.80/mt, A backwardation structure of around 5 cents/mt per
decreased to 1.5 million mt in July, according to S&P factoring in an outstanding offer in the MOC. day was applied to the front and back of the physical
Global Commodities at Sea shipping data July 11, down A backwardation of around 10 cents/day was curve.
11.8% on the month. implied between July 22 and July 24 and extended to Jet FOB Med Cargo <AAIDL00> assessment
However, the market was still oversupplied, the back of the physical curve. rationale:
offsetting upward pressure from strong aviation Exclusions: None The FOB Mediterranean jet cargo assessment was
demand. Sources have said that there’s not a lot of Platts is part of S&P Global Commodity Insights derived as a freight netback to the CIF Northwest
buying activity in the jet market, despite aviation Europe jet cargo assessment, using the following
demand picking up for the summer. Platts NWE Jet Barge Bids, Offers, Trades calculation: CIF NWE jet cargo assessment minus the
Inventories of jet fuel and kerosene in the cost of transporting a 27,500 mt clean cargo from
Amsterdam-Rotterdam-Antwerp refining hub Bids: Augusta, Italy, to Rotterdam, Netherlands.
decreased 4,000 mt to 1.01 million mt in the seven days None Exclusions: None
to July 4, data from market research company Insights Offers: Platts is part of S&P Global Commodity Insights
Global showed. Stock levels are at their highest since FARAG: PLATTS JET BRG 2-3KT CCM: FE1: JULY 16-
September 2021. 20: UNIPEC OFFERS 3KMT AT $0.00 Platts NWE Daily Jet Cargo Bids, Offers,
As air travel demand rises seasonally, industry FARAG: PLATTS JET BRG 2-3KT ICE LSGO M1: FE1: Trades
total revenue passenger-kilometers in May grew 10.7% JULY 16-20: UNIPEC OFFERS 3KMT AT $55.00
year on year, slightly outpacing the 8.5% year-on-year FARAG: PLATTS JET BRG 2-4KT FOB BARGE: BE1: Bids:
growth in available seat-kilometers, according to a JULY 22-26: TOTAL OFFERS 4KMT AT $1.00 CIF BASIS AMSTERDAM
report from the International Air Transport Association. Trades: PLATTS NWE JET CRG: 10-25: JULY 28-AUGUST 5:

BP BIDS 27000.0MT AT JET CIF NWE CRG $0.00 ANY COMPLIANT ; CP OPTIONS: MIN NWE OPTIONS AT TO BE PROVIDED ON BOARD IN DRUMS), ISPS
DAY SEE TQC; OPTOL:0.0-6000.0MT JET CIF NWE CP RATE.; VESSEL CLEARANCES: BP/TOTSA/SHELL; COMPLIANT ; CP OPTIONS:\TMIN NWE OPTIONS AT
CRG COD AT $0.0; TQC: {‘INDICATION 3; LAYCAN : OTHER:NON RUSSIAN ORIGIN”’} CP RATE.; VESSEL: \TMARLIN LORETO; OTHER:\TNON
SELLER TO DECLARE A 5 DAY WINDOW AT THE TIME Offers: RUSSIAN ORIGIN’}
OF THE TRADE (IF APPLICABLE); MAIN VOLUME- CIF BASIS LE HAVRE CIM TERMINAL PLATTS NWE JET CRG: 10-25: AUGUST 1-5: UNIPEC
27KT PRICING CCM RELATED ON DATES 22-26 JULY PLATTS NWE JET CRG: 10-25: JULY 21-25: UNIPEC OFFERS 27000.0MT AT JET CIF NWE CRG $2.00 ANY
2024; SPEC: JET A1 DEFSTAN 91-091, MEETING JFSCL OFFERS 27000.0MT AT EFP ICE LS GO $55.00 MONTH DAY SEE TQC; OPTOL:0.0-6000.0MT JET CIF NWE
LATEST ISSUE (CURRENT AT BILL OF LADING) WITH AUG; TQC: {‘INDICATION 2, OCO INDIC 1; LAYCAN : \ CRG COD AT $2.0; TQC: {‘INDICATION 4, OCO INDIC
POSSIBLE EXCEPTION OF ELECTRICAL CONDUCTIVITY TBUYER TO DECLARE A 5 DAY WINDOW AT THE 3; LAYCAN : \TBUYER TO DECLARE A 5 DAY WINDOW
(STADIS TO BE PROVIDED ON BOARD IN DRUMS), ISPS TIME OF THE TRADE (IF APPLICABLE); SPEC: \TJET AT THE TIME OF THE TRADE (IF APPLICABLE); MAIN
COMPLIANT ; CP OPTIONS: MIN NWE OPTIONS AT A1 DEFSTAN 91-091, MEETING JFSCL LATEST ISSUE VOLUME:\T27KT PRICING CCM RELATED, PRICING
CP RATE.; VESSEL CLEARANCES: BP/TOTSA/SHELL; (CURRENT AT BILL OF LADING) WITH POSSIBLE 1-31 AUG 2024 ; SPEC: \TJET A1 DEFSTAN 91-091,
OTHER:NON RUSSIAN ORIGIN’} EXCEPTION OF ELECTRICAL CONDUCTIVITY (STADIS MEETING JFSCL LATEST ISSUE (CURRENT AT BILL OF
CIF BASIS LE HAVRE CIM TERMINAL TO BE PROVIDED ON BOARD IN DRUMS), ISPS LADING) WITH POSSIBLE EXCEPTION OF ELECTRICAL
PLATTS NWE JET CRG: 10-25: JULY 27-AUGUST 5: COMPLIANT ; CP OPTIONS:\TMIN NWE OPTIONS AT CONDUCTIVITY (STADIS TO BE PROVIDED ON BOARD IN
BP BIDS 27000.0MT AT JET CIF NWE CRG $0.00 ANY CP RATE.; VESSEL: \TABU DHABI III; OTHER:\TNON DRUMS), ISPS COMPLIANT ; CP OPTIONS:\TMIN NWE
DAY SEE TQC; OPTOL:0.0-6000.0MT JET CIF NWE RUSSIAN ORIGIN’} OPTIONS AT CP RATE.; VESSEL: \TMARLIN LORETO;
CRG COD AT $0.0; TQC: {‘INDICATION 2; LAYCAN : PLATTS NWE JET CRG: 10-25: JULY 21-25: UNIPEC OTHER:\TNON RUSSIAN ORIGIN’}
SELLER TO DECLARE A 5 DAY WINDOW AT THE TIME OFFERS 27000.0MT AT JET CIF NWE CRG $1.00 ANY Trades:
OF THE TRADE (IF APPLICABLE); MAIN VOLUME- DAY SEE TQC; OPTOL:0.0-6000.0MT JET CIF NWE None
27KT PRICING CCM RELATED ON DATES 22-26 JULY CRG COD AT $-1.0; TQC: {‘INDICATION 1, OCO INDIC 2; This assessment commentary applies to the
2024; SPEC: JET A1 DEFSTAN 91-091, MEETING JFSCL LAYCAN : \TBUYER TO DECLARE A 5 DAY WINDOW following market data codes: Jet CIF NWE cargo
LATEST ISSUE (CURRENT AT BILL OF LADING) WITH AT THE TIME OF THE TRADE (IF APPLICABLE); MAIN <PJAAU00> Jet FOB Italy cargo <AAIDL00>
POSSIBLE EXCEPTION OF ELECTRICAL CONDUCTIVITY VOLUME:\T27KT PRICING CCM RELATED, PRICING
(STADIS TO BE PROVIDED ON BOARD IN DRUMS), ISPS 01-31 AUG 2024 ; SPEC: \TJET A1 DEFSTAN 91-091, Platts European Gasoil Daily Market
COMPLIANT ; CP OPTIONS: MIN NWE OPTIONS AT MEETING JFSCL LATEST ISSUE (CURRENT AT BILL OF Analysis
CP RATE.; VESSEL CLEARANCES: BP/TOTSA/SHELL; LADING) WITH POSSIBLE EXCEPTION OF ELECTRICAL
July ICE LSGO futures physical delivery totals
OTHER:NON RUSSIAN ORIGIN”’} CONDUCTIVITY (STADIS TO BE PROVIDED ON BOARD
975 lots
CIF BASIS ROTTERDAM IN DRUMS), ISPS COMPLIANT ; CP OPTIONS:\TMIN
PLATTS NWE JET CRG: 10-25: JULY 21-31: BP BIDS NWE OPTIONS AT CP RATE.; VESSEL: \TABU DHABI III; Med gasoil market continues to see disconnect
27000.0MT AT JET CIF NWE CRG $0.50 ANY DAY SEE OTHER:\TNON RUSSIAN ORIGIN’ between demand, supply
TQC; OPTOL:0.0-6000.0MT JET CIF NWE CRG COD CIF BASIS ROTTERDAM
AT $0.5; TQC: {‘INDICATION 1; LAYCAN : SELLER TO PLATTS NWE JET CRG: 10-25: AUGUST 1-5: UNIPEC European gasoil physical differentials strengthened
DECLARE A 5 DAY WINDOW AT THE TIME OF THE OFFERS 27000.0MT AT EFP ICE LS GO $55.00 MONTH across the complex June 11 to accommodate the expiry
TRADE (IF APPLICABLE); MAIN VOLUME- 27KT PRICING AUG; TQC: {‘INDICATION 3, OCO INDIC 4; LAYCAN of the July ICE LSGO futures contract, while the market
CCM RELATED ON DATES 24-26 JULY 2024; SPEC: : \TBUYER TO DECLARE A 5 DAY WINDOW AT THE continued to note a disconnect between current
JET A1 DEFSTAN 91-091, MEETING JFSCL LATEST TIME OF THE TRADE (IF APPLICABLE); SPEC: \TJET availability and demand in the Mediterranean.
ISSUE (CURRENT AT BILL OF LADING) WITH POSSIBLE A1 DEFSTAN 91-091, MEETING JFSCL LATEST ISSUE Physical delivery of July ICE low sulfur gasoil
EXCEPTION OF ELECTRICAL CONDUCTIVITY (STADIS (CURRENT AT BILL OF LADING) WITH POSSIBLE futures, which expired at midday London time July 11,
TO BE PROVIDED ON BOARD IN DRUMS), ISPS EXCEPTION OF ELECTRICAL CONDUCTIVITY (STADIS totaled 975 lots, or 97,500 mt, according to ICE data,

down from the 1,016 lots for the June contract. Platts NWE Gasoil 0.1% Barge Daily Rationale & in the absence of competitive indications in the Platts
“We were expecting a bigger expiry, it must be the Exclusions Market on Close assessment process.
holiday season,” said a source. Gasoil .1%S (1000ppm) FOB ARA Barge <AAYWT00> Exclusions: None
The July contract last traded at $781.50/mt, while assessment rationale: The FOB ARA 0.1% gasoil barge Platts is part of S&P Global Commodity Insights
the July/August spread last traded in a $4.50/mt assessment was based on the previously established
backwardation, ICE data showed. relationship between the physical and paper markets, Platts NWE Gasoil 0.1%S Cargo Bids, Offers,
Following the expiry, the new front-month August/ in the absence of competitive indications in the Platts Trades
September time spread was assessed in a 50 cents/ Market on Close assessment process.
mt contango — the M1/M2 prompt spread has Exclusions: None PLATTS EU MIDDIST PVO MOC TRADES ON CLOSE
travelled between a backwardation, contango and a Platts is part of S&P Global Commodity Insights NO TRADES REPORTED
flat structure over the previous five pricing sessions, PLATTS EU MIDDIST PVO MOC BIDS ON CLOSE
prompting some confusion among market participants Platts NWE Gasoil 50ppm Barge Daily Rationale NO BIDS REPORTED
as to recent movements. & Exclusions PLATTS EU MIDDIST PVO MOC OFFERS ON CLOSE
“The spreads have been really difficult to follow Gasoil .005%S (50ppm) FOB ARA Barge NO OFFERS REPORTED
nowadays,” said a second source. “I guess they are <AAUQC00> assessment rationale: The FOB ARA This assessment commentary applies to the
more expiry driven than fundamentals, but I can’t 50 ppm gasoil barge assessment was based on the following market data codes: Gasoil 0.1% FOB
imagine why we need to be in a backwardation when previously established relationship between the NWE cargo <AAYWR00> Gasoil 0.1% CIF NWE cargo
there is oil around.” physical ULSD and 50 ppm barge markets, in the <AAYWS00>
In the Mediterranean, the market continued absence of competitive indications in the Platts
to note a disconnect between current supply Market on Close assessment process. Platts Mediterranean Gasoil 0.1%S Cargo Daily
availability and the parameter requirements for the Exclusions: None Rationales & Exclusions
current demand. Platts is part of S&P Global Commodity Insights Gasoil 0.1%S FOB Med Cargo <AAVJI00>
The Platts Market on Close assessment assessment rationale: The FOB Mediterranean
process saw an offer from Petroineos for a cargo Platts NWE Gasoil 0.1%S Cargo Daily Rationale & 0.1% gasoil cargo assessment was derived as a
of 0.1%S gasoil matching Spanish gasoleo b and c Exclusions freight netback from the CIF Med 0.1% gasoil cargo
specifications for delivery into the French port Lavera, Gasoil 0.1%S FOB NWE Cargo <AAYWR00> assessment, using the following assessments: CIF
left outstanding for the second consecutive pricing assessment rationale: The FOB Northwest Europe Med 0.1% gasoil cargo assessment minus the cost of
session. 0.1% gasoil cargo assessment was derived as a transporting a 30,000 mt clean cargo from a basket of
Meanwhile, the buyside saw two bids from BGN and freight netback from the CIF NWE 0.1% gasoil cargo ports in the Mediterranean and Black Sea to Genoa,
Addax for a cargo of 0.1%S gasoil matching modified assessment, using the following assessments: CIF Italy, and Lavera, France.
Spanish specifications with a minimum cetane index NWE 0.1% gasoil cargo assessment minus the cost of Gasoil .1%S (1000ppm) CIF Med Cargo <AAVJJ00>
number of 50, a requirement for North African shorts transporting a 22,000 mt clean cargo from a basket of assessment rationale: The CIF Mediterranean 0.1%
where 0.1%S gasoil sees automotive uses. ports in the Baltic and Northwest Europe to Le Havre, gasoil cargo assessment was based on the previous
“There is not much [gasoil with] a minimum cetane France. relationship between the physical and paper markets
index number of 50 around, hence if you need it you Gasoil 0.1%S CIF NWE Cargo <AAYWS00> in the absence of competitive indications in the Platts
have to pay up,” said a third source. “But for standard assessment rationale: The CIF Northwest Europe 0.1% Market on Close assessment process.
[Spanish] specification, demand is limited.” gasoil cargo assessment was based on the previous Exclusions: None
Platts is part of S&P Global Commodity Insights relationship between the physical and paper markets Platts is part of S&P Global Commodity Insights

Platts Mediterranean Gasoil 0.1%S Cargo GSL0.1CIFMEDCRG $0.00 COD +5 QUOTES; TQC: Antwerp hub.
Bids, Offers, Trades {‘OPTOL: 0-5 KT, DIFF AS PER MAIN, PRICING 5 AFTER Elsewhere, US diesel production rose to a six-
COD; SPEC: SPANISH B+C SUMMER; CP: EUROMED month high in the week ended July 5 to 4.967 million
PLATTS EU MIDDIST PVO MOC TRADES ON CLOSE NEOBIG EXC Y/FY, INCLUDING SLOVENIA + CROATIA + b/d, according to the latest Energy Information
NO TRADES REPORTED TURKISH MED + TUNISIA + MOROCCO AND OTHERS Administration data released July 10.
PLATTS EU MIDDIST PVO MOC BIDS ON CLOSE OBTAINABLE AT COST ; VESSEL: TOTAL/BP/SHELL; GTC: ULSD production was last above current levels
CIF BASIS ALGECIRAS BP2015; OTHER: NON-RUSSIAN ORIGIN’} back on Dec. 29, 2023, when production totaled 5.049
PLATTS MED 0.1% GASOIL CRG: 10-25: JULY This assessment commentary applies to the million b/d across all 5 PADD regions. US Gulf Coast
26-30: ADDAX BIDS 25000.0MT AT EFP ICE LS GO following market data codes: Gasoil 0.1% FOB Italy production led the rise, climbing 79,000 b/d to 2.995
$-16.00 MONTH AUG; TQC: {‘OPTOL: 0-5KT, PRICE <AAVJI00> Gasoil 0.1% CIF Genoa/Lavera <AAVJJ00> million b/d. For the USGC, this marks the highest
AS PER MAIN EFP PRICE ; SPEC: SPANISH B+C production level since the EIA began tracking the data
SUMMER WITH CETANE INDEX 50 MIN; CP: EUROMED Platts European Diesel Daily Market in April 2004.
+ TURKEY + CANARIES + EGYPT + LIBYA + OTHER Analysis ULSD stocks rose 4.465 million barrels nationwide,
CP OPTIONS OBTAINABLE AS PER C/P AT COST; reaching the highest level in five weeks. Gulf Coast
July ICE LSGO futures physical delivery totals
VESSEL:”EXXON/BP/TOTSA ACCEPTABLE; IT IS A inventories gained 2.602 million barrels to 37.898
975 lots
CONDITION OF THIS AGREEMENT THAT THE PRODUCT million barrels.
DELIVERED BY THE SELLER AND PURCHASED BY US diesel production at 6-month high, USGC In refinery news, ExxonMobil is restarting
THE BUYER SHALL NOT BE,”IN ALL OR IN PART,”OF leads rise equipment at its Fawley refinery near Southampton, it
RUSSIANFEDERATION ORIGIN AND SHALL NOT said July 11 in a statement on X.
HAVE BEEN LOADED IN OR TRANSPORTED FROM Physical delivery of July ICE low sulfur gasoil The restart was necessitated by a process
THE RUSSIAN FEDERATION.”FOR THESE PURPOSES futures, which expired at midday London time July 11, interruption at the site, according to the statement,
PRODUCT SHALL BE CONSIDERED TO BE OF totaled 975 lots, or 97,500 mt, according to ICE data, which warned of flaring “over the coming days.”
RUSSIAN FEDERATION ORIGIN IF IT IS PRODUCED down from the 1,016 lots for the June contract. ExxonMobil did not specify the affected refining
IN THE RUSSIAN FEDERATION.”UPON BUYER\’S According to market sources, Totsa, Guvnor, BP and unit and was not immediately available for comment.
REQUEST,”SELLER SHALL PROVIDE A PROOF OFORIGIN Reliance were giving, while Litasco, Vitol, Shell and Van Previously, the refinery underwent planned
OF THE PRODUCT’} Raak were taking. maintenance between April and May. Meanwhile, a
CIF BASIS ELEFSIS Totsa gave 29,600 mt, Gunvor 22,900 mt, BP 30,000 major upgrade set to increase its ULSD output by
PLATTS MED 0.1% GASOIL CRG: 10-25: JULY and Reliance 15,000 mt, according to sources. Totsa 40% is on course to complete in 2025, it announced
30-AUGUST 3: BGN BIDS 25000.0MT AT EFP ICE LS and Reliance confirmed delivery. Gunvor and BP were in April.
GO $-11.00 MONTH AUG; TQC: {‘OPTOL: 0-6KT, PRICING unavailable for comment.
AND DIFF AS PER MAIN EFP; SPEC: SPANISH B+C Litasco took 70,000 mt, Vitol 6,800 mt, Shell 10,000 Platts NWE ULSD Barge Daily Rationale &
SUMMER WITH CETANE INDEX 50 MIN AND ACID 0.1 and Van Raak took 9,000 mt. Exclusions
MAX; CP: EUROMED + TURKEY + CANARIES + EGYPT + Vitol and Shell declined to comment. Litasco were ULSD 10ppmS FOB ARA Barge <AAJUS00>
LIBYA + OTHER CP OPTIONS OBTAINABLE AS PER C/P unavailable to comment, while Van Raak confirmed. assessment rationale:
AT COST; VESSEL: TOTSA/SHELL/BP; NON RUSSIAN The July contract last traded at $781.50/mt, while The ULSD FOB ARA barge assessment was based
ORIGIN’} the July/August spread last traded in a $4.50/mt on the following input, expressed as differentials to the
PLATTS EU MIDDIST PVO MOC OFFERS ON CLOSE backwardation, ICE data showed. front-month ICE LSGO futures contract:
CIF BASIS LAVERA ICE LSGO futures are a physically deliverable Value on July 18 was assessed at $3.25/mt above
PLATTS MED 0.1% GASOIL CRG: 10-25: JULY futures contract for barges of open-origin 10 ppm ultra a competitive bid in the Platts Market on Close
26-30: PETROINEOS OFFERS 25000.0MT AT low sulfur diesel within the Amsterdam-Rotterdam- assessment process.

Value on July 24 was assessed at $2.75/mt below a following market data codes: Diesel 10ppm CIF UK Platts Mediterranean ULSD 10ppm FOB Cargo
competitive offer in the MOC. NWE cargo <AAVBH00> Diesel 10 ppm NWE CIF NWE Daily Rationale
A linear structure was drawn between July 18 and cargo <AAWZC00> ULSD 10 ppm CIF NWE cargo ULSD 10ppmS FOB Med Cargo <AAWYY00>
July 24 and extended to the rest of the curve. <AAVBG00> assessment rationale:
Exclusions: None The FOB Mediterranean 10ppm ULSD cargo
Platts is part of S&P Global Commodity Insights Platts UK ULSD Cargo MOC Bids, Offers, assessment was derived as a freight netback from the
Trades CIF Med 10ppm ULSD cargo assessment, using the
Platts NWE ULSD Cargo Daily Rationales & following assessments: CIF Med 10ppm ULSD diesel
Exclusions Bids: none. cargo assessment minus the cost of transporting a
ULSD 10ppmS CIF NWE Cargo <AAVBG00> Offers: none. 30,000 mt clean cargo from a basket of ports in the
assessments rationale: Trades: none. Med to Genoa, Italy, and Lavera, France.
The CIF NWE diesel cargo assessment was based This assessment commentary applies to the
on the previous relationship between the physical following market data code: Diesel 10ppm UK Cargoes Platts Oil Diesel Mediterranean Bids,
and paper markets in the absence of competitive <AAVBH00> Offers, Trades
indications in the Platts Market on Close assessment
process. Platts Mediterranean ULSD Cargo Daily Bids:
ULSD 10ppmS CIF NWE Basis UK Cargo <AAVBH00> Rationale & Exclusions 1) GLENCOREUK Bid [15:28:04], Koper, Tue 30 Jul -
assessment rationale: ULSD 10ppmS CIF Med Cargo <AAWYZ00> Sat 03 Aug, Main: 27kt, “Indication 1
The CIF UK diesel cargo assessment was based assessment rationale: Main volume: 27kt pricing COD+3 (COD=0)
on the previous relationship between the physical The CIF Med diesel cargo assessment was based Optol: 0-6kt in S.O ; diff as per main, pricing COD +3
and paper markets in the absence of competitive on the following input, expressed as differentials to the quotations (COD=0)
indications in the MOC. front-month ICE LSGO futures contract: Spec: ULSD 10ppm French Summer, clear & bright
ULSD 10ppmS CIF NWE Basis Le Havre Cargo Value on July 27 was assessed at $16.79/mt above CP: Euromed,Neobig(exc yugo/former yugo/
<AAWZC00> assessment rationale: a competitive bid in the Platts Market on Close albania,syria but inc croatia/slovenia), Turkish
The CIF Northwest Europe (Le Havre) diesel cargo assessment process. Med, SOM + Morocco other cp options available/
assessment was derived as a freight net forward from Value on July 30 was assessed at $16.37/mt above a obtainable at cost
the CIF NWE (ARA) diesel cargo assessment, using the competitive bid in the MOC. Vessel: BP/Total/Shell”, 100% of main at ULSD
following assessments: CIF NWE (ARA) diesel cargo Value on July 31 was assessed at $16.06/mt CIFMed Crg $2.50/mt, COD, +3 quotes
assessment plus the cost of transporting a 30,000 between a competitive bid and a competitive offer in 2) GUNVORSA Bid [15:28:31], Cartagena, Thu 25 Jul -
mt clean cargo from a basket of ports in Northwest the MOC. Mon 29 Jul, Main: 25kt, “Indication:1
Europe to Le Havre, France. Value on Aug. 1-3 was assessed at $16.37/mt above Main pricing:COD + 5
Exclusions: None a competitive bid in the MOC. Optol:0-5 kt price as per main prx COD + 5 (
Platts is part of S&P Global Commodity Insights A flat structure was applied to the back of the COD +ZERO )
curve. Spec:ULSD French Summer, C+B
Platts NWE ULSD Cargo Bids, Offers, Trades The previously established paper structure of CP:EUROMED NEOBIG + EXCL. Y/FYUGO/TOC BUT
around 11 cents/mt in backwardation was then applied INCL. SLOVENIA + CROATIA + TURKISH MED + SOM
Bids: none. to the rest of the curve. + MOROCCO + OTHERS AS AVAILABLE AS PER CP/
Offers: none. Exclusions: None OBTAINABLE AT COST.
Trades: none. Platts is part of S&P Global Commodity Insights Vessel:BP/TOTAL/ENI”, 100% of main at ULSD
This assessment commentary applies to the CIFMed Crg $4.00/mt, Any Day, See TQC

3) ENI Bid [15:28:52], Venice, Wed 24 Jul - Sun 28 Jul, Origin:100%Non-Russian”, 100% of main at ULSD 01 Aug - Mon 05 Aug, Main: 27kt, “Main volume: pricing
Main: 25kt, “Main Volume: Pricing 5 after COD (COD = 0), CIFMed Crg $2.00/mt, Any Day, See TQC 20-24 jul
Optol: 0-5 kt Pricing 5 after COD (COD = 0) at same 5) BP Bid [14:40:47], Koper, Thu 25 Jul - Mon 29 Jul, Optol:0-6kt:premium as per main pricing 5
differential as main Main: 27kt, “Main volume: 13-17 July after COD
Spec: ULSD 10ppm meeting Italian Summer Spec optol: 0-6kt premium as per main pricing 3 Spec:ULSD 10ppm French Summer
FAME FREE including C&B after COD Spec,clear&bright,Bio free, max 0.842 density
CP: EUROMED NEOBIG+SLOVENIA+CROATIA Spec ULSD French Summer C+B, max 0.842 dens CP: Euromed neobig exc y/y,including
EXCLUDING Y/FYUGO/TOC CP Euromed neobig exc y/y, including slovenia+romania+croatia+som +turkish
but including TURKISH MED+TUNISIA+OTHERS slovenia+croatia+som+turkish med+ morocco+ others med+Morocco+Egypt med+other cp options available/
OBTAINABLE AS PER C/P obtainable obtainable at cost Vessel:BP/Shell/Totsa
VESSEL TO BE AVAILABLE AT COST vessel: BP/ENI/TOTAL Origin:100%Non-Russian”, 100% of main at ULSD
Vessel : ENI/KPI/BP 100% non Russian”, 100% of main at ULSD CIFMed CIFMed Crg $2.00/mt, Any Day, See TQC
IT IS A CONDITION OF THIS CONTRACT, AND SELLER Crg $-0.50/mt, Any Day, See TQC This assessment commentary applies to the
REPRESENTS AND WARRANTS, THAT THE CARGO 6) VITOL Bid [15:29:19], Koper, Sun 28 Jul - Mon 05 following market data codes: 10 ppm ULSD CIF Genoa/
DELIVERED UNDER THIS CONTRACT: Aug (wide laycan), Main: 27kt, “Main volume: pricing Lavera cargo <AAWYZ00>
(I) DOES NOT CONTAIN ANY PRODUCT THAT 20-24 jul
WAS SOURCED, PRODUCED, MANUFACTURED OR Optol:0-6kt:premium as per main pricing 5 Platts European Fuel Oil Daily Market
PROCESSED IN, OR EXPORTED FROM; AND/ OR after COD Analysis
(II) HAS NOT BEEN PRODUCED THROUGH Spec:ULSD 10ppm French Summer
Mediterranean HSFO balanced; lackluster demand
A BLENDING PROCESS THAT USES PRODUCT Spec,clear&bright,Bio free, max 0.842 density
for LSFO
OR COMPONENTS THAT HAVE BEEN SOURCED, CP: Euromed neobig exc y/y,including
PRODUCED, MANUFACTURED OR PROCESSED IN, OR slovenia+romania+croatia+som +turkish VLSFO demand hit by reduced European bunkering
EXPORTED FROM, med+Morocco+Egypt med+other cp options available/ activity
IN EACH CASE: obtainable at cost Vessel:BP/Shell/Totsa
(I) THE RUSSIAN FEDERATION; Origin:100%Non-Russian”, 100% of main at ULSD Mixed European bunkering activity was affecting
(II) CRIMEA; CIFMed Crg $2.00/mt, Any Day, See TQC the fuel oil market, sources said July 11, with a
(III) THE DONETSK OBLAST OF UKRAINE; Offers: tightness in HSFO supply emerging in the Northwest
(IV) THE LUHANSK OBLAST OF UKRAINE”, 100% of 1) RTSA Offer [15:28:04], Sete, Mon 29 Jul - Fri and quiet and balanced in the Mediterranean, market
main at ULSD CIFMed Crg $1.50/mt, Any Day, See TQC 02 Aug, Main: 27kt, “Main volume: 27kt pricing sources said.
4) OMVSTL-VITOL Trade on Bid [15:29:12], Koper, Thu COD+3 (COD=0) Rising demand for Mediterranean HSFO for power
01 Aug - Mon 05 Aug, Main: 27kt, “Main volume: pricing Optol: 0-6kt in S.O ; diff as per main, pricing COD +3 generation from the Middle East has led to a tightening
20-24 jul quotations (COD=0) of supply of HSFO in the region.
Optol:0-6kt:premium as per main pricing 5 Spec: ULSD 10ppm French Summer, clear & bright Coupled with reductions in supply, HSFO bunkering
after COD CP: Euromed,Neobig(exc yugo/former yugo/ demand in the Med has weakened with cargoes setting
Spec:ULSD 10ppm French Summer albania,syria but inc croatia/slovenia), Turkish Med, voyage around the Cape of Good Hope as opposed to
Spec,clear&bright,Bio free, max 0.842 density SOM other cp options available/obtainable at cost the Red Sea.
CP: Euromed neobig exc y/y,including Vessel: BP/Total/Shell”, 100% of main at ULSD The August HSFO Med-North swaps spread
slovenia+romania+croatia+som +turkish CIFMed Crg $4.25/mt, Any Day, See TQC narrowed to parity July 10, meaning Mediterranean
med+Morocco+Egypt med+other cp options available/ Trades: cargoes were trading on par with their Northwest
obtainable at cost Vessel:BP/Shell/Totsa 1) OMVSTL-VITOL Trade on Bid [15:29:12], Koper, Thu European counterparts.

HSFO was tight in Northwest Europe, which could <PUMFD00> assessment rationale was based on the PLATTS MARINE FUEL: FE: JULY 16-20: TRAFIGURA
be contributing to the narrowing of the Med/North following inputs: OFFERS 2KMT AT $563.00
paper spread, a market participant said. Value on July 18 was assessed at $562.25/mt, above PLATTS MARINE FUEL: MW: JULY 19-23: TRAFIGURA
However, with HSFO paper cracks widening an outstanding bid for the front-end dates in the Platts OFFERS 2KMT AT $561.00
across all prompt months on the day, the paper Market on Close assessment process. PLATTS MARINE FUEL: BE: JULY 22-26: TRAFIGURA
market was moving in the opposite direction to the Value on July 21 was assessed at $560.75/mt, below OFFERS 2KMT AT $561.00
physical market. a competitive outstanding offer for the mid-window PLATTS MARINE FUEL: BE: JULY 22-26: MERCURIA
“I would be surprised if strength lasts beyond Q3,” a dates in the MOC. OFFERS 2KMT AT $566.00
source said. A daily backwardation of around 50 cents/mt was Trades:
Continued weakness was ongoing in the European implied between the front-end and mid-window dates PLATTS MARINE FUEL: FE: JULY 16-20: TRAFIGURA
low sulfur (1%S) fuel oil market due to cheap natural and extended to the front of the curve. SELLS TO BP* 2KMT AT $562.00 (15:27:00)
gas, resulting in lackluster demand for LSFO for power A daily backwardation of around 10 cents/mt was PLATTS MARINE FUEL: FE: JULY 16-20: TRAFIGURA
generation purposes. applied to the mid-window and extended to the back SELLS TO BP* 2KMT AT $562.00 (15:27:17)
The only demand center for LSFO was in the 0.5%S of the curve. PLATTS MARINE FUEL: FE: JULY 16-20: TRAFIGURA
and 3.5%S blending pools, sources have said. Exclusions: None SELLS TO BP* 2KMT AT $562.00 (15:28:36)
The paper market has supported these weak Platts is part of S&P Global Commodity Insights PLATTS MARINE FUEL: MW: JULY 19-23: TRAFIGURA
physical fundamentals with widening paper European SELLS TO BP* 2KMT AT $561.00 (15:29:54)
low sulfur crack spreads across all prompt months, Platts FOB Rotterdam 0.5% Marine Fuel PLATTS MARINE FUEL: MW: JULY 19-23: BP BUYS
reflecting 1% weakness. Barge Bids, Offers, Trades FROM TRAFIGURA* 2KMT AT $561.00 (15:30:08)
Market participants said the recent reduction This assessment commentary applies to the
in LSSR from the Dangote refinery in Nigeria had Bids: following market data codes: Marine Fuel 0.5% FOB
stabilized the market, while the strengthening in PLATTS MARINE FUEL: FE: JULY 16-20: BP BIDS Rdam barge $/mt <PUMFD00>
the LSSR market was having a slight positive impact 2KMT AT $562.00
on VLSFO. PLATTS MARINE FUEL: FE: JULY 16-20: TOTAL BIDS Platts Med 0.5% Marine Fuel Daily Rationale &
Despite that, overall sentiment was that the VLSFO 2KMT AT $558.00 Exclusions
market was generally weak due to low bunkering PLATTS MARINE FUEL: FE: JULY 16-20: UNITED BIDS Marine Fuel 0.5% FOB Mediterranean cargo $/mt
activity in Europe, with a source adding that “demand is 2KMT AT $557.00 <MFFMM00> assessment rationale:
not there.” PLATTS MARINE FUEL: MW: JULY 19-23: TOTAL BIDS The FOB Mediterranean 0.5%S marine fuel cargo
Activity for fuel oils during the Platts Market on 2KMT AT $560.00 assessment was derived as a freight netback to
Close assessment process was quiet on the day. A PLATTS MARINE FUEL: MW: JULY 19-23: UNITED the CIF Mediterranean 0.5%S marine fuel cargo
total of 22,000 mt traded in the Rotterdam HSFO barge BIDS 2KMT AT $557.00 assessment, using the following assessments: the CIF
market while 10,000 mt traded in the VLSFO equivalent. PLATTS MARINE FUEL: MW: JULY 19-23: MERCURIA Mediterranean 0.5%S marine fuel cargo assessment
There were no bids or offers for fuel oil cargoes. BIDS 2KMT AT $556.00 minus the cost of transporting a 30,000 mt marine fuel
Platts is part of S&P Global Commodity Insights PLATTS MARINE FUEL: BE: JULY 22-26: BP BIDS cargo between a basket of Mediterranean ports.
2KMT AT $560.00 Marine Fuel 0.5% CIF Mediterranean cargo $/mt
Platts FOB Rotterdam 0.5% Marine Fuel Barge PLATTS MARINE FUEL: BE: JULY 22-26: TOTAL BIDS <MFCMM00> assessment rationale:
Daily Rationale & Exclusions 2KMT AT $560.00 The 0.5%S CIF Med cargoes were assessed based
Marine Fuel 0.5% FOB Rotterdam barge $/mt PLATTS MARINE FUEL: BE: JULY 22-26: UNITED on the previously established differential to the
<PUMFD00> assessment rationale: BIDS 2KMT AT $558.00 0.5% FOB Rotterdam barge swaps, in the absence of
The Marine Fuel 0.5% FOB Rotterdam barge $/mt Offers: competitive indications in the Platts Market on Close

assessment process. applied to the front and back of the physical curve in cargoes BalMnth Next Day $1.00 for 25000-25000
Exclusions: None line with paper structure. “Optol: 0-5kt in buyers option, pricing 3 quotes after
Platts is part of S&P Global Commodity Insights FO 3.5%S 500 CST FOB Rdam Barge <PUAGN00> BL, same differential as main. Specs: Sulphur 1% Max,
assessment rationale: Dens 0.991 kg/l max, Visc 380 CST (at 50c) max, Alsil
Platts Oil Med Daily 0.5% Marine Fuel Bids, The 500 CST FOB Rotterdam barges were assessed 60ppm max, 30 pour max, flash 65 Min, CCR 15 max,
Offers, Trades at a $4/mt discount to the 3.5%S FOB Rotterdam ash 0.1% max, Water 0.5% max, Vanadium 150 mg/
barges, based on previously heard indications from the kg max, NCV 9650 kcal/kg min, Asphaltenes 7% max,
Platts 0.5% FOB Med Marine Fuel Bids, market. TSP/E/A 0.1% max, No ULO, EUQ. rest as per RMG ISO
Offers, Trades: Exclusions: None 8217:2010”
Bids: None. Platts is part of S&P Global Commodity Insights Offers: None
Offers: None. Trades: None
Trades: None. Platts NW Europe Fuel Oil 1%S Cargo Daily This assessment commentary applies to the
This assessment commentary applies to the Rationales & Exclusions following market data codes: Fuel oil 1%S CIF NWE
following market data codes: Marine Fuel 0.5% FOB FO 1%S CIF NWE Cargo <PUAAL00> assessment Cargo <PUAAL00> Fuel oil 1%S FOB NWE Cargo
Mediterranean cargo $/mt<MFFMM00> rationale: <PUAAM00>
Platts 0.5% CIF Med Marine Fuel Bids, The CIF Northwest European low sulfur fuel
Offers, Trades: oil cargo assessment was derived by a freight net Platts Mediterranean Fuel Oil 1%S, 3.5%S Daily
Bids: None. forward to the FOB Northwest European low sulfur Rationales & Exclusions
Offers: None. fuel oil cargo assessment using the following input: FO 1%S CIF Med Cargo <PUAAJ00> assessment
Trades: None. the FOB Northwest European low sulfur fuel oil cargo rationale:
This assessment commentary applies to the assessment plus the cost of transporting a 30,000 The CIF Mediterranean low sulfur fuel oil cargo
following market data codes: Marine Fuel 0.5% CIF mt fuel oil cargo from a basket of NWE ports to the was assessed in line with the previously established
Mediterranean cargo $/mt <MFCMM00> assessment basis port of Antwerp. relationship between the physical and paper markets,
FO 1%S FOB NWE Cargo <PUAAM00> assessment adjusted $1/mt lower, considering the cost of freight
Platts Rotterdam Fuel Oil Barge Daily Rationales rationale: from Northwest Europe to the Mediterranean, in the
& Exclusions Value on July 26 was assessed at $494.46/mt above absence of indications in the Platts Market on Close
FO 1%S FOB Rdam Barge <PUAAP00> assessment a competitive outstanding bid for July 24-28 loading in assessment process.
rationale: the Platts Market on Close assessment process. FO 1%S FOB Med Cargo <PUAAK00> assessment
The 1%S FOB Rotterdam barges were assessed in A daily backwardation of around 8 cents/mt was rationale:
line with the previously established relationship to 1% applied to the front and back of the physical curve The FOB Mediterranean low sulfur fuel oil cargo
FOB NWE physical cargoes, adjusted down by $2/mt, based on paper structure. assessment was derived as a freight netback to
in the absence of competitive indications in the Platts Exclusions: None the CIF Mediterranean low sulfur fuel oil cargo
Market on Close assessment process. Platts is part of S&P Global Commodity Insights assessment, using the following assessments: the CIF
FO 3.5%S FOB Rdam Barge <PUABC00> Mediterranean low sulfur fuel oil cargo assessment
assessment rationale: Platts NW Europe Fuel Oil 1%S Cargo Bids, minus the cost of transporting a 30,000 mt fuel oil
The 3.5% FOB Rotterdam assessment was based Offers, Trades cargo between a basket of Mediterranean ports
on the following inputs: FO 3.5%S CIF Med Cargo <PUAAY00> assessment
Value on July 21 was assessed at $489.75/mt, below Bids: rationale:
a competitive offer for mid-window dates in the MOC. Platts LSFO NWE Crg FOB bss Rotterdam 10-25, The 3.5%S CIF Med cargoes were assessed based
A daily backwardation of around 27 cents/mt was GUNVORSA raises bid Jul 24-Jul 28 100% 1% FOB NWE on the following inputs:

The 3.5%S CIF Med cargoes were assessed in line steady climb. The European feedstocks complex was mixed July
with the previously established relationship between The price rises were more pronounced for premium 11 as LSSR market fundamentals strengthened while
the physical and paper markets, adjusted 25 cents/mt unleaded, which was in shorter supply while its VGO remained well offered.
lower, in the absence of competitive indications in the consumption had increased. End-product crack spreads continued to stall while
Platts Market on Close assessment process. The higher-octane grade, which in the past the Brent crude oil complex was marginally down on
FO 3.5%S FOB Med Cargo <PUAAZ00> assessment accounted for around one third of gasoline demand, the day.
rationale: has now overtaken regular unleaded as the grade of Traders highlighted that European LSSR markets
The FOB Mediterranean high sulfur fuel oil cargo choice, but its production remained lower, according continued to strengthen amid stable refinery demand
assessment was derived as a freight netback to the CIF to sources. As a result the spread between 95 and and reduced imports from Nigeria’s Dangote refinery.
Mediterranean high sulfur fuel oil cargo assessment, 92 RON was once again widening to reach a record “The LSSR market has stabilized recently [month on
using the following assessments: CIF Mediterranean Rb14,000/mt at some refineries. month],” one trader said.
high sulfur fuel oil cargo assessment minus the cost Gasoline exports were heard increasing after End-product crack spreads continued to fall in
of transporting a 30,000 mt fuel oil cargo between a the government extended them into July, though Europe. These reduced refinery margins could act as a
basket of Mediterranean ports. expectations were rife that the ban would be headwind for the European feedstocks market in the
Exclusions: None reinstated in August. short term, traders said. Brent crack spreads for gasoline,
Platts is part of S&P Global Commodity Insights The current lifting of the ban however would “help diesel and gasoil were all down on the week despite a
boost July crude runs” at Russian refineries, the notably more bullish seasonal period, with the CIF NWE
Platts Mediterranean Fuel Oil 1%S, 3.5%S International Energy Agency said in its latest monthly diesel cargo front month crack down to $20.24/b on
Bids, Offers, Trades report, estimating 5.5 million b/d throughput in July, up July 10, which could put pressure on the VGO market.
from 5.2 million b/d in June. Regarding VGO, fundamentals remained largely
Bids: None Meanwhile diesel continued to move rangebound unchanged on the day.
Offers: None amid close monitoring by the authorities which “It feels like there’s more HSVGO around,” another
Trades: None were keen to avoid the situation with shortages and trader said, adding that he had seen an HSVGO cargo
This assessment commentary applies to the spiking prices from last summer, according to sources. being offered in the Mediterranean.
following market data codes: Fuel oil 1% FOB Italy Demand is expected to rise from August as the harvest Activity during the Platts Market on Close
cargo <PUAAK00> Fuel oil 3.5% FOB Italy cargo gathers pace but sentiment remained balanced. assessment process was quiet with no trades occurring.
<PUAAZ00> Fuel oil 1% CIF Genoa/Lavera cargo In other news, Lukoil is looking to build a Platts is part of S&P Global Commodity Insights
<PUAAJ00> Fuel oil 3.5% CIF Genoa/Lavera cargo dewaxing unit at its Volgograd refinery which would
<PUmercY00> help it increase diesel output, especially for winter VGO Deal reported
specification, according to the Kommersant daily.
Platts Russian Refined Products Daily Russian refineries’ winter diesel output is currently None.
Commentary not sufficient to meet demand resulting in the blending
of kerosene fraction with summer diesel which covers Platts North Sea Crude Daily Market
More pronounced rises for premium unleaded
the shortfall. Analysis
widen spread with regular unleaded
Physical crude strengthens
Lukoil looks to build dewaxer at Volgograd refinery Platts European Feedstocks Daily
to boost winter diesel output Commentary DFL reaches multimonth high
LSSR slightly less bearish amid fewer imports

Prolonged deliveries remained the main driver of The price of North Sea crudes strengthened
the Russian gasoline market with prices resuming their HSVGO well offered in Mediterranean through the day July 11 amid well-cleared programs and

healthy summer demand. Close assessment process. October Cash BFOE was assessed using a
In the Platts Market on Close assessment process, Brent Blend was assessed unchanged July 21 September/October EFP roll heard during the day.
two cargoes found homes with trading house Gunvor, to Aug. 10 with flat structure rolled over back-end November Cash BFOE was assessed using an
with BP selling into a Gunvor bid for FOB Hound Point dates, reflecting steady market fundamentals and October/November EFP roll heard during the day.
Forties loading Aug. 4-6 at a $1/b premium to Dated in the absence of indications challenging the July 10 CFD (PCAKA00-AALDA00) assessment rationale:
Brent, and Indian refiner Reliance selling into a Gunvor indications. July 15-19 was assessed using an outstanding bid.
bid for WTI Midland CIF Rotterdam arriving July 23-27 Forties was assessed in a 2.5 cents/b July 22-26 was assessed using an outstanding bid.
at a $2.25/b premium. backwardated structure July 21 to Aug. 5, with Aug. 4-11 July 29 to Aug. 3 was assessed using a traded bid.
Other participants were also seen to seek crude in assessed in a flat structure using a traded bid Aug. 4-6. Aug. 5-9 was assessed using an outstanding bid.
the MOC, with both Mercuria and Chevron publishing Oseberg was assessed unchanged July 21 to Aug. 12-16 was assessed using an Aug. 12-16 versus
bids for WTI Midland cargoes. Aug. 10 with flat structure rolled over back-end Aug. 5-9 CFD roll heard during the day.
Mercuria and Chevron bid for cargoes arriving July dates, reflecting steady market fundamentals and Aug. 19-23 was assessed using an Aug. 19-23 versus
23-27 and July 31 to Aug. 4 respectively. Both bids in the absence of indications challenging the July 10 Aug 12-16 CFD roll heard during the day.
reached a $2.05/b premium to Dated Brent and were indications. Johan Sverdrup FOB North Sea (AJSVA00,
outstanding at the London market close. Ekofisk was assessed unchanged July 21 to Aug. AJSVB00) assessment rationale:
Reliance’s trade with Gunvor marks the refiner’s 10 with flat structure rolled over back-end dates, Johan Sverdrup was assessed unchanged July
second-ever trade in the MOC, following May 7 when reflecting steady market fundamentals and in 21 to Aug. 10 with flat structure rolled over back-end
Reliance sold a cargo of WTI Midland to BP at a $1/b the absence of indications challenging the July 10 dates, reflecting steady market fundamentals and
premium to Dated Brent. indications. in the absence of indications challenging the July 10
Such trading activity has accompanied Troll was assessed unchanged July 21 to Aug. 10 with indications.
strengthening sentiment among market participants, flat structure rolled over back-end dates, reflecting Exclusions: None
with sources pointing to a firming price environment. steady market fundamentals and in the absence of Platts is part of S&P Global Commodity Insights
Looking to the derivatives market, the balance-of- indications challenging the July 10 indications.
month — currently July — Dated to Frontline contract FOB WTI Midland was assessed higher reflecting Platts North Sea Dated Brent, BFOE, CFD
gained 31 cents/b July 11 from the previous close and an unchanged CIF Rotterdam assessment and a lower Bids, Offers, Trades
was assessed at the highest level since April amid a freight adjustment factor.
strengthening in European sweet crudes. CIF WTI Midland was assessed in a flat structure Bids:
The backwardation between the balmo and front- July 23-26, reflecting a traded bid July 23-27. July 26 to NORTH SEA:
month — currently August — DFL contracts widened Aug. 1 was assessed in a 2.5 cents/day backwardated CIF BASIS ROTTERDAM: PLATTS NSEA WTI
to 23 cents/b, Platts data showed, the steepest structure, with Aug. 1-3 assessed in a flat structure MIDLAND: JULY 31-AUGUST 4: CHEVRON BIDS
backwardation since April 12. using an outstanding bid July 31 to Aug. 4. Aug. 3-11 was 700000.0B AT DTD $2.05 . .
The strengthening in the balmo DFL contract was a assessed in a 1 cent/day contango structure. CIF BASIS ROTTERDAM: PLATTS NSEA WTI
bullish signal for the physical crude market. WTI Midland was the most competitive grade in MIDLAND: JULY 23-27: MERCURIA BIDS 700000.0B AT
Platts is part of S&P Global Commodity Insights the Dated Brent assessmend July 21 to Aug. 1. Forties DTD $2.05 . .
was the most competitive grade in the Dated Brent CASH BFOE:
Platts North Sea Dated Brent, BFOE, CFD assessment Aug. 2-11. PLATTS CASH BFOE: SEP24: MERCURIA BIDS 100KB
Assessment Rationales & Exclusions BFOE (PCAAQ00-PCAAR00,PCARR00> assessment AT $85.51
Dated Brent <PCAAS00> assessment rationale: rationale: BRENT CFDS:
Of the six crudes in the Dated Brent basket, Forties September Cash BFOE was assessed using an PLATTS BRENT DIFF: JUL15-JUL19 (SEP): CHEVRON
and WTI Midland were seen in the Platts Market on outstanding bid. BIDS 100KB AT $1.30

PLATTS BRENT DIFF: JUL15-JUL19 (SEP): GUNVOR PLATTS BRENT DIFF: JUL22-JUL26 (SEP): DARE PLATTS BRENT DIFF: JUL29-AUG2 (OCT):
BIDS 100KB AT $1.26 BIDS 100KB AT $0.80 EXXONMOBIL BIDS 100KB AT $1.50
PLATTS BRENT DIFF: JUL15-JUL19 (SEP): EQUINOR PLATTS BRENT DIFF: JUL22-JUL26 (SEP): ONYX PLATTS BRENT DIFF: JUL29-AUG2 (OCT):
BIDS 100KB AT $1.25 BIDS 100KB AT $0.75 PETROCHINA BIDS 100KB AT $1.50
PLATTS BRENT DIFF: JUL15-JUL19 (SEP): PETRACO PLATTS BRENT DIFF: AUG5-AUG9 (OCT): CHEVRON PLATTS BRENT DIFF: JUL29-AUG2 (OCT): DV
BIDS 100KB AT $1.25 BIDS 100KB AT $1.35 TRADING BIDS 100KB AT $1.50
PLATTS BRENT DIFF: JUL15-JUL19 (SEP): PLATTS BRENT DIFF: AUG5-AUG9 (OCT): MERCURIA PLATTS BRENT DIFF: JUL29-AUG2 (OCT):
FREEPOINT BIDS 100KB AT $1.25 BIDS 100KB AT $1.35 PETROINEOS BIDS 100KB AT $1.50
PLATTS BRENT DIFF: JUL15-JUL19 (SEP): PLATTS BRENT DIFF: AUG5-AUG9 (OCT): EQUINOR PLATTS BRENT DIFF: JUL29-AUG2 (OCT): DARE BIDS
PETROINEOS BIDS 100KB AT $1.20 BIDS 100KB AT $1.35 100KB AT $1.40
PLATTS BRENT DIFF: JUL15-JUL19 (SEP): PLATTS BRENT DIFF: AUG5-AUG9 (OCT): PLATTS BRENT DIFF: JUL29-AUG2 (OCT): ONYX BIDS
PETROCHINA BIDS 100KB AT $1.20 EXXONMOBIL BIDS 100KB AT $1.35 100KB AT $1.35
PLATTS BRENT DIFF: JUL15-JUL19 (SEP): DV PLATTS BRENT DIFF: AUG5-AUG9 (OCT): FREEPOINT Offers:
TRADING BIDS 100KB AT $1.20 BIDS 100KB AT $1.35 NORTH SEA:
PLATTS BRENT DIFF: JUL15-JUL19 (SEP): MERCURIA PLATTS BRENT DIFF: AUG5-AUG9 (OCT): OMV BIDS None
BIDS 100KB AT $1.20 100KB AT $1.33 CASH BFOE:
PLATTS BRENT DIFF: JUL15-JUL19 (SEP): DARE BIDS PLATTS BRENT DIFF: AUG5-AUG9 (OCT): DV PLATTS CASH BFOE: SEP24: BP OFFERS 100KB
100KB AT $1.05 TRADING BIDS 100KB AT $1.32 AT $85.92
PLATTS BRENT DIFF: JUL15-JUL19 (SEP): ONYX BIDS PLATTS BRENT DIFF: AUG5-AUG9 (OCT): GUNVOR BRENT CFDS:
100KB AT $1.05 BIDS 100KB AT $1.31 PLATTS BRENT DIFF: JUL15-JUL19 (SEP): ONYX
PLATTS BRENT DIFF: JUL22-JUL26 (SEP): PETRACO PLATTS BRENT DIFF: AUG5-AUG9 (OCT): OFFERS 100KB AT $1.40
BIDS 100KB AT $0.96 PETROCHINA BIDS 100KB AT $1.25 PLATTS BRENT DIFF: JUL15-JUL19 (SEP): DV
PLATTS BRENT DIFF: JUL22-JUL26 (SEP): CHEVRON PLATTS BRENT DIFF: AUG5-AUG9 (OCT): DARE BIDS TRADING OFFERS 100KB AT $1.45
BIDS 100KB AT $0.95 100KB AT $1.20 PLATTS BRENT DIFF: JUL15-JUL19 (SEP): DARE
PLATTS BRENT DIFF: JUL22-JUL26 (SEP): EQUINOR PLATTS BRENT DIFF: AUG5-AUG9 (OCT): OFFERS 100KB AT $1.50
BIDS 100KB AT $0.95 PETROINEOS BIDS 100KB AT $1.20 PLATTS BRENT DIFF: JUL22-JUL26 (SEP): ONYX
PLATTS BRENT DIFF: JUL22-JUL26 (SEP): PLATTS BRENT DIFF: AUG5-AUG9 (OCT): DARE BIDS OFFERS 100KB AT $1.10
FREEPOINT BIDS 100KB AT $0.95 100KB AT $1.15 PLATTS BRENT DIFF: JUL22-JUL26 (SEP):
PLATTS BRENT DIFF: JUL22-JUL26 (SEP): GUNVOR PLATTS BRENT DIFF: AUG5-AUG9 (OCT): ONYX BIDS TRAFIGURA OFFERS 100KB AT $1.10
BIDS 100KB AT $0.95 100KB AT $1.11 PLATTS BRENT DIFF: JUL22-JUL26 (SEP): DV
PLATTS BRENT DIFF: JUL22-JUL26 (SEP): PLATTS BRENT DIFF: JUL29-AUG2 (OCT): CHEVRON TRADING OFFERS 100KB AT $1.13
PETROINEOS BIDS 100KB AT $0.90 BIDS 100KB AT $1.58 PLATTS BRENT DIFF: JUL22-JUL26 (SEP): DARE
PLATTS BRENT DIFF: JUL22-JUL26 (SEP): PLATTS BRENT DIFF: JUL29-AUG2 (OCT): OFFERS 100KB AT $1.20
PETROCHINA BIDS 100KB AT $0.90 FREEPOINT BIDS 100KB AT $1.55 PLATTS BRENT DIFF: AUG5-AUG9 (OCT): DV
PLATTS BRENT DIFF: JUL22-JUL26 (SEP): PLATTS BRENT DIFF: JUL29-AUG2 (OCT): MERCURIA TRADING OFFERS 100KB AT $1.38
MERCURIA BIDS 100KB AT $0.90 BIDS 100KB AT $1.55 PLATTS BRENT DIFF: AUG5-AUG9 (OCT): DARE
PLATTS BRENT DIFF: JUL22-JUL26 (SEP): DV PLATTS BRENT DIFF: JUL29-AUG2 (OCT): GUNVOR OFFERS 100KB AT $1.40
TRADING BIDS 100KB AT $0.90 BIDS 100KB AT $1.51 PLATTS BRENT DIFF: AUG5-AUG9 (OCT): TRAFIGURA
PLATTS BRENT DIFF: JUL22-JUL26 (SEP): DARE PLATTS BRENT DIFF: JUL29-AUG2 (OCT): DARE BIDS OFFERS 100KB AT $1.40
BIDS 100KB AT $0.84 100KB AT $1.50 PLATTS BRENT DIFF: AUG5-AUG9 (OCT): OCEAN

OFFERS 100KB AT $1.50 PLATTS BRENT DIFF: AUG5-AUG9 (OCT): DV Platts NW Europe Fuel Oil SR 0.5-0.7%S Daily
PLATTS BRENT DIFF: JUL29-AUG2 (OCT): DV TRADING SELLS TO CHEVRON* 100KB AT $1.35 Rationale & Exclusions
TRADING OFFERS 100KB AT $1.69 (15:28:13) Straight Run 0.5-0.7%S FOB NWE cargo
PLATTS BRENT DIFF: JUL29-AUG2 (OCT): ONYX PLATTS BRENT DIFF: AUG5-AUG9 (OCT): DARE <PKABA00> assessment rationale:
OFFERS 100KB AT $1.70 SELLS TO EQUINOR* 100KB AT $1.35 (15:28:18) The LSSR FOB NWE differential was assessed $1.75/
PLATTS BRENT DIFF: JUL29-AUG2 (OCT): PLATTS BRENT DIFF: AUG5-AUG9 (OCT): DARE mt below M1 ICE Brent crude futures, based on market
TRAFIGURA OFFERS 100KB AT $1.70 SELLS TO CHEVRON* 100KB AT $1.35 (15:28:18) indications. The outright LSSR price was derived using
PLATTS BRENT DIFF: JUL29-AUG2 (OCT): DARE PLATTS BRENT DIFF: AUG5-AUG9 (OCT): TRAFIGURA the dollars per barrel to metric ton conversion factor
OFFERS 100KB AT $1.70 SELLS TO EXXONMOBIL* 100KB AT $1.35 (15:28:21) of 6.77 for LSSR. No bids or offers were reported in the
PLATTS BRENT DIFF: JUL29-AUG2 (OCT): OCEAN PLATTS BRENT DIFF: AUG5-AUG9 (OCT): DARE Platts Market on Close assessment process.
OFFERS 100KB AT $1.80 SELLS TO CHEVRON* 100KB AT $1.35 (15:28:23) Exclusions: None
PLATTS BRENT DIFF: JUL29-AUG2 (OCT): DARE PLATTS BRENT DIFF: AUG5-AUG9 (OCT): TRAFIGURA Platts is part of S&P Global Commodity Insights
OFFERS 100KB AT $1.86 SELLS TO EXXONMOBIL* 100KB AT $1.35 (15:28:29)
Trades: PLATTS BRENT DIFF: AUG5-AUG9 (OCT): TRAFIGURA Platts NW Europe Fuel Oil SR 0.5-0.7%S
NORTH SEA: SELLS TO CHEVRON* 100KB AT $1.35 (15:28:32) Bids, Offers, Trades
FOB BASIS HOUND POINT: PLATTS NSEA FORTIES: PLATTS BRENT DIFF: AUG5-AUG9 (OCT): ONYX
AUGUST 4-6: BP SELLS TO GUNVOR* 700000.0B AT SELLS TO EQUINOR* 100KB AT $1.35 (15:29:03) Bids: None.
DTD $1.00 . . (15:24:38) PLATTS BRENT DIFF: AUG5-AUG9 (OCT): TRAFIGURA Offers: None
CIF BASIS ROTTERDAM: PLATTS NSEA WTI SELLS TO EXXONMOBIL* 100KB AT $1.35 (15:29:15) Trades: None.
MIDLAND: JULY 23-27 RELIANCE INTERNATIONAL PLATTS BRENT DIFF: AUG5-AUG9 (OCT): TRAFIGURA This assessment commentary applies to the
LTD SELL TO GUNVOR* 700000.0B AT DTD $2.25 .. SELLS TO CHEVRON* 100KB AT $1.35 (15:29:20) following market data codes: St Run 0.5-0.7% FOB
(15:28:32) PLATTS BRENT DIFF: AUG5-AUG9 (OCT): DV NWE cargo <PKABA00>
CASH BFOE: TRADING SELLS TO EQUINOR* 100KB AT $1.35
PLATTS CASH BFOE: SEP24: PETROINEOS SELLS TO (15:29:22)
MERCURIA* 100KB AT $85.44 (15:29:22) PLATTS BRENT DIFF: AUG5-AUG9 (OCT): TRAFIGURA Subscriber Notes
PLATTS CASH BFOE: SEP24: PETROINEOS SELLS TO SELLS TO CHEVRON* 100KB AT $1.35 (15:29:28)
MERCURIA* 100KB AT $85.47 (15:29:27) PLATTS BRENT DIFF: AUG5-AUG9 (OCT): ONYX Platts to update VGO netback rate to reflect revised
PLATTS CASH BFOE: SEP24: BP SELLS TO SELLS TO EQUINOR* 100KB AT $1.35 (15:29:46) Turkish Straits transit fee
MERCURIA* 100KB AT $85.49 (15:29:35) PLATTS BRENT DIFF: JUL29-AUG2 (OCT): BP SELLS Platts, part of S&P Global Commodity Insights, will
PLATTS CASH BFOE: SEP24: BP SELLS TO TO EQUINOR* 100KB AT $1.60 (15:29:57) update the formulae to derive its netback and net
MERCURIA* 100KB AT $85.49 (15:29:44) This assessment commentary applies to the forward assessments to reflect an increase in flat rates
PLATTS CASH BFOE: SEP24: SHELL SELLS TO following market data codes: Dated Brent <PCAAS00> for voyages transiting the Turkish Straits, as detailed in
MERCURIA* 100KB AT $85.51 (15:29:54) CFD Week 1 <PCAKA00> CFD Week 2 <PCAKC00> Brent Worldscale Circular No. 39 (2024).
BRENT CFDS: Mo01 <PCAAQ00> CFD Week 3 <PCAKE00> Brent The changes to the formulas will be effective Aug. 1
PLATTS BRENT DIFF: JUL15-JUL19 (SEP): ONYX Mo02 <PCAAR00> CFD Week 4 <PCAKG00> Brent for the following assessments:
SELLS TO EXXONMOBIL* 100KB AT $1.30 (15:29:28) Mo03 <PCARR00> CFD Week 5 <AAGLU00> CFD Week The flat rate used to calculate FOB Black Sea VGO
PLATTS BRENT DIFF: JUL22-JUL26 (SEP): ONYX 6 <AAGLV00> CFD Week 7 <AALCZ00> CFD Week 8 cargoes (ABBAD00 and ABBAC00) as a freight netback
SELLS TO GUNVOR* 100KB AT $0.96 (15:29:38) <AALDA00> Johan Sverdrup FOB North Sea <AJSVA00> from CIF Mediterranean cargoes will be $9.07/mt.
PLATTS BRENT DIFF: AUG5-AUG9 (OCT): DARE Johan Sverdrup FOB North Sea vs North Sea Dtd Strip Please send any comments and feedback
SELLS TO EQUINOR* 100KB AT $1.35 (15:28:06) <AJSVB00> to [email protected] and

[email protected]. from diesel engines. forward, not the usual 3-15/5-15 days forward in its
For written comments, please provide a clear Initial market feedback suggests an appetite to European Market on Close assessment process. The
indication if comments are not intended for publication understand market value, including at a retail level. assessment continues to reflect the usual 3-15/5-15
by Platts for public viewing. Platts seeks feedback relating to loading ports, typical days forward date range.
Platts will consider all comments received and will cargo size, and other terms of trade and relevant The full detail for each day can be seen below:
make comments not marked as confidential available pricing parameters. On Aug. 21, MOC dates will be Aug. 27-Sept. 5 (FE
upon request. Please send any questions and dates: Aug. 27-31; MW dates: Aug. 29-Sept. 2; BE dates:
comments to [email protected] and Sept. 1-5)
Platts opens consultation on potential Automotive [email protected] by July 31. On Aug. 22, MOC dates will be Aug. 28-Sept. 6 (FE
Urea, Diesel Exhaust Fluid assessments For written comments, please provide a clear dates: Aug. 28-Sept. 1; MW dates: Aug. 30-Sept. 3; BE
Platts, part of S&P Commodity Insights, is opening indication if comments are not intended for publication dates: Sept. 2-6)
a consultation on Automotive Urea and Diesel Exhaust by Platts for public viewing. On Aug. 23, MOC dates will be Aug. 29-Sept. 7 (FE
Fluid markets, and how best to reflect this space Platts will consider all comments received and will dates: Aug. 29-Sept. 2; MW dates: Aug. 31-Sept. 4; BE
through our price assessment coverage. make comments not marked as confidential available dates: Sept. 3-7)
Diesel Exhaust Fluid, marketed as AdBlue in Europe upon request. Please note that Aug. 26 is a UK public holiday and
and North America, is produced by combining low- no European oil assessments will be published. For
biuret urea and deionized water, and can be added to Europe barge MOC dates ahead of UK summer bank further details on services affected, please consult the
diesel engines to reduce harmful nitric-oxide emissions. holiday Aug 26, 2024 published holiday schedule at https://www.spglobal.
As the global transport and diesel industry moves Effective Aug. 21, Aug. 22 and Aug. 23 and in line com/platts/en/our-methodology/holiday
towards a more sustainable future, DEF — and with the published holiday schedule, Platts, part of S&P Please send any comments or questions to
Automotive Urea — are becoming an increasingly Global Commodity Insights, will reflect bids, offers and [email protected] with a copy to
important feature in helping to prevent toxic emissions trades of refined product barges that load 6-15 days [email protected]

Deals Summary Gasoil 50ppm barges MERCURIASA* sold to GLENCOREUK 2.2kt: kt $3.50/mt
Trades (PGA page 1417) 15:29:26
PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: FE:
Premium gasoline 10 ppm barges No trades reported EXTAP* sold to VITOL 3kt: kt $3.50/mt 15:29:49
Trades (PGA page 1304) * Denotes market maker. All times GMT
Bids (PGA page 1415) EXTAP* sold to GLENCOREUK 2kt: kt $3.50/mt 15:30:00
10PPM: NWE Brg Smr 10ppm: MW: TRAFI sold to
MUSKETEUR* 1kt: kt $837.00/mt 15:21:28 No bids reported * Denotes market maker. All times GMT
10PPM: NWE Brg Smr 10ppm: MW: TRAFI sold to Withdrawals Bids (PGA page 1474)
MUSKETEUR* 1kt: kt $838.00/mt 15:22:38 No bids reported PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: FE:
10PPM: NWE Brg Smr 10ppm: MW: TRAFI sold to ** Denotes OCO order. GLENCOREUK bids 1-3kt: $3.00/mt
MUSKETEUR* 1kt: kt $839.00/mt 15:23:24
Offers (PGA page 1416) PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: FE:
* Denotes market maker. All times GMT VITOL bids 1-3kt: $2.75/mt
PLATTS GASOIL 50PPM BARGE 1-3KT ICE LSGO M1: ARA: FE:
Bids (PGA page 1302) PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: MW:
TOTSA offers 1-3kt: $1.00/mt
No bids reported GLENCOREUK bids 1-3kt: $0.00/mt
Withdrawals
Withdrawals PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: MW:
No offers reported VITOL bids 1-3kt: $2.00/mt
10PPM: NWE Brg Smr 10ppm: MW: MUSKETEUR no longer ** Denotes OCO order.
bids 1kt: $839.00/mt PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: BE:
GLENCOREUK bids 1-3kt: $0.00/mt
** Denotes OCO order.
Gasoil 0.1% Barges PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: BE:
Offers (PGA page 1303)
Trades (PGA page 1426) VITOL bids 1-3kt: $0.50/mt
No offers reported Withdrawals
No trades reported
Withdrawals * Denotes market maker. All times GMT No bids reported
No offers reported Bids (PGA page 1424) ** Denotes OCO order.
** Denotes OCO order. Offers (PGA page 1475)
No bids reported
Withdrawals PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: FE:
EBOB Barges EXTAP offers 1-3kt: $4.00/mt
No bids reported
Trades (PGA page 1304)
** Denotes OCO order. PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: MW:
No trades reported MERCURIASA offers 1-3kt: $3.50/mt
* Denotes market maker. All times GMT PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: MW:
No offers reported EXTAP offers 1-3kt: $3.50/mt
Bids (PGA page 1302)
Withdrawals PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: BE:
No bids reported
No offers reported MERCURIASA offers 1-3kt: $3.00/mt
Withdrawals
** Denotes OCO order. PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: BE:
No bids reported EXTAP offers 1-3kt: $4.00/mt
Diesel barges PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: BE:
Offers (PGA page 1303) FSTBV offers 1-3kt: $5.00/mt
Trades (PGA page 1476)
No offers reported Withdrawals
Withdrawals PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: FE:
EXTAP sold to GLENCOREUK* 2kt: kt $3.00/mt 15:29:26
MERCURIASA no longer offers 1-3kt: $3.50/mt
No offers reported PLATTS ULSD BARGE 1-3KT ICE LSGO M1: ARA Smr: FE:

HSFO barges PLATTS FUEL OIL 3.5% RDAM BARGES: MW: UNITEDBUNK PLATTS FUEL OIL 3.5% RDAM BARGES: MW: BPBV offers
Trades (PGA page 1505) bids 2kt: $488.50/mt 2kt: $498.00/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: MW: VITOL bids 2kt: PLATTS FUEL OIL 3.5% RDAM BARGES: BE: GUNVORSA
PLATTS FUEL OIL 3.5% RDAM BARGES: FE: ARAMCOT* sold $488.00/mt offers 2kt: $490.00/mt
to TRAFI 2kt: kt $491.00/mt 15:29:09
PLATTS FUEL OIL 3.5% RDAM BARGES: MW: TOTSA bids 2kt: PLATTS FUEL OIL 3.5% RDAM BARGES: BE: TOTSA offers
PLATTS FUEL OIL 3.5% RDAM BARGES: FE: ARAMCOT* sold $487.00/mt 2kt: $493.00/mt
to BPBV 2kt: kt $491.00/mt 15:29:27
PLATTS FUEL OIL 3.5% RDAM BARGES: BE: UNITEDBUNK PLATTS FUEL OIL 3.5% RDAM BARGES: BE: ARAMCOT offers
PLATTS FUEL OIL 3.5% RDAM BARGES: MW: GUNVORSA bids 2kt: $488.00/mt 2kt: $497.00/mt
sold to MERCURIASA* 2kt: kt $491.00/mt 15:19:24
PLATTS FUEL OIL 3.5% RDAM BARGES: BE: OEI bids 2kt: PLATTS FUEL OIL 3.5% RDAM BARGES: BE: BPBV offers 2kt:
PLATTS FUEL OIL 3.5% RDAM BARGES: MW: GUNVORSA $488.00/mt $498.00/mt
sold to OEI* 2kt: kt $490.00/mt 15:21:33
PLATTS FUEL OIL 3.5% RDAM BARGES: BE: PENINSULA PLATTS FUEL OIL 3.5% RDAM BARGES: BE: MERCURIASA
PLATTS FUEL OIL 3.5% RDAM BARGES: MW: GUNVORSA* bids 2kt: $488.00/mt offers 2kt: $505.00/mt
sold to BPBV 2kt: kt $491.00/mt 15:27:03
PLATTS FUEL OIL 3.5% RDAM BARGES: BE: BPBV bids 2kt: Withdrawals
PLATTS FUEL OIL 3.5% RDAM BARGES: MW: GUNVORSA $488.00/mt
sold to PENINSULA* 2kt: kt $489.00/mt 15:28:41 PLATTS FUEL OIL 3.5% RDAM BARGES: FE: ARAMCOT no
PLATTS FUEL OIL 3.5% RDAM BARGES: BE: VITOL bids 2kt: longer offers 2kt: $491.00/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: MW: GUNVORSA $487.00/mt ** Denotes OCO order.
sold to MERCURIASA* 2kt: kt $489.00/mt 15:28:44
PLATTS FUEL OIL 3.5% RDAM BARGES: BE: MERCURIASA
PLATTS FUEL OIL 3.5% RDAM BARGES: MW: GUNVORSA bids 2kt: $487.00/mt
sold to BPBV* 2kt: kt $489.00/mt 15:28:48 LSFO barges
PLATTS FUEL OIL 3.5% RDAM BARGES: BE: TOTSA bids 2kt: Trades (PGA page 1505)
PLATTS FUEL OIL 3.5% RDAM BARGES: BE: GUNVORSA* $487.00/mt
sold to BPBV 2kt: kt $490.00/mt 15:28:20 No trades reported
Withdrawals
PLATTS FUEL OIL 3.5% RDAM BARGES: BE: GUNVORSA sold * Denotes market maker. All times GMT
to PENINSULA* 2kt: kt $488.00/mt 15:28:51 PLATTS FUEL OIL 3.5% RDAM BARGES: MW: OEI no longer
bids 2kt: $490.00/mt Bids (PGA page 1503)
PLATTS FUEL OIL 3.5% RDAM BARGES: BE: GUNVORSA sold
PLATTS FUEL OIL 3.5% RDAM BARGES: MW: PENINSULA no No bids reported
to BPBV* 2kt: kt $488.00/mt 15:28:55
longer bids 2kt: $489.00/mt Withdrawals
* Denotes market maker. All times GMT
PLATTS FUEL OIL 3.5% RDAM BARGES: MW: MERCURIASA No bids reported
Bids (PGA page 1503)
no longer bids 2kt: $489.00/mt ** Denotes OCO order.
PLATTS FUEL OIL 3.5% RDAM BARGES: FE: UNITEDBUNK ** Denotes OCO order.
bids 2kt: $490.00/mt Offers (PGA page 1504)
PLATTS FUEL OIL 3.5% RDAM BARGES: FE: BPBV bids 2kt: No offers reported
$489.00/mt PLATTS FUEL OIL 3.5% RDAM BARGES: FE: GUNVORSA
Withdrawals
offers 2kt: $495.00/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: FE: VITOL bids 2kt: No offers reported
$488.00/mt PLATTS FUEL OIL 3.5% RDAM BARGES: FE: TOTSA offers
2kt: $497.00/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: FE: MERCURIASA
bids 2kt: $488.00/mt PLATTS FUEL OIL 3.5% RDAM BARGES: FE: BPBV offers 2kt:
$502.00/mt HSFO RMK 500 barges
PLATTS FUEL OIL 3.5% RDAM BARGES: FE: TOTSA bids 2kt:
PLATTS FUEL OIL 3.5% RDAM BARGES: MW: GUNVORSA Trades (PGA page 1505)
$488.00/mt
offers 2kt: $490.00/mt No trades reported
PLATTS FUEL OIL 3.5% RDAM BARGES: MW: OEI bids 2kt:
$489.00/mt PLATTS FUEL OIL 3.5% RDAM BARGES: MW: TOTSA offers * Denotes market maker. All times GMT
2kt: $490.00/mt
PLATTS FUEL OIL 3.5% RDAM BARGES: MW: BPBV bids 2kt: Bids (PGA page 1503)
$489.00/mt PLATTS FUEL OIL 3.5% RDAM BARGES: MW: ARAMCOT
offers 2kt: $497.00/mt No bids reported

Withdrawals Offers (PGA page 1504) Withdrawals

No bids reported No offers reported No offers reported
** Denotes OCO order. ** Denotes OCO order.

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

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

Marine Fuel 0.5% Derivatives, Jul 11

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

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

Calendar month averages for June 2024

VGO 2% max ABBAC03 590.038 Gasoil 0.1% AAYWS03 758.725–759.225 758.975

FOB NWE West Africa cargo (PGA page 1111)

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

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

 More trading activity on 10 ppm barges USWC ($/mt)

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

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

escalate/de-escalate Russian domestic refined products netbacks

LPG has been in favor for flexible steam crackers

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

$7.75/mt. Asia products

A backwardated structure was applied to the front FOB Singapore ($/mt)

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

US Products: July 10, 2024

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

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

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

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

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

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

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

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

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

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

 LSSR slightly less bearish amid fewer imports

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

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

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

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

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

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Withdrawals Offers (PGA page 1504) Withdrawals

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

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More trading activity on 10 ppm barges USWC ($/mt)

LSSR slightly less bearish amid fewer imports