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Crude Oil Marketwire

Volume 45 / Issue 31 / February 13, 2024

Key benchmarks ($/barrel) Brent/WTI spreads and EFPs (PGA page 218) Market Commentary
Mid Change Mid Change
(PGA page 2210) Brent/WTI 1st AALAU00 5.29/5.31 5.300 0.000
Dubai (Apr) PCAAT00 81.90–81.92 81.910 +0.870 Brent/WTI 2nd AALAV00 4.99/5.01 5.000 -0.020 Platts Middle East Sour Crude Daily Market
Dubai (May)
Dubai (Jun)
PCAAU00
PCAAV00
81.27–81.29
80.76–80.78
81.280
80.770
+0.780
+0.800
Brent/WTI 3rd AALAY00
Brent EFP (Apr) AAGVX00 0.15/0.17
4.850
0.160
-0.010
+0.020
Analysis
MEC (Apr) AAWSA00 81.90–81.92 81.910 +0.870 Brent EFP (May) AAGVY00 0.16/0.18 0.170 +0.020
MEC (May) AAWSB00 81.27–81.29 81.280 +0.780 Brent EFP (Jun) AAMVY00 0.190 +0.020 „ Kuwait’s Asia-bound March OSPs mostly steady
MEC (Jun) AAWSC00 80.76–80.78 80.770 +0.800 WTI EFP (Mar) AAGVT00 -0.01/0.01 0.000 0.000 on month
Brent/Dubai (Apr) AAJMS00 0.41/0.43 0.420 -0.230 WTI EFP (Apr) AAGVU00 -0.01/0.01 0.000 0.000
(PGA page 1212) WTI EFP (May) AAGVV00 -0.01/0.01 0.000 0.000 „ QatarEnergy offers Al-Shaheen, Qatar Land, Marine
Brent (Dated) PCAAS00 85.99–86.01 86.000 +1.385
Dated North Sea Light AAOFD00 85.99–86.01 86.000 +1.385 in tender
Dated Brent (CIF) PCAKM00 87.170 +1.340 Middle East ($/barrel)
Brent (Apr) PCAAQ00 83.01–83.03 83.020 +0.960
(PGA page 2210) Mid Change
Brent (May) PCAAR00 82.41–82.43 82.420 +0.820 Oman (Apr) PCABS00 81.90–81.92 81.910 +0.870 More crude oil official selling prices were seen
Brent (Jun) PCARR00 81.890 +0.720 Oman (May) 81.27–81.29 81.280 +0.780
Sulfur de-escalator AAUXL00 0.20 Oman (Jun)
AAHZF00
AAHZH00 80.76–80.78 80.770 +0.800
emerging in the Middle East sour crude market Feb. 13,
Oseberg QP (Feb)
Oseberg QP (Mar)
AAXDW00
AAXDX00
1.4038
1.4562
Upper Zakum (Apr) AAOUQ00 81.89–81.93 81.910 +0.870 while spot trading activity was set to pick up this week
Murban (Apr) AAKNL00 81.91–81.95 81.930 +0.890
Ekofisk QP (Feb) AAXDY00 1.1395 Murban (May) MBNSA00 81.300 +0.800
with key sour crude tenders already released.
Ekofisk QP (Mar) AAXDZ00 1.0549
Troll QP (Feb) ATFNB00 1.6481
Murban (Jun) MBNSB00 80.790 +0.820 Kuwait Petroleum Corp. in a Feb. 13 notice kept
Al Shaheen AAPEV00 81.89–81.93 81.910 +0.870
Troll QP (Mar) ATFNA00 1.6916 Spread vs Dubai mostly steady its official selling price differentials for
(PGA page 210) Dubai DBDDC00 1.140 +0.070 (continued on page 3)
Platts AGS AGSAA00 80.480 +0.890 Oman DBDOC00 1.140 +0.070
WTI FOB USGC Decades Avg ADECA00 80.450 +0.900 Murban AARBZ00 1.160 +0.090
WTI (Mar) PCACG00 77.86–77.88 77.870 +0.950 Al Shaheen AAPEW00 1.09–1.19 1.140 +0.070 Contents
WTI (Apr) PCACH00 77.55–77.57 77.560 +0.740 Upper Zakum DBDUZ00 1.140 +0.070
WTI (May) AAGIT00 77.23–77.25 77.240 +0.590 Quality Premiums Platts Oil Mideast Sour Crude Convergences. ......................... 3
Light Houston Sweet AAXEW00 79.870 +0.900 Murban QP AASVA00 0.0000
Light Houston Sweet M2 AAYRY00 79.260 +0.740 Platts Middle East Sour Crude Bids, Offers, Trades..................... 4
LOOP Sour (Mar) AALSM01 77.670 +0.950 (PGA page 2658)
LOOP Sour (Apr) AALSM02 77.510 +0.790 Dubai Swap (Mar) AAHBM00 81.26–81.30 81.280 +0.780 Platts Dubai Derivatives Bids Summary. ............................... 9
LOOP Sour (May) AALSM03 77.290 +0.640 Dubai Swap (Apr) AAHBN00 80.75–80.79 80.770 +0.800
Bakken AAXPP00 74.810 +0.640 Dubai Swap (May) AAHBO00 80.22–80.26 80.240 +0.780 Platts Dubai Derivatives Offers Summary. ............................. 9
Eagle Ford Marker AAYAJ00 78.650 +1.260
Platts Dubai Derivatives Trades Summary.............................. 9
ACM* (Mar) AAQHN00 77.21–77.23 77.220 +0.950
ACM* (Apr) AAQHO00 77.05–77.07 77.060 +0.790 Platts Dubai Derivatives Exclusions. .................................. 10
ACM* (May) AAQHP00 76.83–76.85 76.840 +0.640
*Americas Crude Marker. Platts Asia Pacific Sweet Crude Daily Market Analysis. ............... 10

Forward Dated Brent ($/barrel) (PGA page 1250) Platts Asia Light Sweet Crude Bids, Offers, Trades. .................... 11
Mid Change Platts North Sea Crude Daily Market Analysis.......................... 12
North Sea Dated strip AAKWH00 84.06–84.08 84.070 +1.375
Mediterranean Dated strip AALDF00 83.96–83.97 83.965 +1.370 Platts North Sea Dated Brent, BFOE, CFD Bids, Offers, Trades. ....... 16
33-63 Day Dated strip AALEJ00 82.45–82.46 82.455 +0.910
BTC Dated strip AAUFI00 83.74–83.76 83.750 +1.305 Platts WTI Midland Crude DAP Europe Bids, Offers, Trades............ 18
15-45 Day Dated strip AALGM00 83.24–83.26 83.250 +1.150
30-60 Day Dated strip AAXRK00 82.54–82.56 82.550 +0.930 Platts Mediterranean & Black Sea Sweet Crude Daily Commentary. .. 18
North Sea CIF Dtd strip AAHXE00 83.970 +1.365
23-63 Day Dated Strip ADBRA00 82.665 +0.955 Platts NWE and Med Urals Sour Crude Daily Market Analysis. ........ 18

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Crude Oil Marketwire February 13, 2024

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

(Asia MOC) (Asia MOC) (Asia close) (London close)
API
Gravity Code Mid Change Code Mid Change Code Mid Change Code Mid Change
Condensate (PGA page 2212) (PGA page 2213)
Diff to Dubai Diff to Asian Dated Brent
NW Shelf 61.9 PCAGX00 75.40–75.44 75.420 +0.760 AAPAI00 -6.000 0.000 AAPAH00 76.020 +1.100
Ichthys FC 48.9 ICFCA00 82.570 +0.810 ICFCB00 1.150 +0.050
DFC 56.82 ADFCA00 79.65–79.69 79.670 +0.800 ADFCB00 -1.15/-1.05 -1.100 0.000 ADFCC00 -1.750 +0.040 ADFCD00 80.270 +1.140
Qatar LSC 56.9 AARBB00 79.40–79.44 79.420 +0.800 AARBD00 -1.40/-1.30 -1.350 0.000 AARBC00 -2.000 +0.040 AARBA00 80.020 +1.140
South Pars 57.4 AARAV00 74.60–74.64 74.620 +0.800 AARAX00 -6.20/-6.10 -6.150 0.000 AARAW00 -6.800 +0.040 AARAU00 75.220 +1.140
Diff to ICP
Senipah 54.4 AAEOE00 72.40–72.44 72.420 +0.760 AAEOK00 -4.80/-4.70 -4.750 0.000 AAPBE00 -9.000 0.000 AAPBD00 73.020 +1.100
Light crude (PGA page 2214) (PGA page 2215)
Diff to ICP Diff to Asian Dated Brent
Cossack 47.7 PCAGZ00 82.35–82.39 82.370 +0.810 AAPAC00 0.950 +0.050 AAPAB00 82.970 +1.150
Tapis 45.2 PCACB00 84.75–84.79 84.770 +0.810 AAOZW00 3.350 +0.050 AAOZV00 85.370 +1.150
Belida 45.1 PCAFL00 76.70–76.74 76.720 +0.810 PCAFM00 -2.35/-2.25 -2.300 +0.050 AAPBQ00 -4.700 +0.050 AAPBP00 77.320 +1.150
Kutubu 44.3 PCAFJ00 79.25–79.29 79.270 +0.810 AAPAE00 -2.150 +0.050 AAPAD00 79.870 +1.150
Attaka 42.3 PCAAJ00 76.65–76.69 76.670 +0.810 PCAAK00 -2.40/-2.30 -2.350 +0.050 AAPBC00 -4.750 +0.050 AAPBB00 77.270 +1.150
Ardjuna 38 PCACQ00 80.85–80.89 80.870 +0.810 PCACR00 -2.00/-1.90 -1.950 +0.050 AAPBG00 -0.550 +0.050 AAPBF00 81.470 +1.150
Banyu Urip 32 PCAFQ00 86.170 +0.810 PCAQQ00 2.500 +0.050 AAPBU00 4.750 +0.050 AAPBR00 86.770 +1.150
Diff to Dubai
Sakhalin Blend 45.5 AARBN00 72.50–72.54 72.520 +0.800 AARCN00 -8.30/-8.20 -8.250 0.000 AARDN00 -8.900 +0.040 AAREN00 73.120 +1.140
ESPO M1 34.8 AARWF00 77.80–77.84 77.820 +0.800 AASEU00 -3.00/-2.90 -2.950 0.000
ESPO M2 34.8 AAWFE00 77.27–77.31 77.290 +0.780 AAWFG00 -3.00/-2.90 -2.950 0.000
Sokol 39.7 AASCJ00 77.55–77.59 77.570 +0.800 AASCK00 -3.25/-3.15 -3.200 0.000 AAPAO00 -3.850 +0.040 AAPAN00 78.170 +1.140
Kikeh 34.9 AAWUH00 89.15–89.19 89.170 +0.810 AAOZY00 7.750 +0.050 AAOZX00 89.770 +1.150
Miri Light 32.3 PCABQ00 88.65–88.69 88.670 +0.810 AAPAS00 7.250 +0.050 AAPAR00 89.270 +1.150
Labuan 32 PCABL00 91.55–91.59 91.570 +0.810 AAPAQ00 10.150 +0.050 AAPAP00 92.170 +1.150
Kimanis 38.6 AASCL00 90.020 +0.810 AASCM00 8.600 +0.050 AASCN00 90.620 +1.150
Medium crude (PGA page 2216) (PGA page 2217)
Diff to Asian Dated Brent
Su Tu Den 36.8 AARAR00 86.25–86.29 86.270 +0.810 AARAS00 4.850 +0.050 AARAQ00 86.870 +1.150
Bach Ho 40.7 PCAHY00 88.60–88.64 88.620 +0.810 AAPAK00 7.200 +0.050 AAPAJ00 89.220 +1.150
Nanhai 40 PCAFR00 77.30–77.34 77.320 +0.810 AAPAG00 -4.100 +0.050 AAPAF00 77.920 +1.150
Nile Blend 33.9 AAPLC00 79.75–79.79 79.770 +0.710 AAPAM00 -1.650 -0.050 AAPAL00 80.370 +1.050
Daqing 32.2 PCAAZ00 81.05–81.09 81.070 +0.710 AAPAW00 -0.350 -0.050 AAPAV00 81.670 +1.050
Heavy crude (PGA page 2218) (PGA page 2219)
Diff to ICP Diff to Asian Dated Brent
Dar Blend 25 AARAB00 78.20–78.24 78.220 +0.710 AARAC00 -3.200 -0.050 AARAA00 78.820 +1.050
Shengli 24.2 PCABY00 83.70–83.74 83.720 +0.710 AAPAY00 2.300 -0.050 AAPAX00 84.320 +1.050
Duri 20.8 PCABA00 87.05–87.09 87.070 +0.710 PCABB00 3.05/3.15 3.100 -0.050 AAPBM00 5.650 -0.050 AAPBL00 87.670 +1.050
Vincent 18.3 AARAK00 91.620 +0.760 AARAL00 10.200 0.000 AARAJ00 92.220 +1.100

Delivered - Asia spot crude assessments ($/barrel) (PGA page 2238)

Diff to Dubai Diff to Asian Dated Brent
US Delivered - Asia Spot Crudes
WTI Midland (DES Singapore) WTMSA00 83.490 +0.930 WTMSD00 3.250 +0.150 WTMSB00 2.460 +0.120
WTI Midland (DES Yeosu) WTMYA00 83.990 +0.930 WTMYD00 3.750 +0.150 WTMYB00 2.960 +0.120
Brazil Delivered-Asia Spot Crudes
Tupi (DES Qingdao) LUQDA00 84.390 +0.780 LUQDD00 4.150 0.000 LUQDB00 3.360 -0.030

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

Crude Oil Marketwire February 13, 2024

Middle East spot assessments ($/barrel) (PGA page 2220)

Mid Change Spread vs Dubai Mid Change Spread vs OSP Mid Change
Umm Lulu AUFAA00 82.180 +0.890 DBDUL00 1.410 +0.090
Das Blend AAXOF00 81.16–81.20 81.180 +0.890 DBDDS00 0.410 +0.090
Qatar Land AAKNP00 80.63–80.67 80.650 +0.900 QALDA00 -0.120 +0.100 AAKUJ00 -0.05/0.05 0.000 +0.100
Qatar Marine AAKNR00 80.63–80.67 80.650 +0.850 QAMDA00 -0.120 +0.050 AAKUH00 -0.40/-0.30 -0.350 +0.050
Banoco Arab Medium AAKNT00 80.88–80.92 80.900 +0.850 AAKUD00 -0.55/-0.45 -0.500 +0.050
Basrah Medium M1 BSMAM01 – 80.580 +0.830 BSMBM01 0.100 +0.050
Basrah Medium M2 BSMAM02 – 80.050 +0.850 BSMBM02 -0.050 +0.050
Basrah Heavy M1 AALZC00 – 77.380 +0.830 AALZJ00 0.200 +0.050
Basrah Heavy M2 AALZD00 – 76.900 +0.850 AALZK00 0.050 +0.050

March-loading crude oil bound for Asia, Europe and the

Asian market parity prices ($/barrel) (PGA page 2280)
(Asia close) (London close)
US from February. Mid Change Mid Change
For Asia-bound OSPs, the March differential Minas PCABO00 76.085 +0.375 AAPAZ00 76.685 +0.715
for Kuwait Export Crude and Khafji were kept Cinta PCAAX00 65.120 -0.040 AAPBJ00 65.720 +0.300
Widuri PCAFE00 62.535 -0.180 AAPBN00 63.135 +0.160
unchanged on the month at a premium of 25 cents/b Cambay AMPPA00 81.840 +0.715
and a discount of 30 cents/b against the average Ravva AMPPB00 87.710 +0.825
Rajasthan AMPPC00 81.935 +0.105
of DME Oman/Platts Dubai crude assessments,
respectively.
The Asia-bound Kuwait Super Light Crude March Asian Crude Indices ($/barrel) (PGA page 2206)
OSP differential was raised by 5 cents/b on the month 16:30 Singapore Interim Asian Close Diff to Dated Brent Final London Close
Asian Dated Brent (ADB) AAXPG00 84.885
to plus 70 cents/b to the DME Oman/Platts Dubai ADB Strip Asia AARBV00 81.420 AARBX00 82.020
crude assessments, while that for Asia-bound Hout ADB Strip Middle East AARBW00 81.420 AARBY00 82.020
ADB Strip M3 ADBS003 81.030
crude was cut by 10 cents/b to a premium of $1/b to
For definitions see http://www.platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpecs/Crude-oil-methodology.pdf
the same benchmark.
QatarEnergy was heard to have issued on Feb. 12 its
tender offering April-loading cargoes of Al-Shaheen, Platts Mideast Sour Crude Daily Rationales & Platts Oil Mideast Sour Crude
Qatar Land and Qatar Marine. It is offering two cargoes Exclusions Convergences
of Al-Shaheen for loading April 1-2 and April 28-29, and Dubai Mo01 <PCAAT00> assessment rationale:
one cargo each of Qatar Land and Marine for whole- The April cash Dubai assessment Feb. 13 took into Platts Crude: Total declares a cargo of April Oman
month April loading. consideration cash Dubai partials trades including bids crude to Mitsui following the convergence of 20
The tender closes Feb. 14 with next-day validity. and offers at $81.91/b that traded toward the end of partials in Platts cash Dubai.
Sri Lanka’s Ceypetco has a tender seeking one the Platts Market on Close assessment process. Platts Crude: Vitol declares a cargo of April Oman
700,000-barrel cargo of Murban crude for delivery Oman Blend Mo01 <PCABS00> assessment crude to Mitsui following the convergence of 20
over May 26-30, closing Feb. 20 with three-day rationale: The April cash Oman assessment Feb. 13 partials in Platts cash Dubai.
validity. took into consideration the declaration of five Oman Platts Crude: ExxonMobil declares a cargo of April
Trade sources noted that Ceypetco’s two earlier cargoes on convergence of Dubai partials. Oman crude to PetroChina following the convergence
term tenders that closed Jan. 16, seeking a total 4.2 Exclusions: No market data was excluded from the of 20 partials in Platts cash Dubai.
million barrels of Murban crude for delivery over June Middle East sour crude MOC. Platts Crude: Unipec declares a cargo of April Oman
to October, was yet to be awarded. Platts is part of S&P Global Commodity Insights. crude to PetroChina following the convergence of 20

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

Crude Oil Marketwire February 13, 2024

partials in Platts cash Dubai. North Sea spot crude assessments ($/barrel) (PGA page 1212)
Mid Change Spread vs fwd Dated Brent Mid Change
Platts Crude: ExxonMobil declares a cargo of April
Dated Brent Diff AAXEZ00 1.92/1.94 1.930 +0.010
Oman crude to Trafigura following the convergence of BNB AAVJA00 86.21–86.22 86.215 +1.365 AAVJB00 2.14/2.15 2.145 -0.010
Forties 86.10–86.12 86.110 +1.380 2.03/2.05 2.040 +0.005
20 partials in Platts cash Dubai. PCADJ00 AAGWZ00
Oseberg PCAEU00 87.82–87.84 87.830 +1.420 AAGXF00 3.75/3.77 3.760 +0.045
Ekofisk PCADI00 87.46–87.47 87.465 +1.370 AAGXB00 3.39/3.40 3.395 -0.005
Platts Middle East Sour Crude Bids, Offers, Troll
FOB N Sea WTI Midland
AAWEX00 88.21–88.23
ALNDA00
88.220 +1.415
86.055 +1.365
AAWEY00
ALNDB00
4.14/4.16 4.150
1.985
+0.040
-0.010
Trades Statfjord PCAEE00 87.36–87.38 87.370 +1.425 AAGXD00 3.29/3.31 3.300 +0.050
Flotta Gold PCACZ00 85.61–85.63 85.620 +1.375 AAGXH00 1.54/1.56 1.550 0.000
Duc AAWEZ00 87.26–87.28 87.270 +1.375 AAWFL00 3.19/3.21 3.200 0.000
Bids: Grane Blend PCALA00 84.070 +1.425 PCALB00 0.000 +0.050
Johan Sverdrup AJSVA00 83.675 +1.405 AJSVB00 -0.395 +0.030
PLATTS DUBAI: APR24: SHELL BIDS 25KB AT $81.70
Statfjord (CIF) AASAS00 88.36–88.38 88.370 +1.415 AASAT00 4.39/4.41 4.400 +0.050
PLATTS DUBAI: APR24: MERCURIA BIDS 25KB Gullfaks (CIF) AASAU00 88.66–88.68 88.670 +1.415 AASAV00 4.69/4.71 4.700 +0.050
Alvheim (CIF) ALVHA00 88.720 +1.365 ALVHB00 4.750 0.000
AT $81.65
Asgard (CIF) ASGCA00 87.020 +1.365 ASGCB00 3.050 0.000
PLATTS DUBAI: APR24: VITOL BIDS 25KB AT $81.60 North Sea basket AAGIZ00 86.90–86.91 86.905 +1.385
North Sea Dated Strip 84.06–84.08 84.070 +1.375
PLATTS DUBAI: APR24: PETROCHINA NO LONGER AAKWH00
European Sour Crude Index CSBEA00 83.891 +1.410 CSBEB00 -0.179 +0.035
BIDS AFTER TRADE Spread vs fwd CIF Dated Brent
PLATTS DUBAI: APR24: PETROCHINA NO LONGER Dated Brent (CIF) AAVJG00 87.170 +1.340 AAVJF00 3.200 -0.025
BNB (CIF) PCAKP00 88.440 +1.390 AAVJC00 4.470 +0.025
BIDS AFTER TRADE Forties (CIF) PCAKR00 87.695 +1.395 AAHXC00 3.725 +0.030
PLATTS DUBAI: APR24: MITSUI NO LONGER BIDS Oseberg (CIF) PCAKT00 89.165 +1.430 AAHXD00 5.195 +0.065
Ekofisk (CIF) PCAKV00 88.640 +1.380 AAHXB00 4.670 +0.015
AFTER TRADE Troll (CIF) AAXJO00 89.580 +1.425 AAXJN00 5.610 0.060
PLATTS DUBAI: APR24: MITSUI NO LONGER BIDS WTI Midland (CIF) WMCRD00 87.170 +1.340 WMCRB00 3.200 -0.025
Johan Sverdrup (CIF) AJSWA00 85.000 +1.415 AJSWB00 1.030 +0.050
AFTER TRADE North Sea CIF Dated Strip AAHXE00 83.970 +1.365
PLATTS DUBAI: APR24: TRAFIGURA NO LONGER
BIDS AFTER TRADE
PLATTS DUBAI: APR24: TRAFIGURA NO LONGER Freight Adjustment Factors
BIDS AFTER TRADE ($/barrel) Change
Sullom Voe-Rotterdam FSVRM00 1.9185 -0.0251
PLATTS DUBAI: APR24: EQUINOR NO LONGER BIDS Hound Point-Rotterdam FHPRM00 1.3759 -0.0177
AFTER TRADE Sture-Rotterdam FSTRM00 1.1801 -0.0149
Teesside-Rotterdam FTSRM00 1.0550 -0.0133
Offers: Mongstad-Rotterdam FMGRM00 1.2019 -0.0153
PLATTS DUBAI: APR24: EXXONMOBIL OFFERS 25KB North Sea-Rotterdam FSFRM00 1.2178 -0.0155
AT $81.91 AND TRADES DURING EXTENSION (%)
PLATTS DUBAI: APR24: BP OFFERS 25KB AT $81.95 FAF Weighting FAFWA00 0.80
PLATTS DUBAI: APR24: HENGLI OFFERS 25KB
AT $81.95
PLATTS DUBAI: APR24: RELIANCE OFFERS 25KB European US Spot Crude Assessments ($/barrel) (PGA page 1238)
AT $81.95 Mid Change Spread vs fwd Dated Brent Mid Change
WTI Midland (DAP Rotterdam) AWTIC00 85.580 +0.870 AWTID00 2.915 -0.085
PLATTS DUBAI: APR24: KOCH OFFERS 25KB WTI Midland (DAP Augusta) AWTIA00 86.230 +0.870 AWTIB00 3.565 -0.085
AT $81.95 Eagle Ford 45 (DAP Rotterdam) AEFAC00 84.680 +0.870 AEFAD00 2.015 -0.085
Eagle Ford 45 (DAP Augusta) AEFAA00 85.330 +0.870 AEFAB00 2.665 -0.085
PLATTS DUBAI: APR24: PHILLIPS 66 OFFERS 25KB

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Crude Oil Marketwire February 13, 2024

AT $81.98 AND WITHDRAWS DURING EXTENSION Dated Brent/BFOE swaps ($/barrel) (PGA page 1214)
PLATTS DUBAI: APR24: UNIPEC NO LONGER Week Week Date Brent CFD* Mid Change Dated Brent swap Mid Change
OFFERS AFTER TRADE CFD Week 1 (May) Feb 12-16 PCAKA00 3.46/3.48 3.470 +0.810 AAJNV00 85.88/85.90 85.890 +1.630
CFD Week 2 (May) Feb 19-23 PCAKC00 2.81/2.83 2.820 +0.800 AAJOS00 85.23/85.25 85.240 +1.620
PLATTS DUBAI: APR24: UNIPEC NO LONGER
CFD Week 3 (May) Feb 26-01 PCAKE00 2.09/2.10 2.095 +0.785 AAJOU00 84.51/84.52 84.515 +1.605
OFFERS AFTER TRADE CFD Week 4 (May) Mar 04-08 PCAKG00 1.36/1.38 1.370 +0.600 AAJOW00 83.78/83.80 83.790 +1.420
PLATTS DUBAI: APR24: TOTAL NO LONGER OFFERS CFD Week 5 (May) Mar 11-15 AAGLU00 0.75/0.77 0.760 +0.350 AAJPC00 83.17/83.19 83.180 +1.170
CFD Week 6 (May) Mar 18-22 AAGLV00 0.30/0.32 0.310 +0.210 AAJPE00 82.72/82.74 82.730 +1.030
AFTER TRADE
CFD Week 7 (May) Mar 25-29 AALCZ00 0.05/0.07 0.060 +0.090 AALAW00 82.47/82.49 82.480 +0.910
PLATTS DUBAI: APR24: VITOL NO LONGER OFFERS CFD Week 8 (May) Apr 01-05 AALDA00 -0.13/-0.11 -0.120 +0.020 AALAX00 82.29/82.31 82.300 +0.840
AFTER TRADE Brent Swaps Weeks 1 to 8 are differentials to Brent Mo02 (May) PCAAR00 found on page 1.
PLATTS DUBAI: APR24: GUNVOR NO LONGER
OFFERS AFTER TRADE
PLATTS DUBAI: APR24: GUNVOR NO LONGER
OFFERS 25KB AT $82.35 AFTER WITHDRAWAL Dated Brent/Brent Frontline Swaps (DFL) ($/barrel) (PPE page 1614)
(08:15:03) Swaps Change DFL Change
PLATTS DUBAI: APR24: KOCH NO LONGER OFFERS Balance month* (Feb 24) BDLBM00 85.140 +1.650 ABWFZ00 2.310 +0.720
Month 1 (Mar 24) BDLM001 82.980 +1.070 AAEAA00 0.760 +0.280
25KB AT $82.35 AFTER WITHDRAWAL (08:20:30)
Month 2 (Apr 24) BDLM002 82.020 +0.820 AAEAB00 0.340 +0.120
Trades: Month 3 (May 24) BDLM003 81.530 +0.710 AAEAC00 0.360 +0.080
PLATTS DUBAI: APR24: UNIPEC SELLS TO MITSUI* Month 4 (Jun 24) BDLM004 81.040 +0.610 AAEAD00 0.350 +0.040

25KB AT $81.94 (08:27:56) *Balance month swaps are assessed from the 1st through the 20th of the month.

PLATTS DUBAI: APR24: TOTAL SELLS TO MITSUI*

25KB AT $81.94 (08:28:04)
PLATTS DUBAI: APR24: RELIANCE SELLS TO
MITSUI* 25KB AT $81.90 (08:28:12) Cash BFOE intraday assessments ($/barrel) (PGA page 1216)
PLATTS DUBAI: APR24: VITOL SELLS TO Cash BFOE Change Inter-Month Spread
TRAFIGURA* 25KB AT $81.90 (08:28:16) 10:30 London Time
BFOE M1 (Apr) 82.960 +1.480
PLATTS DUBAI: APR24: TOTAL SELLS TO MITSUI* PBCAAM1
BFOE M2 (May) PBCAAM2 82.450 +1.470 Apr/May PBAM1M2 0.510
25KB AT $81.90 (08:28:17) BFOE M3 (Jun) PBCAAM3 81.940 +1.400 May/Jun PBAM2M3 0.510
PLATTS DUBAI: APR24: TOTAL SELLS TO MITSUI* 12:30 London Time
25KB AT $81.90 (08:28:19) BFOE M1 (Apr) PBCABM1 82.530 +1.170
BFOE M2 (May) PBCABM2 82.010 +1.150 Apr/May PBBM1M2 0.520
PLATTS DUBAI: APR24: TOTAL SELLS TO BFOE M3 (Jun) PBCABM3 81.520 +1.080 May/Jun PBBM2M3 0.490
PETROCHINA* 25KB AT $81.90 (08:28:20) 14:30 London Time
PLATTS DUBAI: APR24: TOTAL SELLS TO BFOE M1 (Apr) PBCACM1 82.690 +1.000
TRAFIGURA* 25KB AT $81.90 (08:28:22) BFOE M2 (May) PBCACM2 82.150 +0.940 Apr/May PBCM1M2 0.540
BFOE M3 (Jun) PBCACM3 81.650 +0.860 May/Jun PBCM2M3 0.500
PLATTS DUBAI: APR24: UNIPEC SELLS TO
16:30 London Time
PETROCHINA* 25KB AT $81.90 (08:28:23) BFOE M1 (Apr) PCAAQ00 83.020 +0.960
PLATTS DUBAI: APR24: TOTAL SELLS TO MITSUI* BFOE M2 (May) PCAAR00 82.420 +0.820
BFOE M3 (Jun) PCARR00 81.890 +0.720
25KB AT $81.90 (08:28:32)
19:30 London Time
PLATTS DUBAI: APR24: TOTAL SELLS TO MITSUI* BFOE M1 (Apr) PBCADM1 NA –
25KB AT $81.90 (08:28:32) BFOE M2 (May) PBCADM2 NA – Apr/May PBDM1M2 NA
PLATTS DUBAI: APR24: UNIPEC SELLS TO BFOE M3 (Jun) PBCADM3 NA – May/Jun PBDM2M3 NA

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Crude Oil Marketwire February 13, 2024

PETROCHINA* 25KB AT $81.90 (08:28:33) Urals/ESPO spot assessments ($/barrel) (PGA page 1220)
Mid Change Spread vs fwd Dated Brent Mid Change
PLATTS DUBAI: APR24: GUNVOR SELLS TO Urals (Rotterdam) PCAFW00 70.67–70.70 70.685 +1.500 AAGXJ00 -13.29/-13.27 -13.280 +0.130
PETROCHINA* 25KB AT $81.90 (08:28:34) Urals (Mediterranean) PCACE00 72.29–72.31 72.300 +1.540 AAGXX00 -11.67/-11.66 -11.665 +0.170
Urals FOB Novo Suez AAGZS00 67.05–67.08 67.065 +1.470 AAHPH00 -16.91/-16.89 -16.900 +0.100
PLATTS DUBAI: APR24: KOCH SELLS TO Urals FOB Novo Afra AAOTH00 66.65–66.68 66.665 +1.470 AAOTI00 -17.31/-17.29 -17.300 +0.100
TRAFIGURA* 25KB AT $81.90 (08:28:35) Urals (Ex-Baltic)
Urals (Primorsk)
AAGZT00
AAWVH00
67.05–67.08
67.05–67.08
67.065 +1.470
67.065 +1.470
AAHPI00
AAWVI00
-16.91/-16.89
-16.91/-16.89
-16.900
-16.900
+0.100
+0.100
PLATTS DUBAI: APR24: PHILLIPS 66 SELLS TO Urals RCMB (Recombined) AALIN00 74.32–74.35 74.335 +1.555
ESPO (FOB Kozmino) AARWD00 78.30–78.32 78.310 +0.790 AARWE00 -3.72/-3.70 -3.710 -0.030
MITSUI* 25KB AT $81.90 (08:28:37) KEBCO (CIF Augusta) KBCOA00 84.115 +1.420 KBCOB00 0.150 +0.050
PLATTS DUBAI: APR24: TOTAL SELLS TO KEBCO (CIF Rotterdam) KBCOC00 84.115 +1.420 KBCOD00 0.150 +0.050
KEBCO (FOB Novo) KBCOE00 78.480 +1.350 KBCOF00 -5.485 -0.020
PETROCHINA* 25KB AT $81.90 (08:28:39) KEBCO (FOB Ust-Luga) KBCOG00 80.360 +1.385 KBCOH00 -3.605 +0.015
Urals (DAP India) DWCUA00 79.480 +1.070 DWCUB00 -3.500 0.000
PLATTS DUBAI: APR24: TOTAL SELLS TO KEBCO/Russian Urals AKEBA00 11.815 -0.120
PETROCHINA* 25KB AT $81.90 (08:28:40) Spread vs Dubai
PLATTS DUBAI: APR24: UNIPEC SELLS TO Urals (DAP India) vs M1 AURLA00 -2.290 +0.210
Urals (DAP India) vs M2 AURLB00 -1.780 +0.280
TRAFIGURA* 25KB AT $81.90 (08:28:40) Number of days
PLATTS DUBAI: APR24: TOTAL SELLS TO MITSUI* Observed Delivery Factor AODFA00 0
25KB AT $81.90 (08:28:42)
PLATTS DUBAI: APR24: TOTAL SELLS TO MITSUI*
Urals Med/NWE CFD assessments ($/barrel)
25KB AT $81.90 (08:28:43)
Urals CFD Mid Change
PLATTS DUBAI: APR24: TOTAL SELLS TO Mediterranean (PPE page 1617)
PETROCHINA* 25KB AT $81.90 (08:28:44) Urals Med CFD (Mar) AAMDU00 -11.67/-11.66 -11.665 +0.170
PLATTS DUBAI: APR24: GUNVOR SELLS TO Urals Med CFD (Apr) AAMEA00 -11.67/-11.66 -11.665 +0.170
Urals Med CFD (May) UMCM003 -11.67/-11.66 -11.665 +0.170
TRAFIGURA* 25KB AT $81.90 (08:28:44)
Northwest Europe (PPE page 1617)
PLATTS DUBAI: APR24: UNIPEC SELLS TO Urals NWE CFD (Mar) UNCM001 -13.29/-13.27 -13.280 +0.130
PETROCHINA* 25KB AT $81.90 (08:28:45) Urals NWE CFD (Apr) UNCM002 -13.29/-13.27 -13.280 +0.130
Urals NWE CFD (May) UNCM003 -13.29/-13.27 -13.280 +0.130
PLATTS DUBAI: APR24: GUNVOR SELLS TO
Mediterranean (PPE page 1617)
TRAFIGURA* 25KB AT $81.85 (08:28:45) CPC Blend CFD (Mar) AAOFX00 -2.350 0.000
PLATTS DUBAI: APR24: TOTAL SELLS TO MITSUI* CPC Blend CFD (Apr) AAOFY00 -2.250 0.000
25KB AT $81.90 (08:28:48) CPC Blend CFD (May) AAOFZ00 -2.150 0.000

PLATTS DUBAI: APR24: TOTAL SELLS TO

PETROCHINA* 25KB AT $81.90 (08:28:50)
PLATTS DUBAI: APR24: UNIPEC SELLS TO Mediterranean spot crude assessments ($/barrel)
PETROCHINA* 25KB AT $81.90 (08:28:50) Mid Change Spread vs fwd Dated Brent Mid Change
PLATTS DUBAI: APR24: EXXONMOBIL SELLS TO Azeri and BTC (PGA page 1222)
Azeri Lt CIF 87.88–87.92 87.900 +1.325 4.14/4.16 4.150 +0.020
MITSUI* 25KB AT $81.90 (08:28:50) Azeri Lt FOB Ceyhan Suez
AAGZX00
AAUFM00 86.54–86.57 86.555 +1.325
AAHPM00
AAUFN00 2.80/2.81 2.805 +0.020
PLATTS DUBAI: APR24: GUNVOR SELLS TO Azeri Lt FOB Ceyhan Afra AAUFK00 85.98–86.01 85.995 +1.325 AAUFL00 2.24/2.25 2.245 +0.020
Azeri Lt FOB Supsa 84.12–84.15 84.135 +1.260 0.38/0.39 0.385 -0.045
TRAFIGURA* 25KB AT $81.85 (08:28:52) BTC FOB Ceyhan
AATHM00
AAUFH00 86.26–86.29 86.275 +1.325
AATHN00
AAUFJ00 2.52/2.53 2.525 +0.020
PLATTS DUBAI: APR24: VITOL SELLS TO MITSUI* Black Sea (PGA page 1220)
25KB AT $81.90 (08:28:56) Siberian Light CIF AAGZW00 74.29–74.31 74.300 +1.540 AAHPK00 -9.67/-9.66 -9.665 +0.170
CPC Blend CIF AAGZU00 79.68–79.72 79.700 +1.305 AAHPL00 -4.06/-4.04 -4.050 0.000
PLATTS DUBAI: APR24: UNIPEC SELLS TO MITSUI* CPC Blend FOB Suez AALVX00 75.76–75.79 75.775 +1.305 AALVZ00 -7.98/-7.97 -7.975 0.000
25KB AT $81.90 (08:28:56) CPC Blend FOB Afra AAOFV00 74.48–74.51 74.495 +1.245 AAOFW00 -9.26/-9.25 -9.255 -0.060
Additional War Risk Premium AWARA00 1.600 0.000

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Crude Oil Marketwire February 13, 2024

PLATTS DUBAI: APR24: GUNVOR SELLS TO Mediterranean spot crude assessments (continued) ($/barrel)
Mid Change Spread vs fwd Dated Brent Mid Change
PETROCHINA* 25KB AT $81.90 (08:28:58)
Middle East & North Africa (PGA page 1234)
PLATTS DUBAI: APR24: EXXONMOBIL SELLS TO Suez Blend PCACA00 83.70–83.73 83.715 +1.420 AAGYD00 -0.26/-0.24 -0.250 +0.050
PETROCHINA* 25KB AT $81.90 (08:28:58) Es Sider PCACO00 84.33–84.37 84.350 +1.355 AAGYH00 0.59/0.61 0.600 +0.050
Kirkuk AAEJD00 82.75–82.78 82.765 +1.420 AAGYF00 -1.21/-1.19 -1.200 +0.050
PLATTS DUBAI: APR24: EXXONMOBIL SELLS TO Iranian Light FOB Kharg Island (Med) AILKA00 80.455 +0.650 AILKB00 -3.510 -0.720
TRAFIGURA* 25KB AT $81.85 (08:28:59) Iranian Heavy FOB Kharg Island (Med) AIHKA00 78.455 +0.650 AIHKB00 -5.510 -0.720
Saharan Blend AAGZY00 84.98–85.02 85.000 +1.355 AAHPN00 1.24/1.26 1.250 +0.050
PLATTS DUBAI: APR24: MITSUI BUYS FROM
UNIPEC* 25KB AT $81.90 (08:29:02) West African spot crude assessments ($/barrel) (PGA page 1230)
PLATTS DUBAI: APR24: VITOL SELLS TO MITSUI* Mid Change Spread vs fwd Dated Brent Mid Change
25KB AT $81.90 (08:29:04) WAF Index AWAFA00 85.550 +1.255 AWAFB00 3.000 +0.325
PLATTS DUBAI: APR24: TOTAL SELLS TO Nigeria Spot Crude Assessments
Agbami AAQZB00 81.03–81.07 81.050 +1.230 AAQZC00 -1.51/-1.49 -1.500 +0.300
PETROCHINA* 25KB AT $81.90 (08:29:04) Akpo PCNGA00 81.23–81.27 81.250 +1.230 PCNGB00 -1.31/-1.29 -1.300 +0.300
PLATTS DUBAI: APR24: EXXONMOBIL SELLS TO Bonga PCNGC00 86.33–86.37 86.350 +1.230 PCNGD00 3.79/3.81 3.800 +0.300
Bonny Light PCAIC00 84.63–84.67 84.650 +1.330 AAGXL00 2.09/2.11 2.100 +0.400
PETROCHINA* 25KB AT $81.90 (08:29:06) Brass River AAEJB00 83.43–83.47 83.450 +0.980 AAGXV00 0.89/0.91 0.900 +0.050
PLATTS DUBAI: APR24: MITSUI BUYS FROM Egina AFONA00 89.300 +1.130 AFONB00 6.750 +0.200
Erha AAXUO00 86.700 +1.230 AAXUP00 4.150 +0.300
UNIPEC* 25KB AT $81.90 (08:29:07) Escravos AAEIZ00 86.28–86.32 86.300 +1.230 AAGXR00 3.74/3.76 3.750 +0.300
PLATTS DUBAI: APR24: TOTAL SELLS TO MITSUI* Forcados PCABC00 85.93–85.97 85.950 +1.230 AAGXP00 3.39/3.41 3.400 +0.300
Qua Iboe PCAID00 85.23–85.27 85.250 +1.230 AAGXN00 2.69/2.71 2.700 +0.300
25KB AT $81.90 (08:29:10) Usan AAXUQ00 79.900 +0.980 AAXUR00 -2.650 +0.050
PLATTS DUBAI: APR24: VITOL SELLS TO Angola spot crude assessments ($/barrel) (PGA page 1232)
PETROCHINA* 25KB AT $81.90 (08:29:11) Cabinda PCAFD00 83.58–83.62 83.600 +0.830 AAGXT00 1.04/1.06 1.050 -0.100
Dalia AAQYX00 81.78–81.82 81.800 +0.830 AAQYY00 -0.76/-0.74 -0.750 -0.100
PLATTS DUBAI: APR24: TOTAL SELLS TO Girassol AASNL00 84.63–84.67 84.650 +0.830 AASJD00 2.09/2.11 2.100 -0.100
PETROCHINA* 25KB AT $81.90 (08:29:11) Hungo AASLJ00 81.63–81.67 81.650 +1.230 AASJF00 -0.91/-0.89 -0.900 +0.300
Kissanje AASLK00 81.83–81.87 81.850 +0.930 AASJE00 -0.71/-0.69 -0.700 0.000
PLATTS DUBAI: APR24: VITOL SELLS TO MITSUI* Nemba AAQYZ00 81.93–81.97 81.950 +0.930 AAQZA00 -0.61/-0.59 -0.600 0.000
25KB AT $81.90 (08:29:13) Pazflor PCNGG00 81.78–81.82 81.800 +0.830 PCNGH00 -0.76/-0.74 -0.750 -0.100
Plutonio PCNGI00 81.38–81.42 81.400 +0.930 PCNGJ00 -1.16/-1.14 -1.150 0.000
PLATTS DUBAI: APR24: PETROCHINA BUYS FROM
Ghana spot crude assessments (PGA page 1230)
UNIPEC* 25KB AT $81.90 (08:29:15) Jubilee AAXUS00 83.700 +0.930 AAXUT00 1.150 0.000
PLATTS DUBAI: APR24: TOTAL SELLS TO MITSUI* Republic of Congo spot crude assessments
25KB AT $81.90 (08:29:17) Djeno PCNGE00 80.43–80.47 80.450 +1.230 PCNGF00 -2.11/-2.09 -2.100 +0.300
Chad spot crude assessments
PLATTS DUBAI: APR24: VITOL SELLS TO MITSUI* Doba AAXUU00 78.350 +0.930 AAXUV00 -4.200 0.000
25KB AT $81.90 (08:29:17)
PLATTS DUBAI: APR24: EXXONMOBIL SELLS TO West Africa market parity prices ($/barrel) (PGA page 1270)
PETROCHINA* 25KB AT $81.90 (08:29:18) Mid Change Spread vs fwd Dated Brent Mid Change
PLATTS DUBAI: APR24: PETROCHINA BUYS FROM Abo Blend AAXTL00 85.430 +1.100 ABOOM00 2.880 +0.170
Aje APIRP00 83.970 +1.285 APIRA00 1.420 +0.355
TOTAL* 25KB AT $81.90 (08:29:20) Amenam Blend AAXTI00 82.930 +1.265 AMENA00 0.380 +0.335
PLATTS DUBAI: APR24: MITSUI BUYS FROM Antan Blend APIRQ00 86.700 +0.980 APIRB00 4.150 +0.050
Asaramatoru AAXTV00 83.725 +1.320 ASARA00 1.175 +0.390
UNIPEC* 25KB AT $81.90 (08:29:20) CJ Blend APIRR00 87.155 +1.090 APIRC00 4.605 +0.160
PLATTS DUBAI: APR24: MITSUI BUYS FROM VITOL* EA Blend AAXTJ00 87.025 +1.095 AEABL00 4.475 +0.165
Ebok APIRS00 79.990 +0.805 APIRD00 -2.560 -0.125
25KB AT $81.90 (08:29:21) Eremor APIRT00 80.765 +0.885 APIRE00 -1.785 -0.045
PLATTS DUBAI: APR24: UNIPEC SELLS TO Ima APIRU00 79.995 +1.850 APIRF00 -2.555 +0.920
Jones Creek Blend APIRV00 82.620 +1.035 APIRG00 0.070 +0.105
PETROCHINA* 25KB AT $81.90 (08:29:23) Okono Blend APIRW00 85.555 +1.190 APIRH00 3.005 +0.260

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Crude Oil Marketwire February 13, 2024

PLATTS DUBAI: APR24: EXXONMOBIL SELLS TO West Africa market parity prices (continued)
Mid Change Spread vs fwd Dated Brent Mid Change
PETROCHINA* 25KB AT $81.90 (08:29:24)
Okoro APIRX00 84.790 +1.175 APIRI00 2.240 +0.245
PLATTS DUBAI: APR24: TRAFIGURA BUYS FROM Okwori APIRY00 87.325 +1.100 APIRJ00 4.775 +0.170
EXXONMOBIL* 25KB AT $81.91 (08:29:24) Otakikpo APIRZ00 82.390 +1.365 APIRK00 -0.160 +0.435
Oyo APRIA00 83.820 +1.380 APIRL00 1.270 +0.450
PLATTS DUBAI: APR24: UNIPEC SELLS TO MITSUI* Pennington APRIB00 84.105 +1.130 APIRM00 1.555 +0.200
25KB AT $81.90 (08:29:26) Rabi Light ARABA00 80.880 +1.080 ARABB00 -1.670 +0.150
Sankofa APRIC00 79.940 +1.235 APIRN00 -2.610 +0.305
PLATTS DUBAI: APR24: UNIPEC SELLS TO MITSUI* TEN AAXTW00 82.055 +1.180 ATENM00 -0.495 +0.250
25KB AT $81.90 (08:29:27) Ukpokiti APRID00 85.065 +1.210 APIRO00 2.515 +0.280
Yoho Light AAXTK00 85.360 +1.270 AYOHO00 2.810 +0.340
PLATTS DUBAI: APR24: VITOL SELLS TO Zafiro AAXTU00 87.135 +0.940 AZAFB00 4.585 +0.010
PETROCHINA* 25KB AT $81.90 (08:29:27)
PLATTS DUBAI: APR24: TOTAL SELLS TO EQUINOR*
25KB AT $81.90 (08:29:28) US West Coast Crude Assessments ($/barrel) (PGA page 214)
Mid Change
PLATTS DUBAI: APR24: TRAFIGURA BUYS FROM
Spread to NYMEX WTI CMA Mid Change
EXXONMOBIL* 25KB AT $81.91 (08:29:30) ANS/Long Beach PCAAD00 81.98–82.02 82.000 +0.470 AAGWX00 4.85/4.87 4.860 -0.090
PLATTS DUBAI: APR24: TOTAL SELLS TO MITSUI* Spread to ICE BRENT CMA
25KB AT $81.90 (08:29:31) ANS/Long Beach AANSA00 0.549 0.000

PLATTS DUBAI: APR24: KOCH SELLS TO MITSUI*

25KB AT $81.90 (08:29:32) US spot crude assessments ($/barrel) (PGA pages 210 & 214)
PLATTS DUBAI: APR24: UNIPEC SELLS TO Mid Change
PETROCHINA* 25KB AT $81.90 (08:29:32) Mars (Mar) AAMBR00 77.76–77.78 77.770 +0.950
Mars (Apr) AAMBU00 77.60–77.62 77.610 +0.790
PLATTS DUBAI: APR24: TOTAL SELLS TO MITSUI* Mars (May) AAMBX00 77.38–77.40 77.390 +0.640
25KB AT $81.90 (08:29:35) Mars/WTI (Mar) AAGWH00 -0.11/-0.09 -0.100 0.000
Mars/WTI (Apr) AAKTH00 0.04/0.06 0.050 +0.050
PLATTS DUBAI: APR24: TRAFIGURA BUYS FROM Mars/WTI (May) AAMBO00 0.14/0.16 0.150 +0.050
EXXONMOBIL* 25KB AT $81.91 (08:29:38) LOOP/WTI (Mar) AALOM01 -0.200 0.000
LOOP/WTI (Apr) AALOM02 -0.050 +0.050
PLATTS DUBAI: APR24: UNIPEC SELLS TO
LOOP/WTI (May) AALOM03 0.050 +0.050
EQUINOR* 25KB AT $81.90 (08:29:38) LOOP/Mars (Mar) AALPM01 -0.100 0.000
PLATTS DUBAI: APR24: UNIPEC SELLS TO LOOP/Mars (Apr) AALPM02 -0.100 0.000
LOOP/Mars (May) AALPM03 -0.100 0.000
PETROCHINA* 25KB AT $81.90 (08:29:38) WTI-Delta AAEJK00 0.40/0.42 0.410 +0.260
PLATTS DUBAI: APR24: EXXONMOBIL SELLS TO P-Plus WTI PCACI00 3.78/3.80 3.790 +0.260
P-5 WTI* AAFEN00 74.420 +0.930
MITSUI* 25KB AT $81.90 (08:29:40)
*P-5 WTI is a crude oil postings-based index. Posted prices by the following companies are used in the index: ConocoPhillips, Plains, Energy Transfer, Shell, and
PLATTS DUBAI: APR24: UNIPEC SELLS TO MITSUI* Valero. The index will not be calculated until all postings are submitted each day. If a posting is submitted the following day the P-5 WTI Average will update in the
25KB AT $81.90 (08:29:44) database.
PLATTS DUBAI: APR24: TRAFIGURA BUYS FROM Mid Change Spread vs 1st line WTI Mid Change
WTI (Midland) PCACJ00 79.61–79.63 79.620 +1.000 AAGVZ00 1.74/1.76 1.750 +0.050
EXXONMOBIL* 25KB AT $81.91 (08:29:44) WTS (1st month) PCACK00 78.31–78.33 78.320 +1.050 AAGWB00 0.44/0.46 0.450 +0.100
PLATTS DUBAI: APR24: UNIPEC SELLS TO WTI MEH AAYRG00 79.870 +0.900 AAYRH00 2.000 -0.050
Bonito 77.96–77.98 77.970 +0.950 0.09/0.11 0.100 0.000
PETROCHINA* 25KB AT $81.90 (08:29:48) PCAIE00 AAGWF00
SGC AASOI00 77.81–77.83 77.820 +0.950 AASOJ00 -0.06/-0.04 -0.050 0.000
PLATTS DUBAI: APR24: TRAFIGURA BUYS FROM Poseidon AABHK00 77.21–77.23 77.220 +0.950 AAGWL00 -0.66/-0.64 -0.650 0.000
EXXONMOBIL* 25KB AT $81.91 (08:29:51) LLS (1st month) PCABN00 80.66–80.68 80.670 +0.950 AAGWN00 2.79/2.81 2.800 0.000
HLS (1st month) PCABD00 80.16–80.18 80.170 +0.950 AAGWP00 2.29/2.31 2.300 0.000
PLATTS DUBAI: APR24: UNIPEC SELLS TO Wyoming Sweet PCACM00 75.46–75.48 75.470 +0.800 AAGWR00 -2.41/-2.39 -2.400 -0.150
EQUINOR* 25KB AT $81.90 (08:29:52) Thunder Horse AAWZK00 79.76–79.78 79.770 +0.950 AAWZL00 1.89/1.91 1.900 0.000

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Crude Oil Marketwire February 13, 2024

PLATTS DUBAI: APR24: PETROCHINA BUYS FROM US spot crude assessments (continued)
Spread vs 2nd line WTI
GUNVOR* 25KB AT $81.92 (08:29:53)
WTI MEH (2nd month) AAXXE00 79.260 +0.740 AAYYA00 1.700 0.000
PLATTS DUBAI: APR24: UNIPEC SELLS TO MITSUI* WTI Midland (2nd month) AAYZA00 78.960 +0.690 AAXXF00 1.400 -0.050
25KB AT $81.91 (08:29:53) WTS (2nd month) AAURG00 77.75–77.77 77.760 +0.840 AAURH00 0.19/0.21 0.200 +0.100
LLS (2nd month) AAURC00 80.30–80.32 80.310 +0.840 AAURD00 2.74/2.76 2.750 +0.100
PLATTS DUBAI: APR24: EXXONMOBIL SELLS TO HLS (2nd month) AAURE00 79.80–79.82 79.810 +0.840 AAURF00 2.24/2.26 2.250 +0.100
MITSUI* 25KB AT $81.91 (08:29:56) Spread vs NYMEX WTI CMA
PLATTS DUBAI: APR24: UNIPEC SELLS TO MITSUI* WCS ex-Cushing AAWTY00 70.05–70.07 70.060 +0.690 AAWTZ00 -7.41/-7.39 -7.400 0.000
WCS ex-Nederland AAYAY00 71.060 +0.690 AAYAX00 -6.400 0.000
25KB AT $81.90 (08:29:58) Bakken Williston AAXPP00 74.810 +0.640 AASRX00 -2.650 -0.050
PLATTS DUBAI: APR24: PHILLIPS 66 SELLS TO Bakken Guernsey AASRR00 75.45–75.47 75.460 +0.790 AASRV00 -2.01/-1.99 -2.000 +0.100
Bakken Clearbrook AASRU00 74.45–74.47 74.460 +0.690 AASRW00 -3.01/-2.99 -3.000 0.000
MITSUI* 25KB AT $81.91 (08:29:59) Bakken USGC Pipe ABAKA00 79.460 +0.890 ABAKB00 2.000 +0.200
PLATTS DUBAI: APR24: UNIPEC SELLS TO FOB USGC FOB USGC Spread vs NYMEX WTI Strip
PETROCHINA* 25KB AT $81.90 (08:30:00) Platts AGS AGSAA00 80.480 +0.890 AGSAC00 3.000 +0.190
Bakken ABAKC00 80.480 +0.890 ABAKD00 3.000 +0.190
PLATTS DUBAI: APR24: MITSUI BUYS FROM Eagle Ford Crude AAYAT00 79.480 +0.890 AAYAU00 2.000 +0.190
EXXONMOBIL* 25KB AT $81.91 (08:30:01) Eagle Ford Condensate AAYAR00 77.980 +0.890 AAYAS00 0.500 +0.190
PLATTS DUBAI: APR24: MITSUI BUYS FROM WTI AAYBA00 80.480 +0.890 AAYAZ00 3.000 +0.190
WTI FOB USGC vs WTI MEH (by decade)
GUNVOR* 25KB AT $81.92 (08:30:02) WTI FOB USGC First Decade ADECB00 80.570 +0.900 ADECD00 0.700 0.000
PLATTS DUBAI: APR24: UNIPEC SELLS TO MITSUI* WTI FOB USGC Second Decade ADECE00 80.520 +0.900 ADECG00 0.650 0.000
WTI FOB USGC Third Decade ADECH00 80.270 +0.900 ADECJ00 0.400 0.000
25KB AT $81.91 (08:30:04)
WTI FOB USGC Decades Average ADECA00 80.450 +0.900
PLATTS DUBAI: APR24: UNIPEC SELLS TO MITSUI* FOB USGC Spread vs Dated Brent Strip WTI FOB USGC vs Dated Brent Basis (by decade)
25KB AT $81.91 (08:30:12) Platts AGS AGSAB00 -2.660 -0.100 ADECC00 -2.250 +0.040
Bakken ABAKE00 -2.660 -0.100 ADECF00 -2.300 +0.040
This assessment commentary applies to the Eagle Ford Crude AEFCA00 -3.660 -0.100 ADECI00 -2.550 +0.040
following market data codes: Dubai M1 <PCAAT00>, Eagle Ford Condensate AEFCB00 -5.160 -0.100
Oman M1 <PCABS00> WTI AWTUA00 -2.660 -0.100
Global Benchmarks at US Close WTI FOB USGC vs ICE Brent Basis (by decade)
Americas Dated Brent AAQBF00 85.880–85.900 85.890 +1.220 ADECK00 -1.490 +0.320
Platts Dubai Derivatives Bids Summary ADECL00 -1.540 +0.320
ADECM00 -1.790 +0.320

BIDS ON CLOSE
——————————
NO BIDS REPORTED
WITHDRAWALS Platts Dubai Derivatives Offers Summary found on <PGA4000>
—————————— Platts has defined standards for entities it
NO WITHDRAWALS REPORTED OFFERS ON CLOSE considers to be related and verifies through a variety of
Platts’ End-of-Day assessments for Dubai —————————— inputs whether counterparties in reported trades meet
derivatives prices can be found on PPA2606. NO OFFERS REPORTED these criteria.
Platts Oil Paper Bids, Offers and Trade Page Index WITHDRAWALS
found on <PGA4000> —————————— Platts Dubai Derivatives Trades Summary
Platts has defined standards for entities it NO WITHDRAWALS REPORTED
considers to be related and verifies through a variety of Platts’ End-of-Day assessments for Dubai TRADES SUMMARY
inputs whether counterparties in reported trades meet derivatives prices can be found on PPA2606. ——————————
these criteria. Platts Oil Paper Bids, Offers and Trade Page Index NO TRADES REPORTED

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

Crude Oil Marketwire February 13, 2024

Platts’ End-of-Day assessments for Dubai US domestic crude assessments London close ($/barrel) (PGA page 1240)
Spread to
derivatives prices can be found on PPA2606.
Mid Change NYMEX light sweet crude Mid Change
Platts Oil Paper Bids, Offers and Trade Page Index WTI (Mar) AAQAR00 77.97–77.99 77.980 +1.120 AAQAS00 -0.01/0.01 0.000 0.000
WTI (Apr) AAQAT00 77.71–77.73 77.720 +0.960 AAQAU00 -0.01/0.01 0.000 0.000
found on <PGA4000> WTI (May) AAQAV00 77.41–77.43 77.420 +0.840 AAQAW00 -0.01/0.01 0.000 0.000
Platts has defined standards for entities it Spread to
considers to be related and verifies through a variety of same-month cash WTI Mid Change
WTI MEH (Mar) AAYRZ00 79.980 +1.070 AAYTA00 2.000 -0.050
inputs whether counterparties in reported trades meet WTI MEH (Apr) AAXYD00 79.420 +0.860 AAYWA00 1.700 -0.100
LLS (Mar) 80.77–80.79 80.780 +1.120 2.79/2.81 2.800 0.000
these criteria. AAQBB00 AAQBC00
LLS (Apr) AAQBD00 80.46–80.48 80.470 +1.060 AAQBE00 2.74/2.76 2.750 +0.100
MARS (Mar) AAQAX00 77.87–77.89 77.880 +1.270 AAQAY00 -0.11/-0.09 -0.100 +0.150
Platts Dubai Derivatives Exclusions MARS (Apr) AAQAZ00 77.76–77.78 77.770 +1.010 AAQBA00 0.04/0.06 0.050 +0.050

Exclusions: No market data was excluded from the

Feb. 13, 2024 Dubai derivatives assessment process.

Americas close ($/barrel) (PGA page 210)

Platts Asia Pacific Sweet Crude Daily
Mid Change
Market Analysis Americas Dated Brent AAQBF00 85.88–85.90 85.890 +1.220

„ A rebound in freight rates may narrow arbitrage Americas Dated Brent reflects market value for Dated Brent at 2:30pm Eastern Time.

economics
„ Indonesia’s Pertamina seeks 600,000 barrels for April

US crude assessments Singapore close ($/barrel) (PGA page 2208)

Market participants in the Asia-Pacific regional Mid Change
crude market Feb. 13 were eyeing competitive arbitrage LOOP Sour (Mar) AAZDA00 76.940 +0.230
LOOP Sour (Apr) AAZDB00 76.950 +0.430
barrels from the US and West Africa after a rebound in LLS (Mar) AAZDC00 79.940 +0.930
freight rates over the weekend threatened to eradicate LLS (Apr) AAZDD00 79.700 +0.830
Southern Green Canyon AAZDE00 77.090 +0.230
arbitrage economics. WTI MEH (Mar) AAZDF00 79.190 +0.980
To date, US WTI Midland was last heard traded at WTI MEH (Apr) AAZDG00 78.750 +0.680
a premium in the high $2s/b to April Dated Brent on
a delivered basis, with Occidental selling a VLCC to
ExxonMobil that was likely to head for Singapore and/
or Thailand. This was equivalent to a premium in the CFR North Asia Assessments Singapore Close ($/barrel) (PGA page 2202)
low $3s/b to April Dubai on a delivered basis. Mid Change
Award details of Indonesian Pertamina’s last tender Dubai CFR North Asia PCAQA00 84.070 +0.920
for April-delivery crude also emerged. The tender Oman CFR North Asia PCAQJ00 84.050 +0.910
Upper Zakum CFR North Asia PCAQB00 84.020 +0.920
was heard to have awarded one Cabinda cargo at a Qatar Marine CFR North Asia PCAQC00 82.780 +0.900
premium in the $1s/b to Dated Brent on an FOB basis Murban CFR North Asia PCAQE00 83.960 +0.930
Basrah Medium CFR North Asia BASNA00 82.230 +0.900
to Chevron, one Olombendo cargo to Eni at a premium ESPO CFR North Asia PCAQD00 80.120 +0.870
in the $1s/b to Dated Brent, FOB, one or two cargoes Forties CFR North Asia PCAQF00 89.160 +0.440
Dalia CFR North Asia PCAQG00 84.860 +0.680
of Girassol at a premium in the $2s/b to Dated Brent, WTI MEH CFR North Asia PCAQH00 85.350 +1.340
FOB, and one Okuibome cargo at a premium in the LOOP Sour CFR North Asia PCAQI00 81.840 +0.560

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

Crude Oil Marketwire February 13, 2024

$1s/b to Dated Brent, FOB, to Vitol. Canadian spot crude cargo assessments ($/barrel) (PGA page 230)
Mid Change Spread vs fwd Dated Brent Mid Change
The latest award levels were estimated 50 cents/b
Hebron AHEBA00 79.105 +1.160 AHEBC00 -3.350 +0.250
to $1/b higher from the March delivery cycle, due to Terra Nova AAJUH00 78.49–78.52 78.505 +1.160 AAJUJ00 -3.96/-3.94 -3.950 +0.250
Hibernia 82.29–82.32 82.305 +1.160 -0.16/-0.14 -0.150 +0.250
easing freight rates over the month. AAJKK00 AAJKM00
White Rose AAVJX00 83.14–83.17 83.155 +1.160 AAVJY00 0.69/0.71 0.700 +0.250
Pertamina also bought 600,00 barrels of WTI The published spreads for Canadian cargo assessments reflect the market value at which these grades are trading versus Dated Brent around loading time. The
Midland, but the award details were not known. spreads and fixed price assessments reflect a typical forward loading window of 33-63 days forward. For further explanation see www.platts.com.
Pertamina, meanwhile, issued another tender Canadian spot crude assessments ($/barrel) (PGA page 230)
seeking 600,000 barrels of various crude grades for Mid Change Spread vs Canada basis Mid Change
delivery over April 1-3, April 8-14 or April 16-22 to Tuban. Lloyd Blend AALRK00 58.75–58.77 58.760 +0.290 AALRP00 -18.71/-18.69 -18.700 -0.400
Mixed Sweet AALRR00 69.10–69.12 69.110 -0.160 AALRV00 -8.36/-8.34 -8.350 -0.850
The tender closed Feb. 13, with validity until Feb. 15. Light Sour Blend AALRX00 71.70–71.72 71.710 +0.290 AALSD00 -5.76/-5.74 -5.750 -0.400
VLCC freight from Hound Point to the Far East rose to Midale AAUCC00 67.45–67.47 67.460 +0.290 AAUCE00 -10.01/-9.99 -10.000 -0.400
Condensates AALSF00 72.90–72.92 72.910 +0.540 AALSJ00 -4.56/-4.54 -4.550 -0.150
$31.48/t on Feb. 12, from $31.11/mt on Feb. 9, while West Syncrude Sweet Prem. AASOK00 73.55–73.57 73.560 +0.790 AASOM00 -3.91/-3.89 -3.900 +0.100
Africa-Far East freight increased to $24.89/mt, from WCS Hardisty AAPPN00 58.05–58.07 58.060 +0.290 AAPPP00 -19.41/-19.39 -19.400 -0.400
Cold Lake Hardisty AASZX00 57.90–57.92 57.910 +0.290 AASZZ00 -19.56/-19.54 -19.550 -0.400
$23.82/mt over the same period, Platts data showed. WTI CMA (1st mo) AAVSN00 77.460 +0.690
Market activity was slow, with trade for March-
Latin American assessments ($/barrel) (PGA page 280)
loading Nile Blend expected to kick off this week.
Diff to Diff to Futures Diff to Dated
In refinery news, BP was working to restart its Mid Change WTI strip Brent strip Brent strip
435,000 b/d Whiting, Indiana, refinery after an Escalante PCAGC00 80.66–80.71 80.685 +0.510 PCAGO00 3.310 AAXBS00 -1.100 AAXAX00 -1.685
Medanito AMTOA00 78.285 +0.510 AMTOC00 0.910 AMTOB00 -3.500 AMTOD00 -4.085
unexpected power interruption Feb. 1 shut the plant Loreto PCAGH00 73.05–73.10 73.075 +0.455 PCAGQ00 -4.300 AAXBV00 -8.710 AAXBG00 -9.295
down, with current expectations for full rates at the Oriente PCADE00 73.95–74.00 73.975 +0.455 PCAGU00 -3.400 AAXBW00 -7.810 AAXBH00 -8.395
Napo AAMCA00 67.40–67.45 67.425 +0.705 AAMCD00 -9.950 AAXBX00 -14.360 AAXBI00 -14.945
Midwest’s largest refinery to be reached around Feb. Tupi ATUPA00 81.485 +0.810 ATUPC00 4.110 ATUPB00 -0.300 ATUPD00 -0.885
21, S&P Global Commodity Insights reported Feb. 8. Marlim AAITF00 75.71–75.76 75.735 +0.710 AAITL00 -1.640 AAXBY00 -6.050 AAXBJ00 -6.635
Castilla Blend AAVEQ00 72.86–72.91 72.885 +0.710 AAVEQ01 -4.490 AAXBZ00 -8.900 AAXBK00 -9.485
Platts is part of S&P Global Commodity Insights. Vasconia PCAGI00 76.76–76.81 76.785 +0.510 PCAGR00 -0.590 AAXCB00 -5.000 AAXBN00 -5.585
Liza ALIZA00 81.370 +0.815 ALIZD00 3.995 ALIZC00 -0.415 ALIZB00 -1.000
Unity Gold AUNIA00 81.520 +0.815 AUNIC00 4.145 AUNIB00 -0.265 AUNID00 -0.850
Platts Asia Light Sweet Crude Daily Rationale & Payara Gold AYARA00 81.370 +0.815 AYARD00 3.995 AYARC00 -0.415 AYARB00 -1.000
Exclusions Latin America WTI strip AAXBP00 77.375
Latin America Futures Brent strip AAXBQ00 81.785
ESPO FOB Kozmino Mo01 Spore vs Dubai Mo01 Latin America Dated Brent strip AAXBR00 82.370
<AASEU00> assessment rationale: The ESPO M1 April
Latin America market parity prices ($/barrel) (PGA page 270)
assessment Feb. 13 took into consideration the latest
Mid Change
trade indications heard in the broader market. Maya AAYMP00 73.387 +0.552
Platts is part of S&P Global Commodity Insights. Merey 16 AMERA00 72.315 +0.448
Exclusions: No data was excluded from the
Platts euro-denominated assessments (€/barrel) (PGA page 1252)
Asia-Pacific regional crude Platts Market on Close Mid Change
assessment process.
European crude oil benchmarks
Dated Brent AAPYR00 80.250–80.270 80.261 +1.739
Platts Asia Light Sweet Crude Bids, Offers, Dated Brent (CIF)
Urals (Mediterranean)
PCAKN00
AAPYS00 67.470–67.480
81.353 +1.704
67.476 +1.812
Trades US crude oil benchmarks
WTI (Mar) AAPYT00 72.770–72.790 72.776 +1.451
WTI MEH (Mar) AAYSA00 74.643 +1.415
Bids: Mars (Mar) AAPYU00 72.670–72.690 72.683 +1.590
NIL Euro/US$ forex rate: 1.0715. Platts Euro denominated crude oil 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. 11

Crude Oil Marketwire February 13, 2024

Offers: Ruble-denominated Russian assessments (Rb/barrel) (PGA page 1224)

Mid Change
NIL
Russian crude oil benchmarks
Trades: Urals FOB Novorossiysk AAUJP00 6135.080–6137.820 6136.448 +152.544
NIL Urals FOB Baltic AAUJQ00 6135.080–6137.820 6136.448 +152.544
Urals FOB Novorossiysk 80kt AAUJR00 6098.480–6101.220 6099.848 +152.434
This assessment commentary applies to the Urals CIF Mediterranean AAUJS00 6614.540–6616.370 6615.450 +160.369
following market data code: ESPO M1 vs Dubai M2 Urals CIF Rotterdam AAUJT00 6466.310–6469.050 6467.678 +156.276
<AASEU00> US$/Ruble forex rate: 91.5000. Platts Ruble denominated crude oil assessments are based on market values and a US$/Ruble forex rate at 4:30 PM local London
time.

Platts North Sea Crude Daily Market Platts CAD-denominated Canada spot crude assessments (C$/cu m) (PGA page 232)
Analysis Mid Change
Lloyd Blend AALRM00 501.797–501.968 501.883 +7.446
„ WTI Midland differentials expected to cool Mixed Sweet AALRT00 590.199–590.370 590.284 +4.519
Light Sour Blend AALRZ00 612.406–612.577 612.491 +8.546
through March Midale AAUCD00 576.106–576.277 576.191 +8.185
Condensates AALSH00 622.655–622.826 622.741 +10.762
„ Ongoing Grangemouth demand supports Forties Syncrude Sweet AASOL00 628.207–628.378 628.293 +12.932
WCS Hardisty AAPPO00 495.818–495.989 495.904 +7.386
Cold Lake Hardisty AASZY00 494.537–494.708 494.622 +7.373
Disruption to North Sea Forties flows kept the
Dated complex supported Feb. 13, even as some
weak sentiment gathered momentum in the WTI Daily US$ vs EURO exchange rate (PGA page 1151)
Midland market. Mid Change
February 13, 2024 AAFCW00 1.0715 -0.006
With March WTI Midland arrivals skewed towards
the second half of the month owing to recent cargo
deferrals, traders have expected value to soften as the Asia close Brent and WTI spot assessments ($/barrel) (PGA page 2210)
March cycle wears on. Mid Change
Brent (Apr) PCAJG00 82.31–82.35 82.330 +0.640
“I am sure deferred arrivals in the second half of Brent (May) PCAJI00 81.81–81.85 81.830 +0.750
March are cheaper [than prompter cargoes],” one Brent (Jun) PCAJ000 81.370 +0.810
WTI (Mar) AAFFU00 77.12–77.16 77.140 +0.930
trader said. “But I do not expect a collapse.” WTI (Apr) AAFFW00 77.03–77.07 77.050 +0.880
A slowly deflating WTI Midland market was WTI (May) AAFFY00 76.84–76.88 76.860 +0.860

partly offset by ongoing strength in North Sea

Forties differentials. Disruption in flows Scotland’s
Grangemouth refinery through the Finnart import Oman OSPs and derivatives ($/barrel) (PGA pages 2658 & 2210)
terminal has prompted an increase in cargoes fed Mid Change
Oman/Dubai Swap (Mar) AAIHJ00 -0.02/0.02 0.000 0.000
directly through the Forties Pipeline System, tightening Oman/Dubai Swap (Apr) AAIHL00 -0.02/0.02 0.000 0.000
availability. Oman/Dubai Swap (May) AAIHN00 -0.02/0.02 0.000 0.000
Oman Swap (Mar) AAHZP00 81.26–81.30 81.280 +0.780
Indeed, a significant volume of February cargoes Oman Swap (Apr) AAHZR00 80.75–80.79 80.770 +0.800
were expected to flow directly to the refinery, one Oman Swap (May) AAHZT00 80.22–80.26 80.240 +0.780
trader noted, though exact details were unclear.
Paper markets continued reflect a tight physical
complex as backwardation in the Brent CFD market at Daily OPEC Basket Price ($/barrel) (PGA page 207)
its steepest since November 2022, according to S&P Mid Change
Global Data. Platts, part of S&P Global Commodity February 12, 2024 AAEUQ00 81.430 -0.020

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

Crude Oil Marketwire February 13, 2024

Insights assessed the Feb. 19-23 CFD $2.51/b above the Futures Settlements
Settlement Change Low High Volume* Open interest PNT****
March 18-22.
NYMEX Light Sweet crude ($/barrel) (PGA page 705)
Elsewhere, sweeter crudes drew support from Mar 24 NMCL001 77.87 +0.95 76.87 78.47 288974 160677
soaring margins in the middle distillate complex, Apr 24 NMCL002 77.56 +0.74 76.77 78.10 222312 315812
particularly diesel, which has been underpinned by a May 24 NMCL003 77.24 +0.59 76.55 77.74 124329 174813
Jun 24 NMCL004 76.87 +0.48 76.29 77.33 78810 173147
lagged effect of cargo diversions from the Red Sea, Total NMCL000 860465 XNCLP00 27686
creating a fundamentally tighter picture in Europe. ICE Brent ($/barrel) (PGA page 704)
In other news, ICE Futures Europe has proposed Apr 24 ICLL001 82.77 +0.77 81.96 83.24 366068 457637
amendments to its WTI Midland crude oil contract that May 24 ICLL002 82.07 +0.56 81.44 82.57 234256 449758
Jun 24 ICLL003 81.48 +0.44 80.95 81.97 153857 253399
bring its specification in line with that of established Jul 24 ICLL004 80.96 +0.36 80.50 81.42 57614 124138
parameters in the physical markets. Total ICLL000 1016511 XILLP00 11920
In a circular shared among market participants, ICE ICE WTI ($/barrel) (PGA page 704)
Mar 24 ICIC001 77.87 +0.95 76.89 78.47 69121 51391
laid out changes — effective for the June 2024 contract
Apr 24 ICIC002 77.56 +0.74 76.79 78.09 105872 96949
— that mostly match the standard set in the Platts May 24 ICIC003 77.24 +0.59 76.58 77.71 87103 68560
methodology for its Market on Close assessment Jun 24 ICIC004 76.87 +0.48 76.31 77.30 68464 98251
Total ICIC000 381879 XIICP00 2420
process. Platts is part of S&P Global Commodity
ICE BWAVE ($/barrel) (PGA page 704)
Insights.
BWAVE data refer to previous day.
Should it be ratified, the change would bring into Apr 24 XIBW001 81.68
line not only the ICE HOU futures contract and Platts- May 24 XIBW002 81.15
assessed physical cargoes, but also the Shell-governed DME Oman crude ($/barrel)** (PGA pages 702 & 2710)
Apr 24 XDOA001 81.86 +1.03 4254
cash BFOE forward market, which refers to the Platts
Apr 24 DMOQ001 82.42 +0.97 81.81 82.42 4332 9920
specification in its terms. May 24 DMOQ002 81.72 +0.76 81.72 81.72 781 12
Platts is part of S&P Global Commodity Insights Jun 24 DMOQ003 81.22 +0.74 81.22 81.22 781 0
Jul 24 DMOQ004 80.83 +0.74 80.83 80.83 0 0
Total Volume DMOQ000 6457 XDOQP00 206
Platts North Sea Dated Brent, BFOE, CFD IFAD Murban crude ($/barrel) (PGA page 703)
Assessment Rationales & Exclusions Apr 24 AMIFA00 81.950
Dated Brent <PCAAS00> assessment rationale: Murban vs Dubai*** AMIFB00 1.180
NYMEX ULSD ($/gal) (PGA page 705)
Of the six crudes in the Dated Brent basket, WTI
Mar 24 NMHO001 2.8959 -0.0237 2.8845 2.9650 47397 93517
Midland was seen in the Platts Market on Close Apr 24 NMHO002 2.8285 -0.0092 2.8122 2.8784 48123 70933
assessment process. Brent, Forties and Ekofisk were May 24 NMHO003 2.7436 -0.0004 2.7261 2.7774 27111 48679
assessed unchanged Feb. 23 to March 12 with flat Jun 24 NMHO004 2.6771 +0.0028 2.6607 2.7031 21568 49167
Total NMHO000 172195 XNHOP00 8854
structures rolled over back-end dates reflecting steady NYMEX RBOB unleaded gasoline ($/gal) (PGA page 705)
market fundamentals and in the absence of indications Mar 24 NMRB001 2.3946 +0.0273 2.3581 2.4134 37541 73815
testing the Feb. 12 assessment. Oseberg and Troll Apr 24 NMRB002 2.6196 +0.0284 2.5824 2.6330 46720 83645
May 24 NMRB003 2.6083 +0.0257 2.5746 2.6219 23797 57969
were assessed 5 cents/b higher Feb. 23 to March
Jun 24 NMRB004 2.5685 +0.0221 2.5425 2.5807 17727 43141
12 with flat structures rolled over back-end dates Total Volume NMRB000 154722 XNRBP00 7980
reflecting strengthening sweet market fundamentals NYMEX Natural Gas ($/MMBtu) (PGA page 705)
and in the absence of indications testing the Feb. 12 Mar 24 NMNG001 1.689 -0.079 1.654 1.786 224252 237284
Apr 24 NMNG002 1.742 -0.058 1.707 1.826 168510 222531
assessment. FOB WTI Midland was assessed lower May 24 NMNG003 1.866 -0.052 1.835 1.940 112665 217657
reflecting a lower CIF Rotterdam assessment and Jun 24 NMNG004 2.052 -0.048 2.016 2.118 35267 68538
Total Volume NMNG000 710944 XNNGP00 6626

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

Crude Oil Marketwire February 13, 2024

a lower freight adjustment factor. CIF WTI Midland Futures Settlements (continued)
Settlement Change Low High Volume* Open interest PNT****
was assessed unchanged Feb. 25 to March 12 using
ICE low sulfur gasoil ($/mt) (PGA page 704)
previously demonstrated values in the MOC. March 12- Mar 24 ICLO001 874.75 -43.50 866.75 888.00 129558 176065
13 was assessed in a flat structure using a traded offer Apr 24 ICLO002 848.25 -23.25 840.25 858.50 113252 128673
May 24 826.00 -18.00 818.75 833.75 51827 73027
at the back-end of the curve. Forties was the most ICLO003
Jun 24 ICLO004 808.75 -12.50 802.00 815.00 48949 77760
competitive grade in the Dated Brent assessment Feb. Total Volume ICLO000 401120 XILOP00 4537
23-25, while WTI Midland was the most competitive ICE Midland WTI American Gulf Coast ($/barrel) (PGA page 704)
grade Feb. 26 to March 13. Mar 24 IHOU001 79.80 +0.89 79.08 80.30 4932 5086
Apr 24 IHOU002 79.25 +0.70 78.53 79.72 3374 7169
BFOE (PCAAQ00-PCAAR00,PCARR00> assessment
May 24 IHOU003 78.90 +0.55 78.35 79.29 744 5579
rationale: Jun 24 IHOU004 78.49 +0.41 78.49 78.49 814 4164
April Cash BFOE was assessed using a traded offer *Volume, open interest and PNT reflect prior trading day. PNT reflect volume for Privately Negotiated Trades or off-exchange. **Oman settlements are Post Close
in the MOC. May Cash BFOE was assessed using an settlements. ***IFAD Murban spread to 1st Line (Apr 24) Platts Dubai crude futures. ****Privately Negotiated Trade values found on PGA page 710

April/May EFP roll heard during the day. June Cash

BFOE was assessed using a May/June EFP roll heard
during the day.
CFD (PCAKA00-AALDA00) assessment rationale: Futures at Platts’ Market on Close ($/barrel) (PGA page 703)
Feb. 19-23 was assessed using a Feb. 19-23 versus Singapore* London* Houston* Singapore* London* Houston*
ICE Brent NYMEX WTI
Feb. 26 to March 1 CFD roll heard during the day. Feb. 26
Apr XILLA01 82.19 AAYES00 82.86 AAQBG00 82.75 M1 XNCLA01 77.14 AASCR00 77.98 NYCRM01 77.83
to March 1 was assessed using an outstanding bid and May XILLA02 81.68 AAYET00 82.25 AAQBH00 82.06 M2 XNCLA02 77.05 AASCS00 77.72 NYCRM02 77.52
offer. March 4-8 was assessed using a traded bid. March Jun AAXZY00 81.70 AAXZZ00 81.47 M3 NYCRM03 77.19
11-15 was assessed using an outstanding bid. March Jul AAYAM00 81.19 AAYAL00 80.95 M4 NYCRM04 76.82
Oman *Singapore and London MOC close at precisely 16:30 local time while Houston
18-22 was assessed using a wider March 18-22 versus MOC closes at precisely 13:30 local time. MOC times are usually earlier on the
Apr XDOA001 81.86
March 11-15 CFD roll heard during the day as earlier Volume XDOAV01 4254 day preceding major local holidays.

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Crude Oil Marketwire February 13, 2024

Reported spot cash transactions (PGA page 3)

Trans. Date
Cargo / Cargo Load CFD Roll Crude Grade(s) Reported Outright / Basis Barrels Seller Buyer
Spread Dates Range / Week Status Diff. Price
CFD Week ($/barrel)
Platts Americas
02/13/2024 March Bakken Clearbrook Heard -3.00 NYMEX WTI CMA
02/13/2024 March Bakken Clearbrook Heard -3.00 NYMEX WTI CMA
02/13/2024 March Bakken Guernsey Heard -2.00 NYMEX WTI CMA
02/13/2024 March Bakken Williston Heard -3.00 NYMEX WTI CMA
02/13/2024 March Bakken Williston Heard -2.65 NYMEX WTI CMA
02/13/2024 March Bakken Williston Heard -2.65 NYMEX WTI CMA
02/13/2024 March C5 Fort Saskatchewan Heard -4.45 NYMEX WTI CMA
02/13/2024 March C5 Fort Saskatchewan Heard -4.55 NYMEX WTI CMA
02/13/2024 March Mixed Sweet (MSW) Edmonton Heard -8.00 NYMEX WTI CMA
02/13/2024 March Mixed Sweet (MSW) Edmonton Heard -8.35 NYMEX WTI CMA
02/13/2024 March Synthetic Sweet Blend (SYN) Edmonton Heard -4.00 NYMEX WTI CMA
02/13/2024 March WCS Hardisty Heard -19.40 NYMEX WTI CMA
02/13/2024 March WCS Hardisty Heard -19.40 NYMEX WTI CMA
02/13/2024 March WCS Hardisty Heard -19.70 NYMEX WTI CMA
02/13/2024 March WCS Hardisty Heard -19.50 NYMEX WTI CMA
Platts Asia
2/13/2024 April Dubai Partial Done 81.90 25,000 Vitol Mitsui
2/13/2024 April Dubai Partial Done 81.85 25,000 Gunvor Trafigura
2/13/2024 April Dubai Partial Done 81.90 25,000 Unipec PetroChina
2/13/2024 April Dubai Partial Done 81.90 25,000 TotalEnergies PetroChina
2/13/2024 April Dubai Partial Done 81.90 25,000 Unipec Mitsui
2/13/2024 April Dubai Partial Done 81.90 25,000 Unipec PetroChina
2/13/2024 April Dubai Partial Done 81.90 25,000 Unipec Mitsui
2/13/2024 April Dubai Partial Done 81.91 25,000 ExxonMobil Trafigura
2/13/2024 April Dubai Partial Done 81.90 25,000 Unipec Mitsui
2/13/2024 April Dubai Partial Done 81.90 25,000 TotalEnergies Mitsui
2/13/2024 April Dubai Partial Done 81.90 25,000 TotalEnergies Trafigura
2/13/2024 April Dubai Partial Done 81.90 25,000 Koch Mitsui
2/13/2024 April Dubai Partial Done 81.90 25,000 Unipec PetroChina
2/13/2024 April Dubai Partial Done 81.90 25,000 TotalEnergies Mitsui
2/13/2024 April Dubai Partial Done 81.90 25,000 TotalEnergies PetroChina
2/13/2024 April Dubai Partial Done 81.90 25,000 TotalEnergies PetroChina
2/13/2024 April Dubai Partial Done 81.90 25,000 Vitol PetroChina
2/13/2024 April Dubai Partial Done 81.90 25,000 ExxonMobil PetroChina
2/13/2024 April Dubai Partial Done 81.90 25,000 Unipec PetroChina
2/13/2024 April Dubai Partial Done 81.90 25,000 TotalEnergies Mitsui
2/13/2024 April Dubai Partial Done 81.90 25,000 Unipec PetroChina
2/13/2024 April Dubai Partial Done 81.90 25,000 Gunvor Trafigura
2/13/2024 April Dubai Partial Done 81.90 25,000 Unipec PetroChina
2/13/2024 April Dubai Partial Done 81.90 25,000 Unipec PetroChina
2/13/2024 April Dubai Partial Done 81.90 25,000 TotalEnergies Mitsui
2/13/2024 April Dubai Partial Done 81.91 25,000 ExxonMobil Trafigura
2/13/2024 April Dubai Partial Done 81.90 25,000 Vitol Mitsui
2/13/2024 April Dubai Partial Done 81.90 25,000 TotalEnergies Mitsui
2/13/2024 April Dubai Partial Done 81.90 25,000 Unipec Mitsui
2/13/2024 April Dubai Partial Done 81.90 25,000 Unipec PetroChina
2/13/2024 April Dubai Partial Done 81.90 25,000 TotalEnergies PetroChina
2/13/2024 April Dubai Partial Done 81.90 25,000 TotalEnergies Mitsui
2/13/2024 April Dubai Partial Done 81.90 25,000 Unipec Mitsui
2/13/2024 April Dubai Partial Done 81.90 25,000 ExxonMobil Mitsui

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

Crude Oil Marketwire February 13, 2024

Reported spot cash transactions (PGA page 3)

Trans. Date
Cargo / Cargo Load CFD Roll Crude Grade(s) Reported Outright / Basis Barrels Seller Buyer
Spread Dates Range / Week Status Diff. Price
CFD Week ($/barrel)

2/13/2024 April Dubai Partial Done 81.90 25,000 TotalEnergies Mitsui

2/13/2024 April Dubai Partial Done 81.90 25,000 Unipec PetroChina
2/13/2024 April Dubai Partial Done 81.91 25,000 ExxonMobil Mitsui
2/13/2024 April Dubai Partial Done 81.92 25,000 Gunvor PetroChina
2/13/2024 April Dubai Partial Done 81.90 25,000 Vitol PetroChina
2/13/2024 April Dubai Partial Done 81.90 25,000 TotalEnergies PetroChina
2/13/2024 April Dubai Partial Done 81.90 25,000 Vitol Mitsui
2/13/2024 April Dubai Partial Done 81.90 25,000 Phillips 66 Mitsui
2/13/2024 April Dubai Partial Done 81.90 25,000 ExxonMobil Mitsui
2/13/2024 April Dubai Partial Done 81.90 25,000 TotalEnergies PetroChina
2/13/2024 April Dubai Partial Done 81.90 25,000 ExxonMobil PetroChina
2/13/2024 April Dubai Partial Done 81.90 25,000 TotalEnergies Mitsui
2/13/2024 April Dubai Partial Done 81.90 25,000 Unipec Mitsui
2/13/2024 April Dubai Partial Done 81.90 25,000 TotalEnergies PetroChina
2/13/2024 April Dubai Partial Done 81.91 25,000 ExxonMobil Mitsui
2/13/2024 April Dubai Partial Done 81.90 25,000 Unipec Equinor
2/13/2024 April Dubai Partial Done 81.91 25,000 Unipec Mitsui
2/13/2024 April Dubai Partial Done 81.90 25,000 Unipec Mitsui
2/13/2024 April Dubai Partial Done 81.90 25,000 TotalEnergies Equinor
2/13/2024 April Dubai Partial Done 81.91 25,000 ExxonMobil Trafigura
2/13/2024 April Dubai Partial Done 81.90 25,000 Koch Trafigura
2/13/2024 April Dubai Partial Done 81.91 25,000 ExxonMobil Trafigura
2/13/2024 April Dubai Partial Done 81.90 25,000 Unipec Mitsui
2/13/2024 April Dubai Partial Done 81.91 25,000 Phillips 66 Mitsui
2/13/2024 April Dubai Partial Done 81.90 25,000 Unipec Trafigura
2/13/2024 April Dubai Partial Done 81.85 25,000 ExxonMobil Trafigura
2/13/2024 April Dubai Partial Done 81.90 25,000 TotalEnergies Mitsui
2/13/2024 April Dubai Partial Done 81.94 25,000 TotalEnergies Mitsui
2/13/2024 April Dubai Partial Done 81.90 25,000 Gunvor PetroChina
2/13/2024 April Dubai Partial Done 81.90 25,000 Vitol Trafigura
2/13/2024 April Dubai Partial Done 81.90 25,000 Vitol Mitsui
2/13/2024 April Dubai Partial Done 81.90 25,000 Reliance Mitsui
2/13/2024 April Dubai Partial Done 81.85 25,000 Gunvor Trafigura
2/13/2024 April Dubai Partial Done 81.94 25,000 Unipec Mitsui
2/13/2024 April Dubai Partial Done 81.90 25,000 Unipec PetroChina

parts of the curve demonstrated a wider structure. Platts North Sea Dated Brent, BFOE, CFD PLATTS BRENT DIFF: FEB19-FEB23 (APR): TOTAL
Johan Sverdrup FOB North Sea (AJSVA00, Bids, Offers, Trades BIDS 100KB AT $2.15
AJSVB00) assessment rationale: PLATTS BRENT DIFF: FEB19-FEB23 (APR):
Johan Sverdrup was assessed unchanged Feb. 23 Bids: FREEPOINT BIDS 100KB AT $2.15
to March. 12 with a 3 cents/day contango structure NORTH SEA: None PLATTS BRENT DIFF: FEB19-FEB23 (APR): UNIPEC
rolled over back-end dates reflecting steady sour CASH BFOE: None BIDS 100KB AT $2.15
market fundamentals and in the absence of indications BRENT CFDS: PLATTS BRENT DIFF: FEB19-FEB23 PLATTS BRENT DIFF: FEB19-FEB23 (APR):
testing the Feb. 12 assessment. (APR): GUNVOR BIDS 100KB AT $2.15 PETROCHINA BIDS 100KB AT $2.15
Exclusions: None PLATTS BRENT DIFF: FEB19-FEB23 (APR): PLATTS BRENT DIFF: FEB19-FEB23 (APR): ONYX
Platts is part of S&P Global Commodity Insights MERCURIA BIDS 100KB AT $2.15 BIDS 100KB AT $2.00

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

Crude Oil Marketwire February 13, 2024

PLATTS BRENT DIFF: FEB19-FEB23 (APR): DV PLATTS BRENT DIFF: FEB26-MAR1 (MAY): PLATTS BRENT DIFF: FEB26-MAR1 (MAY): ONYX
TRADING BIDS 100KB AT $1.95 MERCURIA BIDS 100KB AT $2.05 OFFERS 100KB AT $2.10
PLATTS BRENT DIFF: MAR4-MAR8 (MAY): PLATTS BRENT DIFF: FEB26-MAR1 (MAY): PLATTS BRENT DIFF: FEB26-MAR1 (MAY): DV
MERCURIA BIDS 100KB AT $1.35 PETROCHINA BIDS 100KB AT $2.05 TRADING OFFERS 100KB AT $2.14
PLATTS BRENT DIFF: MAR4-MAR8 (MAY): UNIPEC PLATTS BRENT DIFF: FEB26-MAR1 (MAY): Trades:
BIDS 100KB AT $1.30 EXXONMOBIL BIDS 100KB AT $2.05 NORTH SEA: CIF BASIS ROTTERDAM: PLATTS
PLATTS BRENT DIFF: MAR4-MAR8 (MAY): PLATTS BRENT DIFF: FEB26-MAR1 (MAY): UNIPEC NSEA WTI MIDLAND: MARCH 13-17: TOTAL BUYS FROM
EXXONMOBIL BIDS 100KB AT $1.30 BIDS 100KB AT $2.05 SOCAR* 700000.0B AT DTD $3.00 . . (16:11:37)
PLATTS BRENT DIFF: MAR4-MAR8 (MAY): PLATTS BRENT DIFF: FEB26-MAR1 (MAY): CASH BFOE: PLATTS CASH BFOE: APR24: SHELL
PETROCHINA BIDS 100KB AT $1.30 FREEPOINT BIDS 100KB AT $2.00 SELLS TO MERCURIA* 100KB AT $83.03 (16:29:33)
PLATTS BRENT DIFF: MAR4-MAR8 (MAY): PLATTS BRENT DIFF: FEB26-MAR1 (MAY): OMV BIDS PLATTS CASH BFOE: APR24: VITOL SELLS TO
FREEPOINT BIDS 100KB AT $1.30 100KB AT $1.90 MERCURIA* 100KB AT $83.05 (16:29:40)
PLATTS BRENT DIFF: MAR4-MAR8 (MAY): OMV BIDS PLATTS BRENT DIFF: FEB26-MAR1 (MAY): GUNVOR PLATTS CASH BFOE: APR24: MERCURIA BUYS
100KB AT $1.20 BIDS 100KB AT $1.90 FROM OMV* 100KB AT $83.05 (16:29:49)
PLATTS BRENT DIFF: MAR4-MAR8 (MAY): DV PLATTS BRENT DIFF: FEB26-MAR1 (MAY): DV PLATTS CASH BFOE: APR24: TOTAL BUYS FROM
TRADING BIDS 100KB AT $1.15 TRADING BIDS 100KB AT $1.85 PETROINEOS* 100KB AT $83.02 (16:29:52)
PLATTS BRENT DIFF: MAR4-MAR8 (MAY): GUNVOR PLATTS BRENT DIFF: FEB26-MAR1 (MAY): ONYX PLATTS CASH BFOE: APR24: MERCURIA BUYS
BIDS 100KB AT $1.15 BIDS 100KB AT $1.85 FROM CHEVRON* 100KB AT $83.04 (16:29:53)
PLATTS BRENT DIFF: MAR11-MAR15 (MAY): Offers: BRENT CFDS: PLATTS BRENT DIFF: MAR4-MAR8
EXXONMOBIL BIDS 100KB AT $0.75 NORTH SEA: None (MAY): TOTAL BUYS FROM DV TRADING* 100KB AT
PLATTS BRENT DIFF: MAR11-MAR15 (MAY): CASH BFOE: PLATTS CASH BFOE: APR24: CHEVRON $1.35 (16:25:09)
FREEPOINT BIDS 100KB AT $0.70 OFFERS 100KB AT $83.04 PLATTS BRENT DIFF: MAR4-MAR8 (MAY): TOTAL
PLATTS BRENT DIFF: MAR11-MAR15 (MAY): UNIPEC PLATTS CASH BFOE: APR24: OMV OFFERS 100KB BUYS FROM ONYX* 100KB AT $1.35 (16:25:10)
BIDS 100KB AT $0.70 AT $83.05 PLATTS BRENT DIFF: MAR4-MAR8 (MAY): GUNVOR
PLATTS BRENT DIFF: MAR11-MAR15 (MAY): BRENT CFDS: PLATTS BRENT DIFF: FEB19-FEB23 BUYS FROM ONYX* 100KB AT $1.35 (16:25:19)
MERCURIA BIDS 100KB AT $0.70 (APR): DV TRADING OFFERS 200KB AT $2.25 PLATTS BRENT DIFF: MAR4-MAR8 (MAY): TOTAL
PLATTS BRENT DIFF: MAR11-MAR15 (MAY): GUNVOR PLATTS BRENT DIFF: FEB19-FEB23 (APR): ONYX BUYS FROM ONYX* 100KB AT $1.38 (16:26:26)
BIDS 100KB AT $0.70 OFFERS 100KB AT $2.40 PLATTS BRENT DIFF: MAR4-MAR8 (MAY): TOTAL
PLATTS BRENT DIFF: MAR11-MAR15 (MAY): PHILLIPS PLATTS BRENT DIFF: MAR4-MAR8 (MAY): ONYX BUYS FROM ONYX* 100KB AT $1.39 (16:27:57)
66 BIDS 100KB AT $0.65 OFFERS 200KB AT $1.38 PLATTS BRENT DIFF: MAR4-MAR8 (MAY): TOTAL
PLATTS BRENT DIFF: MAR11-MAR15 (MAY): DV PLATTS BRENT DIFF: MAR4-MAR8 (MAY): DV BUYS FROM DV TRADING* 200KB AT $1.38 (16:29:12)
TRADING BIDS 100KB AT $0.60 TRADING OFFERS 100KB AT $1.39 PLATTS BRENT DIFF: MAR4-MAR8 (MAY): TOTAL
PLATTS BRENT DIFF: MAR11-MAR15 (MAY): ONYX PLATTS BRENT DIFF: MAR4-MAR8 (MAY): OCEAN BUYS FROM DV TRADING* 100KB AT $1.38 (16:29:30)
BIDS 100KB AT $0.60 OFFERS 100KB AT $1.45 PLATTS BRENT DIFF: MAR4-MAR8 (MAY): TOTAL
PLATTS BRENT DIFF: MAR11-MAR15 (MAY): OCEAN PLATTS BRENT DIFF: MAR11-MAR15 (MAY): DV BUYS FROM ONYX* 100KB AT $1.38 (16:29:47)
BIDS 100KB AT $0.60 TRADING OFFERS 100KB AT $0.79 PLATTS BRENT DIFF: MAR4-MAR8 (MAY): BP SELLS
PLATTS BRENT DIFF: FEB26-MAR1 (MAY): TOTAL PLATTS BRENT DIFF: MAR11-MAR15 (MAY): TO TOTAL* 100KB AT $1.37 (16:29:52)
BIDS 100KB AT $2.09 TRAFIGURA OFFERS 100KB AT $0.79 PLATTS BRENT DIFF: MAR11-MAR15 (MAY): BP
PLATTS BRENT DIFF: FEB26-MAR1 (MAY): GUNVOR PLATTS BRENT DIFF: MAR11-MAR15 (MAY): ONYX SELLS TO MERCURIA* 100KB AT $0.75 (16:27:55)
BIDS 100KB AT $2.05 OFFERS 100KB AT $0.85 PLATTS BRENT DIFF: MAR11-MAR15 (MAY): BP

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

Crude Oil Marketwire February 13, 2024

SELLS TO EXXONMOBIL* 100KB AT $0.75 (16:27:55) Platts WTI Midland Crude DAP Europe Bids, as gasoline and jet fuel.
PLATTS BRENT DIFF: MAR11-MAR15 (MAY): ENI Offers, Trades Platts, part of S&P Global Commodity Insights,
SELLS TO EXXONMOBIL* 100KB AT $0.75 (16:28:26) assessed Azeri Light at a $4.13/b premium to Dated
PLATTS BRENT DIFF: MAR11-MAR15 (MAY): DV Bids: None Brent on Feb. 12, a near three-month low as traders
TRADING SELLS TO EXXONMOBIL* 100KB AT $0.75 Offers: None note a weak demand for the grade.
(16:28:38) Trades: None However, sources have noted strong gasoline
PLATTS BRENT DIFF: FEB26-MAR1 (MAY): BP SELLS This assessment commentary applies to the market fundamentals ahead of the peak spring/
TO TOTAL* 100KB AT $2.10 (16:28:35) following market data codes: WTI Midland DAP summer season, indicated by a steep contango
This assessment commentary applies to the basis Rotterdam <AWTIC00> WTI Midland DAP basis structure, possibly pointing towards a stronger Azeri
following market data codes: Dated Brent <PCAAS00> Rotterdam vs Fwd Dated Brent <AWTID00> WTI Light demand on the horizon.
CFD Week 1 <PCAKA00> CFD Week 2 <PCAKC00> Brent Midland DAP basis Augusta <AWTIA00> WTI Midland Platts assessed the March/April gasoline spread at
Mo01 <PCAAQ00> CFD Week 3 <PCAKE00> Brent DAP basis Augusta vs Fwd Dated Brent <AWTIB00> a $32.75/mt contango on Feb. 12, rising from a $31.25/
Mo02 <PCAAR00> CFD Week 4 <PCAKG00> Brent mt contango on Feb. 5.
Mo03 <PCARR00> CFD Week 5 <AAGLU00> CFD Week Platts Mediterranean & Black Sea Sweet Since swearing off Russian crude supply, Europe’s
6 <AAGLV00> CFD Week 7 <AALCZ00> CFD Week 8 Crude Daily Commentary sweeter crude diet naturally yields lower distillate
<AALDA00> Johan Sverdrup FOB North Sea <AJSVA00> volumes, though analysts suggest refiners will have to
„ January oil exports from Azerbaijan steady
Johan Sverdrup FOB North Sea vs North Sea Dtd Strip pay close attention to margin dynamics.
on month
<AJSVB00> While middle distillates continue to dominate the
„ Firm gasoline outlook means refinery optimization agenda for refiners, Rebeka Foley, an S&P Global
Platts WTI Midland Crude DAP Europe decisions Commodity Insights oil analyst, pointed to strong
Assessment Rationale & Exclusions gasoline indicators. “Gasoline markets are expected to
WTI Crude DAP Europe <AWTIC00> assessment Azerbaijan’s oil exports in January averaged 496,548 see a continued rise to summer due to peak seasonal
rationale: b/d, little changed from December and 1.6% lower year demand,” Foley said.
WTI DAP Rotterdam was assessed lower in a 3 on year, energy ministry data showed Feb. 13. Arne Lehman Rasmussen, Chief Analyst, Head of
cents/day backwardated structure between March. Exports by the three international consortiums Research at Global Risk Management, noted a less
4-15 with March 15 to April 13 assessed in a 2 cents/day which operate Azerbaijan’s Azeri Chirag Deepwater clear-cut optimization equation. “Gasoline cracks
backwardated structure, owing to indications heard Gunashli (ACG) oil field averaged 425,613 b/d during are moving higher,” he said. “Hence, there is now less
during the day. There were no bids, offers or trades in January, down 5.3% month on month and 10% year on incentive among refineries to supply diesel and gasoil
the Platts Market on Close assessment process for year, while exports by Azeri state oil company Socar to the market instead of gasoline.”
DAP WTI Midland. averaged 70,935 b/d, up 5.0% on December and up
WTI Crude DAP Augusta <AWTIA00> assessment 124% on the year. Platts NWE and Med Urals Sour Crude Daily
rationale: Meanwhile, field operator BP said crude production Market Analysis
WTI DAP Augusta was assessed lower in a 3 cents/ from Azerbaijan’s ACG oil complex fell 12.5% in 2023 to
„ Med HSFO cargoes hit three-month high on Red
day backwardated structure between March. 4-15 average 363,000 b/d.
Sea tensions, short sour crude supply
with March 15 to April 13 assessed in a 2 cent/day The numbers underline long-term decline at the
backwardated structure, owing to indications heard Caspian country’s main crude production complex. „ OPEC trims call on its crude in next two years but
during the day. There were no bids, offers or trades in Azeri Light is Azerbaijan’s flagship crude, exported buoyed by ‘healthy’ demand growth
the Platts Market on Close assessment process for through the Baku-Tblisi-Ceyhan pipeline to be loaded
DAP WTI Midland. at Turkey’s Mediterranean port of Ceyhan. Mediterranean HSFO cargo prices have hit a three-
Exclusions: None Azeri Light crude typically fetches premium prices month high because of limited prompt availability due
Platts is part of S&P Global Commodity Insights due to its desirability for making light oil products such to lower resupply in the wake of attacks on shipping in

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

Crude Oil Marketwire February 13, 2024

the Red Sea, in addition to tight sour crude supply in Urals CIF Augusta was assessed 17 cents/b higher. Platts EMEA Urals & Med Brent Crude Bids,
the Mediterranean. There were no bids or offers in the Platts Market on Offers, Trades
According to S&P Global Commodities At Sea, about Close assessment process. The Urals CIF Augusta
136,000 mt of fuel oil arrived into the Mediterranean differential was assessed using a net forward to the Bids: None
from the Middle East in January, down from 378,000 Urals FOB Aframax and Suezmax assessment. The FOB Offers: None
mt in December and 320,000 mt in November. differentials were assessed 10 cents/b higher based on Trades: None
No supply has arrived so far In February from the indications heard throughout the day. This assessment commentary applies to
Middle East, according to CAS. Urals CIF Med <PCACE00> assessment rationale: the following market data codes: Urals CIF Med
The Mediterranean has also been fundamentally The Urals CIF Mediterranean assessment reflected <PCACE00>> Urals CIF Rdam <PCAFW00> ESPO FOB
short of sour crude since the diversion of Russia’s Urals the value of the Mediterranean Dated Brent Strip Kozmino Mo01 London <AARWD00> CPC CIF Augusta
away from Europe following EU sanctions since 2022. (AALDF00) plus the Urals CIF Augusta differential Diff <AAHPL00>
Some 450,000 b/d of sour crude supply has also assessment (AAGXX00).
been missing from the Mediterranean basin since Urals RCMB (Recombined) <AALIN00> assessment Platts West African Crude Daily
March 2023 after Turkey suspended exports of Iraqi rationale: Commentary
and Kurdish crudes from Ceyhan in line with an The Urals RCMB (Recombined) assessment
„ Indian demand supportive
international court ruling. reflected the value of the Platts Dated Brent
In other news, OPEC remained bullish on global oil assessment (PCAAS00) plus the Urals CIF Augusta „ Angola well cleared after tenders
demand growth in the next two years but has nudged differential assessment (AAGXX00).
down the quantity of crude its members must produce Urals CIF Rdam <PCAFW00> assessment rationale: The market for Nigerian crude was benefiting from
to balance the market, it said in its monthly outlook. Urals CIF Rotterdam was assessed 13 cents/b Indian demand alongside a well supported middle
The 12-member producer group, battling to stabilize higher. There were no bids or offers in the MOC. The distillate complex in Europe, sources said Feb. 13.
the oil market and boost prices amid global economic Urals CIF Rotterdam differential was assessed as a net “There is decent demand from [Indian buyers] ...
headwinds and wars in Europe and the Middle East, forward to the Urals FOB Baltic assessment. The FOB the market obviously sees this as bullish,” said one
sees worldwide oil demand rising 2.25 million b/d in differentials were assessed 10 cents/b higher based on crude trader.
2024 and another 1.85 million b/d in 2025, it said. The indications heard throughout the day. Indeed, strong offer levels during the day revealed
numbers were unchanged from January. Med Dated Brent Strip 13-28 Day <AALDF00> seller’s perception of strength in the Nigerian
However, it lowered the ‘call’ on its crude — the assessment rationale: crude market.
amount OPEC would have to pump to balance global The Mediterranean Dated Brent Strip reflected the Crudes with a strong middle distillate yield into
supply with demand — by 90,000 b/d in 2024 and value of Forward Dated Brent 13-28 days ahead of the Europe, such as many grades loading in Nigeria, could
another 110,000 b/d in 2025, compared with January’s day of publication. Forward Dated Brent is assessed benefit from strong refinery margins in the region,
estimates. as a function of Platts assessments of second-month despite backwardation in the North Sea complex
Changes to OPEC production quotas typically affect Cash BFOE (PCAAR00) and BFOE CFD differentials penalizing long-haul grades.
the sour crude market because grades exported by (PCAKA00, PCAKC00, PCAKE00, PCAKG00, AAGLU00, In Angola, support for the market has emerged
member producers are mostly high in sulfur, such AAGLV00, AALCZ00). from a number of tenders through the monthly cycle,
as Urals. CPC Blend CIF Augusta vs BTC Dtd Strip traders said.
<AAHPL00> assessment rationale: “There are not many cargoes left. I think [the
Platts EMEA Urals and Med Brent Crude Daily CPC Blend was assessed unchanged based on market] has cleared OK this month” said one crude
Rationales & Exclusions previously heard indications. trader. “Tenders have been a big support to the
Urals CIF Augusta differential <AAGXX00> Exclusions: None market” they continued.
assessment rationale: Platts is part of S&P Global Commodity Insights Tenders put out by the likes of Indian Oil Corp. have

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

Crude Oil Marketwire February 13, 2024

kept demand tethered during a traditionally subdued Platts assessed WTI at Midland 5 cents/b higher the Dangote refinery around March 2. This will mark
Lunar New Year period, with the swelling Indian to cash WTI plus $1.75/b, based on indications in the the first shipment of non-Nigerian crude to the
demand coinciding with a recent firming in the price of market. WTI at Magellan East Houston was assessed new plant.
Russian Urals barrels landing in the subcontinent. 5 cents/b weaker to cash WTI plus $2.00/b, based on The Dangote refinery started testing operations
indications heard in the market. in January, with a targeted run rate of 350,000 b/d.
Platts West African Crude Daily Rationale & Platts assessed USGC sour grade Mars It is expected that the crude unit at the facility will
Exclusions unchanged on the day and remained at cash WTI undergo another test run by the end of February and
Of the four crudes in the Nigerian basket, Escravos, minus 10 cents/b, based on indications heard in some commercial operations will likely commence by
Forcados and Qua Iboe were assessed 30 cents/b higher the market. mid-year.
owing to indications heard during the day. Bonny Light The Frontline WTI vs. Brent spread widened by Freight rates for vessels transiting to Northwest
was assessed 40 cents/b higher owing to indications 3 cents/b to price at minus $4.73/b. The minimal Europe from the USGC were assessed higher Feb. 13.
heard during the day. There were no bids, offers or trades movement in the spread has allowed WTI Midland to Platts is part of S&P Global Commodity Insights.
in the Platts Market on Close assessment process. remain competitive in the overall market, which can
Qua Iboe FOB Nigeria <PCAID00> be seen in the sustained strength of the differentials. Platts Canadian Pipeline Crude Daily
Bonny Light FOB Nigeria London <PCAIC00> Refining margins for WTI MEH have also been Commentary
Forcados FOB Nigeria <PCABC00> supportive. According to S&P Global’s Refining Margin
„ Western Canadian crude differentials
Bonga FOB Nigeria <PCNGC00> Report, cracking margins for MEH were at $24.76/bbl
weaken on day
Exclusions: None on Feb. 12. By comparison, the average over January
Platts is part of S&P Global Commodity Insights was $15.57/bbl. „ Production issues affecting some
Platts is part of S&P Global Commodity Insights. differentials: trader
Platts West African Crude Bids, Offers, „ Mixed Sweet at Edmonton differential weakens 85
Trades Platts US Gulf Coast Export Crude Daily cents/b on the day
Commentary
Bids: None Western Canadian crude differentials weakened
„ US weekly crude exports estimated at 4 million b/d
Offers: None Feb. 13. Platts assessed Western Canadian Select in
Trades: None „ Platts AGS moves 89 cents/b higher Hardisty, Alberta, differential at a discount of minus
This assessment commentary applies to the $19.40/b, down 40 cents on the day.
following market data code: WAF Index <AWAFB00> Platts American Gulf Select strip was assessed Platts assessed WCS at Cushing unchanged at WTI
The WAF Index is calculated using the following market higher Feb. 13, while the futures market settled higher CMA minus $7.40/b. WCS at Nederland differential
data codes: Qua Iboe FOB Nigeria <PCAID00> Bonny on US inflation report. unchanged as well at minus $6.40/b.
Light FOB Nigeria London <PCAIC00> Forcados FOB Platts assessed the AGS strip 89 cents/b higher to Platts assessed Syncrude Sweet Premium at
Nigeria <PCABC00> Bonga FOB Nigeria <PCNGC00> $80.48/b, putting the premium over the NYMEX WTI Edmonton, Alberta, 10 cents/b stronger at WTI CMA
strip 19 cents/b higher at $3/b. minus $4.00/b, after it was heard to trade at that
Platts US Pipeline Crude Daily Commentary In regard to flows, an estimated 4 million b/d of US level. One trader said the reason for this differential
crude oil was exported during the week ended Feb. 9, becoming higher is production issues.
„ USGC crude differentials little changed
according to S&P Global Commodity Insights. Mixed Sweet at Edmonton differential weakened 85
„ USGC MEH assessed 5 cents/b weaker Among the exports was the first cargo of US crude cents/b on the day at WTI CMA minus $8.35/b.
oil bound for Nigeria. The VLCC Gem No. 1 was loaded Platts assessed Condensate at Edmonton down 15
The US Gulf Coast crude market was quiet and little with roughly 2 million barrels of US light sweet crude cents/b at WTI CMA minus $4.55/b.
changed Feb. 13, following the US inflation report. from Feb. 6-9 and is expected to arrive in Lagos at Platts is part of S&P Global Commodity Insights.

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

Crude Oil Marketwire February 13, 2024

Platts Latin American Crude Daily Subscriber Notes These new values would be added to the list of
Commentary Platts’ existing carbon intensity calculations, bringing
Platts backfills Conventional Energy Index, the current total number of fields to 162, up from 139,
„ Guyana differentials narrow amid talk of
databases January monthly average and increasing transparency on carbon intensities in
strengthening market
Platts, part of S&P Global Commodity Insights, has the global crude market.
„ Broader volatility puts damper on trading activity: backfilled price data to Jan. 2, 2024, for the Platts Please refer to the Carbon Intensity Assessments
market participants Conventional Energy Index. Specifications Guide for a complete list of existing
Platts has also databased the Platts Conventional grades, fields, and transport routes: https://
Platts assessed Guyana’s crude grades stronger Energy Index monthly average value for January 2024 www.spglobal.com/commodityinsights/en/our-
Feb. 13 against Dated Brent, with traders continuing to following this backfill. methodology/methodology-specifications/oil/carbon-
cite a tighter global market. The Platts Conventional Energy Index was launched intensity-assessments
Liza, Unity Gold, and Payara Gold all rose 10 cents, on Jan. 15, 2024, and more details can be found here. The proposed new fields include:
which brought Unity Gold to an 85-cent/b discount The below prices have been backfilled in the -El Medanito
to the Dated Brent strip, and both Liza and Payara to database: -Canadon Seco
a $1/b discount. While market participants talked the Platts Conventional Energy Index ANVEA00 -Escalante
crudes stronger, Platts did not hear information on Date $/MMBtu -Jubarte
Jan. 12 8.537
trading levels, although Liza was heard offered at a Jan. 11 8.480
-Roncador
50-cent/b discount to Dated Brent for March loading. Jan. 10 8.447 -Cupiagua
Jan. 9 8.330
In Brazil, Platts also assessed Tupi 10 cents higher Jan. 8 8.364
-Rubiales
on an FOB basis to an 89-cent/b discount to Dated Jan. 5 8.589 -Castilla (norte, este)
Jan. 4 8.475
Brent. While Tupi FOB was stronger on the day, the Jan. 3 8.336
-Varadero
grade remained under pressure, with VLCC freight for Jan. 2 8.321 -Shushufindi-Aguarico
the Brazil/Uruguay-China route rising back to the top of -Cuyabeno
a recent range, at Worldscale 70. VLCC freight between Platts Conventional Energy Index Monthly -Ishpingo
Brazil and China has vacillated from a low of around Average ANVEA03 -Jivino-Napo
w53 to a high of near w70 since November last year, Month $/MMBtu -Liza 1
January 8.515
when the Houthis ramped up attacks on commercial -Payara
shipping vessels in the Red Sea, disrupting global trade -Xux
and exacerbating volatility in freight markets. The assessments appear in Platts Connect and on -Tsimin
Elsewhere in the region, sources said volatility had Platts Live. -Abkatun
put a damper on trading after the US Consumer Price Please send any feedback or questions to -Chuc
Index climbed 3.1% on an annual basis in January, [email protected] -Pol
Bureau of Labor Statistics data showed Feb. 13, -Galeota (Trintes)
which was above market expectations. Hotter-than- Platts proposes additional carbon intensity -Santa Barbara
expected inflation put assumptions in doubt about the calculations, carbon offset premiums -Liza 2
timeline of US Federal Reserve interest-rate cuts while Platts, part of S&P Global Commodity Insights, The proposed new crude grades include:
accompanying a rise in the US dollar. The ICE US Dollar proposes to launch monthly carbon intensity -Medanito
Index climbed to 104.92 in afternoon trading and was on calculations and daily carbon offset premium -Canadon Seco
pace to close at the highest level since mid-November. assessments for 23 additional crude oil fields, 27 crude -Escalante
A stronger dollar is considered bearish for oil prices. grades and 23 transportation routes in Latin America -Jubarte
Platts is part of S&P Global Commodity Insights. and North America, effective April 15, 2024. -Roncador Heavy

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

Crude Oil Marketwire February 13, 2024

-Vasconia addition to a separate premium reflecting the offsetting For written comments, please provide a clear
-Rubiales cost for each specific transportation route. Crude indication if comments are not intended for publication
-Castilla Blend streams and different transportation routes have a by Platts for public viewing. Platts will consider all
-Cuban Heavy variety of carbon intensities depending on where the comments received and will make comments not
-Oriente crude comes from and the distance to the refinery. marked as confidential available upon request.
-Napo Depending on the carbon intensity of each crude
-Liza and carbon intensity of the route, the calculation is Platts invites feedback on Global Oil Timing and
-Payara a $/bbl indication of how much it would cost to use Increment Guidelines
-Unity Gold the carbon removal credits to offset associated GHG As part of its commitment to open and transparent
-Olmeca emissions from the production of the crude as well as pricing and product specifications, Platts, part of
-Istmo the route in question. S&P Global Commodity Insights, would like to invite
-Maya The proposed new routes include: feedback on its Global Oil Timing and Increment
-Galoeta Mix -El Medanito (Bahia Blanca) to Cherry Point Guidelines, specifically the guidelines described in the
-Merey 16 -Canadon Seco (Comodoro Rivadavia) to methodology guide posted online here.
-Tupi Long Beach Platts reviews all methodologies annually to ensure
-Alaskan North Slope -Escalante (Comodoro Rivadavia) to Long Beach they continue to reflect the physical markets under
-Eagle Ford -Jubarte (Madre de Deus) to Singapore assessment, and regularly assesses the relevance
-Bakken -Roncador (Madre de Deus) to Galveston of methodologies through continuous contact with
-West Texas Intermidiate (MEH) -Cupiagua (Covenas Terminal) to Sikka the market. Feedback on methodologies is always
-West Texas Intermediate (Cushing) -Rubiales (Covenas Terminal) to Jieyang welcomed by Platts.
-Wyoming Street -Castilla (norte, este) (Covenas Terminal) to Jieyang Please send all feedback, comments or
-Mixed Sweet Blend -Varadero (Mariel) to Antwerp questions to [email protected] and
Platts upstream crude carbon intensity calculations -Shushufindi-Aguarico (Balao) to Galveston [email protected].
measure the impact of greenhouse gas emissions in -Cuyabeno (Balao) to Houston For written comments, please provide a clear
the production lifecycle from production to storage -Ishpingo (Balao) to Panama Canal indication if comments are not intended for publication
terminal. The methodology guide for Platts upstream -Jivino-Napo (Balao) to Panama Canal by Platts for public viewing. Platts will consider all
carbon intensity, midstream carbon intensity, and -Liza (FPSO Liza Destiny) to Rotterdam comments received and will make comments not
carbon offset premiums is available here: https:// -Payara (FPSO Prosperity) to Chiriqui Grande marked as confidential available upon request.
www.spglobal.com/commodityinsights/en/our- Terminal
methodology/methodology-specifications/oil/carbon- -Xux (Dos Bocas) to Milazzo Anchorages Platts clarifies Marlim crude price discontinuation
intensity-assessments -Tsimin (Dos Bocas) to Corpus Christi Platts, part of S&P Global Commodity Insights,
In line with the current methodology for carbon -Abkatun (Mexico STS) to Daesan would like to clarify the symbols affected by the
intensity scores that Platts publishes, the CI of these -Chuc (Coatzacoalcos) to Cartagena previously-announced discontinuation of price
23 new fields would be calculated using Stanford’s -Pol (Mexico STS) to Yokkaichi assessments for Brazil’s Marlim crude, effective March
Oil Production Greenhouse Gas Emissions Estimator -Galeota-Trintes (Galeota Point) to Callao 1, 2024.
(OPGEE) 2.0 model, combined with proprietary -Santa Barbara (Jose Terminal) to Singapore This discontinuation was proposed Dec. 6, 2023,
research and data from S&P Global. -Liza 2 (FPSO Liza Unity) to Chiriqui Grande Terminal and the decision was announced on Jan. 22, 2024.
Platts carbon intensity premiums for both the Please send any feedback to The discontinuation will affect the following codes:
upstream and midstream calculations reflect the cost [email protected] and Assessment Daily Monthly Average
Marlim AAITF00 AAITG00
to offset the emissions from each of the crudes, in [email protected] by March 18, 2024. Diff to Dated Brent Strip AAXBJ00 AAXBJ03

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

Crude Oil Marketwire February 13, 2024

Diff to Brent Strip AAXBY00 AAXBY03 in addition to DAP Rotterdam, Augusta in the
Diff to WTI Strip AAITL00 AAITM00 Bids, offers and trades on a CIF or CFR Rotterdam,
Platts Market on Close assessment process with
Augusta basis may be subject to normalization for
assessments continuing to reflect DAP Rotterdam,
These symbols will be also be discontinued: assessment purposes.
Augusta values.
Weekly Monthly DAP INCOTERM
Assessment Daily
Average Average „ Assessments will reflect DAP Rotterdam, Augusta Platts understands prevailing market practice for
Marlim USGC Cracking Netback
Margin
MLGCM00 MLGCM04 MLGCM03 values with cargo quantity and quality measured at WTI Midland trading on a DAP Rotterdam and DAP
Marlim USGC Cracking Netback MLGCN00 MLGCN04 MLGCN03 load port. Augusta basis is for cargo quantity and quality to be
Marlim USGC Cracking Yield MLGCY00 MLGCY04 MLGCY03
Marlim USGC Coking Netback The decision followed a proposal on the measured at load port.
MLGOM00 MLGOM04 MLGOM03
Margin WTI Midland DAP Rotterdam and DAP Augusta Platts clarifies its assessments will reflect DAP
Marlim USGC Coking Netback MLGON00 MLGON04 MLGON03
Marlim USGC Coking Yield MLGOY00 MLGOY04 MLGOY03 assessments published Dec. 12, which can be found at: Rotterdam, Augusta with load port quality and quantity.
Marlim USGC Freight TDDGK00 TDDGK04 TDDGK03 https://www.spglobal.com/commodityinsights/ The assessments appear on Platts Global Alert and
en/our-methodology/subscriber-notes/121223-platts- Platts Crude Alert pages 1210, 1212, 1238, and in Crude
The prices appear on Platts Global Alert proposes-to-amend-period-published-incoterms-for- Oil Marketwire.
page 280, 281, 831, 833, 835, 837 and in Latin wti-midland-dap-rotterdam-augusta-assessments Please send all feedback and questions
Wire, Crude Oil Marketwire and Oilgram Price The decision relates to the following Platts to [email protected] and
Report. Please send any feedback or questions assessments: [email protected].
to [email protected] and Assessment Differential to forward Dated Outright For written comments, please provide a clear
WTI Midland DAP Rotterdam AWTID00 AWTIC00
[email protected]. WTI Midland DAP Augusta AWTIB00 AWTIA00
indication if comments are not intended for publication
For written comments, please provide a clear by Platts for public viewing.
indication if comments are not intended for publication 30-50 DAY FORWARD ASSESSMENT PERIOD Platts will consider all comments received and will
by Platts for public viewing. Platts will consider all Platts will adjust the assessment period for make feedback not marked as confidential available to
comments received and will make comments not the WTI Midland DAP Rotterdam and DAP Augusta the public upon request.
marked as confidential available to the public upon assessments to 30-50 days forward from the
request. assessment date. Platts to discontinue Eagle Ford 45 DAP Rotterdam,
This is updated from the originally proposed 30-60 Augusta assessments
Platts to amend assessment period, published days ahead assessment range and reflects feedback In response to evolving trade flows and recent
incoterms for WTI Midland DAP Augusta, Rotterdam that WTI Midland Aframax cargoes are rarely trading for feedback from market participants, Platts, part of
assessments arrival beyond 50 days forward. S&P Global Commodity Insights, will discontinue its
In response to evolving practice in the WTI The assessments currently reflect DAP Rotterdam Eagle Ford 45 assessments on a DAP Rotterdam and
Midland delivered-Europe market and feedback from and DAP Augusta WTI Midland cargoes arriving 20-60 Augusta basis from May 1.
participants, Platts, part of S&P Global Commodity days forward from the assessment date on both an Platts currently publishes assessments for Eagle
Insights, will make the following amendments to outright basis and differential to Dated Brent. Ford 45 on a DAP Rotterdam and DAP Augusta basis as
assessments from April 2: As a result of the assessment range change, the both an outright price and differential to Dated Brent.
„ Amend the assessment period of its WTI Midland 23-63 Dated Brent Strip [AALEJ00] will be adjusted to This decision follows a consultation on the spot
Delivered at Place (DAP) Rotterdam and DAP reflect a period of 33-53 days forward. market volumes for Eagle Ford 45 delivered to Europe
Augusta assessments to reflect cargoes arriving 30- PUBLICATION OF CIF AND CFR OFFERS published Oct. 16 2023, which can be found at:
50 days ahead of the assessment date. Platts will publish bids, offers and trades in the https://www.spglobal.com/commodityinsights/
MOC for WTI Midland on a CIF and CFR Rotterdam, en/our-methodology/subscriber-notes/101623-platts-
„ Publish bids, offers and trades on a Cost,
Augusta basis, in addition to on a DAP Rotterdam, opens-consultation-on-dap-rotterdam-dap-augusta-
Insurance, Freight (CIF) and Cost & Freight (CFR)
Augusta basis. wti-midland-and-eagle-ford-45-crude-assessments
Rotterdam, Augusta basis for WTI Midland cargoes

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

Crude Oil Marketwire February 13, 2024

Spot market liquidity of Eagle Ford 45 delivered into cargoes loading 10-30 days forward with differentials day’s European market close at 4:30 pm London time,
the Northwest European and the Mediterranean crude applied to the 13-33 days forward BTC Dated Brent until the Asian close.
markets has declined in recent years as trading activity strip [AAUFI00]. Currently, the reference basket of relevant crude
has thinned and exported volumes of WTI Midland into Platts will also launch a new forward “CPC Dated grades in the MPP calculations comprise Kimanis,
the region have increased. Brent strip” of 23-43-days forward to reflect the Murban and Russia’s ESPO Blend.
The discontinuation relates to the following Platts assessment period of 20-40 days forward. Platts is also proposing to amend the underlying
assessments: Please send all feedback, comments or delivery point for Minas, Cinta, Widuri and the four
Assessment Differential to Dated Brent Outright questions to [email protected] and basket grades, to Singapore. Under this proposal,
Eagle Ford 45 DAP Rotterdam AEFAD00 AEFAC00
Eagle Ford 45 DAP Augusta AEFAB00 AEFAA00
[email protected] by Feb. 29. Minas, Cinta, Widuri and the four basket grades will be
For written comments, please provide a clear normalized for delivery to Singapore, accounting for
The assessments appear on Platts Global Alert and indication if comments are not intended for publication freight.
Platts Crude Alert pages 1210, 1212, 1238, and in Crude by Platts for public viewing. The underlying refined product prices used in the
Oil Marketwire. Platts will consider all comments received and will calculation of the Gross Product Worth values will
Please send all feedback, comments or make comments not marked as confidential available be based on the regional benchmark Mean of Platts
questions to [email protected] and to the public upon request. Singapore refined product prices as listed below, at
[email protected] by April. 1. the Asian market close. Benchmark CFR North Asia
For written comments, please provide a clear Platts proposes amending Indonesia crude oil Market propane, butane spot prices will be normalized to
indication if comments are not intended for publication Parity Prices methodology Singapore in the GPW calculations.
by Platts for public viewing. Platts, part of S&P Global Commodity Insights, Product Code
Propane Refrigerated CFR North Asia 30-45 days AAVAK00
Platts will consider all comments received and will is proposing to amend the methodology it uses to Butane Refrigerated CFR North Asia 30-45 days AAVAN00
make comments not marked as confidential available calculate the Market Parity Prices for Indonesia’s Naphtha FOB Singapore Cargo PAAAP00
Gasoline Unl 95 FOB Spore Cargo PGAEZ00
upon request. Minas, Cinta and Widuri crude oil grades, to better Gasoline Unl 92 FOB Spore Cargo PGAEY00
reflect the shift in trade dynamics, effective April Jet Kero FOB Spore Cargo PJABF00
Gasoil 0.001% S (10 ppm) FOB Spore Cargo AAOVC00
Platts to amend CPC Blend assessment period, 1, 2024. Gasoil 0.05% S (500 ppm) FOB Spore Cargo AAFEX00
launch new forward Dated Strip This follows the opening of a formal review of the Gasoil 0.25% S (2500 ppm) FOB Spore Cargo AACUE00
FOB Spore Marine Fuel 0.5% Cargo AMFSA00
Platts, part of S&P Global Commodity Insights, MPP methodology for these grades in a subscriber FO 380 CST 3.5% S FOB Spore Cargo PPXDK00
will amend the assessment period for its CPC Blend note published Oct. 31, 2023: https://www.spglobal.
assessments to 20-40 days forward, from April 2. com/commodityinsights/en/our-methodology/ Currently, Minas, Cinta, Widuri, the three basket
The proposal will impact the following assessments: subscriber-notes/103123-platts-opens-review-of- grades and their GPWs are normalized for delivery
Outrightvs BTC Dated Brent Strip indonesian-crude-oil-market-parity-prices. to Japan, accounting for freight and regional spot
CPC Blend CIFAAGZU00AAHPL00 Under this proposal, the reference basket of product prices.
CPC Blend FOB SuezmaxAALVX00AALVZ00 relevant crude grades where MPP calculations for The proposed change would better reflect the
CPC FOB AframaxAAOFV00AAOFW00 Minas, Cinta and Widuri are benchmarked to, will be recent flow of Minas, Cinta and Widuri crude that is
Market feedback suggested that since the loss of amended to comprise Malaysia’s Kimanis, Abu Dhabi’s observed to be mainly processed by Southeast Asian
Russian Urals barrels from the European crude market, Murban, Angola’s Cabinda and Dalia grades. refineries.
CPC Blend has been competing with grades that trade The values of Cabinda and Dalia will be calculated Platts will continue to report on any spot market
further out, leading to an evolved natural trading cycle at the Asian market close (4:30 pm Singapore time) transactions for the three grades, but this information
for the grade. based on their last assessed values at the London would not be used in the daily calculation of the MPP.
NEW FORWARD DATED STRIP close and accounting for the movement in the Platts MPPs provide a calculation of the equivalent
Platts CPC Blend assessments currently reflect underlying Dated Brent benchmark at the prior trading market value of a given crude based on the value

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

Crude Oil Marketwire February 13, 2024

of its typical refined product yield, subtracting Platts to discontinue West African crude BOTs and feedback on other potential assessments of
costs for transport and the refining process, and rationale Brazilian crude grades.
adjusting the resulting value based on the trading Platts, part of S&P Global Commodity Insights, The discontinuation will affect the following codes:
levels of comparison crudes relative to their product will cease publication of the West African crude Assessment Daily Monthly Average Marlim AAITF00
yield values. Bids, Offers and Trades (BOTs) and rationale from AAITG00 Diff to Dated Brent Strip AAXBJ00 AAXBJ03
The MPP model will ensure that the assessments March 1, 2024, as the WAF Index assessment Diff to Brent Strip AAXBY00 AAXBY03 Diff to WTI Strip
capture both the inherent refining value of the (AWAFB00) is no longer used for any derivatives AAITL00 AAITM00.
crude as well as the broader oil market demand- settlement purposes. The prices appear on Platts Global Alert page
supply fundamentals reflected in the price of the Both the BOTs and rationale are currently published 280, 281 and in Latin Wire, Crude Oil Marketwire and
reference basket. in Platts Crude Oil Marketwire and on PGA/PCR 1255 Oilgram Price Report. Please send any feedback or
More details on Platts MPP models and and 1259, respectively. questions to [email protected] and
methodology are available at https://bit.ly/33GZehH. Platts will continue to publish the West African [email protected].
Platts will continue to review the MPP models for crude assessments as both differentials and For written comments, please provide a clear
Minas, Cinta and Widuri to ensure they continue to outright prices. indication if comments are not intended for publication
reflect prevailing market conditions and quality of the Please send all comments to by Platts for public viewing. Platts will consider all
crude grades. [email protected] and comments received and will make comments not
The Minas, Cinta and Widuri MPP assessments [email protected] by Feb. 16. marked as confidential available to the public upon
are published in Platts Crude Oil Marketwire, Platts For written comments, please provide a clear request.
Oilgram Price Report and on Platts Global Alert and indication if comments are not intended for publication
Platts Crude Oil Alert pages 1250, 1805, 2210, 2211, 2216, by Platts for public viewing. Reliance International Limited to join EMEA - Crude
2217, 2244, 2245, 2264, 2265, 2280, 2281, 2811 under the Platts will consider all comments received and will BFOE CFDs- Paper MOC
following price database codes: make comments not marked as confidential available Reliance International Limited has advised
Assessment Code upon request. Platts, part of S&P Global Commodity Insights, that
Minas at Singapore Close PCABO00
Minas at Singapore Close Monthly Average AAFZH00
it would like to participate in the Platts Market on
Minas at London Close AAPAZ00 Platts to discontinue Marlim crude price Close assessment process for EMEA - Crude BFOE
Minas at London Close Monthly Average AAPAZ03
Cinta at Singapore Close PCAAX00
assessments CFDs- Paper.
Cinta at Singapore Close Monthly Average AAFZC00 Platts, part of S&P Global Commodity Insights, will Platts has reviewed Reliance International Limited
Cinta at London Close AAPBJ00
Cinta at London Close Monthly Average AAPBJ03
discontinue publishing price assessments for Brazil’s and will consider information from the entity in the
Widuri at Singapore Close PCAFE00 Marlim crude, effective March 1, 2024. This is due to assessment process for EMEA - Crude BFOE CFDs-
Widuri at Singapore Close Monthly Average PCAFE03
Widuri at London Close AAPBN00
declining production and limited spot market activity Paper, subject at all times to adherence with Platts
Widuri at London Close Monthly Average AAPBN03 as production is consumed domestically. editorial standards.
Platts understands market participants do Platts will publish all relevant information from
Please send all feedback, comments or not anticipate spot trading activity to resume in Reliance International Limited accordingly.
questions to [email protected] and the near future. Platts currently assesses Marlim Platts welcomes all relevant feedback regarding
[email protected] by Feb. 23, 2024. crude cargoes reflecting barrels sold on an FOB MOC participation. Platts considers bids, offers
For written comments, please provide a clear basis from Sao Sabastiao, Brazil, with a typical and transactions by all credible and credit-
indication if comments are not intended for publication volume of 750,000 barrels, published on an worthy parties in its assessment processes. For
by S&P Global for public viewing. S&P Global will consider outright basis, and as differentials to WTI, Brent comments and feedback, please contact Platts
all comments received and will make comments not futures and Dated Brent strips. Platts will continue editors at [email protected] and
marked as confidential available upon request. to publish its Tupi FOB assessments, and invites [email protected].

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

Crude Oil Marketwire February 13, 2024

GIA North Nigeria Forcados 950,000 1,050,000 950,000/950,000

Platts launches Conventional Energy Index Jan 15 Gas America by IGOAA21 $/MMBtu 1 9% Nigeria Agbami 1,000,000 1,000,000 975,000/975,000
Platts, part of S&P Global Commodity Insights, Flow Date Nigeria Bonga 950,000 1,050,000 975,000/975,000
LNG Japan/ Nigeria Usan 1,000,000 1,000,000 950,000/950,000
has launched the Platts Conventional Energy Index, Angola Plutonio 1,000,000 1,000,000 950,000/950,000
LNG Korea DES AAOVQ00 $/MMBtu 1 9%
effective Jan. 15, 2024. (JKM)
The daily index expressed in $/MMBtu is published Coal NEAT JKTCA00 $/mt 0.0360 31% Platts welcomes feedback on the assessment
Uranium
on Platts Live, and represents the global primary Nuclear U308 Spot AFUEM01 $/lb 0.0056 5%
basis, minimum and maximum volumes for all West
energy mix in terms of conventional energy sources Canada M1 African crude spot assessments published in Crude Oil
across oil, gas, coal and nuclear. Marketwire and on PGA/PCR pages 1230 and 1232, not
Details of the new index and symbols are as follows: When a component assessment or index is not just those listed in the tables above. Assessments not
Symbol Description Currency/UoM published on a particular day, the price published from listed in the tables above currently have no proposed
ANVEA00 Platts Conventional Energy Index $/MMBtu
ANVEA03 Platts Conventional Energy Index Monthly Average $/MMBtu
the previous working day is used in the calculation of volume amendments.
the index value. Where the minimum and maximum volumes vary
This is a weighted average daily index for the value Please send any feedback or questions to from the basis volume, Platts would publish bids, offers
of the following Platts price assessments or index. The [email protected]. and trades for volumes within the range that are not
weightings for each primary energy source reflect the For written comments, please provide a clear the basis volume however these may be subject to
proportion of global energy consumption they account indication if comments are not intended for publication normalization for assessment purposes.
for, excluding renewables. by Platts for public viewing. Please send all comments to
Commodity Weighting in Index Platts will consider all comments received and will [email protected] and
Crude Oil 37%
Gas (including LNG) 27%
make comments not marked as confidential available [email protected] by March 1.
Coal 31% upon request. For written comments, please provide a clear
Nuclear 5%
indication if comments are not intended for publication
Platts proposes to amend cargo sizes for West by Platts for public viewing.
The weightings are reviewed periodically to African crude assessments Platts is part of S&P Global Commodity Insights.
keep the index representative of global supply and In line with evolving trends in the region, and loading
demand trends. programs for 2024 cargoes, S&P Global Commodity Platts to launch Conventional Core Energy Index Jan.
Platts would like to clarify the description for Insights proposes to amend the cargo size on some of 15
the above index has been renamed from Platts its West African crude assessments, effective April 2. Platts, part of S&P Global Commodity Insights, will
Conventional Core Energy Index, in accordance with Platts proposes to amend the basis volume for the launch the Platts Conventional Core Energy Index,
feedback received following a decision published following assessments from April 2: effective Jan. 15.
Jan. 3 via a subscriber note, available here: https:// Proposed Current The daily index expressed in $/MMBtu will be
www.spglobal.com/commodityinsights/en/our- Country Grade assessment basis Assessment basis published on Platts Live and represent the global
(barrels) (barrels)
methodology/subscriber-notes/010324-platts-to- Nigeria Agbami 1,000,000 975,000 primary energy mix in terms of conventional energy
launch-conventional-core-energy-index-jan-15. There Nigeria Bonga 1,000,000 975,000 sources across oil, gas, coal and nuclear.
Nigeria Usan 1,000,000 950,000
are otherwise no changes to the symbols or weightings Angola Plutonio 1,000,000 950,000 Details of the new index and symbols are as follows:
of each component assessment. Symbol Description Currency/UoM
ANVEA00 Platts Conventional Core Energy Index $/MMBtu
Currency/ UoM Weighting in Platts also proposes to amend min and max ANVEA03 Platts Conventional Core Energy Index MAvg $/MMBtu
Commodity Assessment Symbol
UoM conversion index volumes for the following grades:
Crude Oil Dated Brent PCAAS00 $/b 0.1724 18.5%
Crude Oil Dubai M1 PCAAT00 $/b 0.1724 18.5% Proposed Proposed It will be a weighted average daily index for the value
Current min/max
Gas
Dutch TTF
GTFWM10 $/MMBtu 1 9%
Country Grade minimum maximum
(barrels) of Platts price assessments or indexes listed below.
Month Ahead (barrels) (barrels)
Nigeria Bonny Light 950,000 1,000,000 950,000/950,000 The weightings for each primary energy source

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

Crude Oil Marketwire February 13, 2024

Gas
reflect the proportion of global energy consumption (including
Dutch TTF
GTFWM10 $/MMBtu 9% 27%
published on a particular day, the price published from
Month Ahead
they account for. LNG) the previous working day is used in the calculation of
GIA North
The weightings are reviewed periodically to the index value.
America by IGOAA21 $/MMBtu 9%
keep the index representative of global supply and Flow Date Please send any feedback or questions to
demand trends. LNG Japan/
AAOVQ00 $/MMBtu 9% [email protected].
Korea
Platts Coal NEAT JKTCA00 $/mt 31% 31%
For written comments, please provide a clear
Conventional
Symbol
Currency/ Weighting by Weighting by energy Uranium indication if comments are not intended for publication
Core Energy unit assessment source Nuclear U308 Spot AFUEM01 $/lb 5% 5%
Index by Platts for public viewing.
Canada M1
Oil Dubai M1 PCAAT00 $/b 18.5% 37% Platts will consider all comments received and will
Dated Brent PCAAS00 $/b 18.5%
make comments not marked as confidential available
When a component assessment or index is not upon request.

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

Crude Oil Marketwire February 13, 2024

Commodity Insights Analytics US Yields & Netbacks Effective February 13, 2024 ($/barrel)
US Gulf Coast (PGA page 0833) US Gulf Coast (PGA page 0841)

Crack Yield Freight Crack Netback Crude Price Crack Margin Coke Yield Freight Coke Netback Crude Price Coke Margin
Agbami AGGCY00 103.89 AGGFA00 3.37 AGGCN00 100.52 AAQZB00 81.05 AGGCM00 18.59
Arab Berri BEGCY00 101.93 TDDAC00 1.32 BEGCN00 100.61 AAXCT00 85.07 BEGCM00 15.54
Arab Heavy AHGCY00 88.78 TDDAJ00 1.39 AHGCN00 87.39 AAXDI00 83.17 AHGCM00 4.22 Arab Heavy AHGOY00 99.49 TDDAJ00 1.39 AHGON00 98.11 AAXDI00 83.17 AHGOM00 14.94
Arab Light LIGCY00 97.97 TDDAR00 1.35 LIGCN00 96.62 AAXCU00 82.92 LIGCM00 13.70 Arab Light LIGOY00 102.09 TDDAR00 1.35 LIGON00 100.74 AAXCU00 82.92 LIGOM00 17.82
Arab Medium MEGCY00 92.28 TDDAZ00 1.35 MEGCN00 90.93 AAXDN00 83.62 MEGCM00 7.31 Arab Medium MEGOY00 98.59 TDDAZ00 1.35 MEGON00 97.23 AAXDN00 83.62 MEGOM00 13.61
Bakken BKGCY00 103.01 TDDRP00 7.78 BKGCN00 95.23 AAXPP00 74.81 BKGCM00 20.42
Basrah Heavy BHGOY00 95.90 BHGFA00 3.31 BHGON00 92.59 AALZC00 77.38 BHGOM00 19.33
Basrah Medium BLGCY00 89.21 TDDBS00 3.16 BLGCN00 86.05 BSMAM01 80.58 BLGCM00 8.29 Basrah Medium BLGOY00 98.11 TDDBS00 3.16 BLGON00 94.95 BSMAM01 80.58 BLGOM00 17.19
Bonny Light YLGCY00 105.95 TDDBX00 3.68 YLGCN00 102.26 PCAIC00 84.65 YLGCM00 16.74
Brent BRGCY00 101.37 TDDCB00 2.78 BRGCN00 98.60 AAVJA00 86.22 BRGCM00 11.51
Cabinda CBGCY00 101.97 TDDCF00 3.96 CBGCN00 98.01 PCAFD00 83.60 CBGCM00 13.53 Cabinda CBGOY00 101.17 TDDCF00 3.96 CBGON00 97.21 PCAFD00 83.60 CBGOM00 12.73
Castilla Blend CSGOY00 94.10 CSGFA00 3.21 CSGON00 90.89 AAVEQ00 72.89 CSGOM00 18.01
Eagle Ford EAGCY00 103.46 AAYAT00 79.48 EAGCM00 23.98
Escalante ECGCY00 98.13 TDDCV00 4.93 ECGCN00 93.20 PCAGC00 80.69 ECGCM00 11.53
Forties FTGCY00 101.08 FTGFA00 2.54 FTGCN00 98.53 PCADJ00 86.11 FTGCM00 11.55
Isthmus ISGCY00 98.76 TDDDJ00 1.93 ISGCN00 96.83 PDATO09 77.14 ISGCM00 19.69
LLS LLGCY00 105.15 TDDQW00 0.55 LLGCN00 104.60 PCABN00 80.67 LLGCM00 23.93 LLS LLGOY00 105.84 TDDQW00 0.55 LLGON00 105.29 PCABN00 80.67 LLGOM00 24.62
Marlim MLGCY00 97.16 TDDGK00 3.92 MLGCN00 93.24 AAITF00 75.74 MLGCM00 16.52 Marlim MLGOY00 100.60 TDDGK00 3.92 MLGON00 96.68 AAITF00 75.74 MLGOM00 19.96
Mars MRGCY00 94.31 TDDQY00 0.55 MRGCN00 93.76 AAMBR00 77.77 MRGCM00 15.99 Mars MRGOY00 100.67 TDDQY00 0.55 MRGON00 100.12 AAMBR00 77.77 MRGOM00 22.35
Maya MYGCY00 78.12 TDDDP00 2.03 MYGCN00 76.10 PDATS09 70.69 MYGCM00 5.41 Maya MYGOY00 95.76 TDDDP00 2.03 MYGON00 93.73 PDATS09 70.69 MYGOM00 23.04
Napo NPGOY00 92.42 NPGFA00 7.85 NPGON00 84.57 AAMCA00 67.43 NPGOM00 16.27
Olmeca OLGCY00 102.40 TDDDY00 1.98 OLGCN00 100.42 PDATT09 78.09 OLGCM00 22.33
Oriente ORGOY00 98.84 ORGFA00 7.41 ORGON00 91.43 PCADE00 73.98 ORGOM00 16.64
Poseidon PDGCY00 95.21 PDGFA00 0.00 PDGCN00 95.21 AABHK00 77.22 PDGCM00 17.99
Saharan Blend SHGCY00 103.28 TDDRD00 2.53 SHGCN00 100.75 AAGZY00 85.00 SHGCM00 14.88
Syncrude SYGCY00 106.11 SYGFA00 8.52 SYGCN00 97.59 AASOK00 73.56 SYGCM00 24.03
Urals URGCY00 97.24 TDDFM00 2.94 URGCN00 94.29 AAWVH00 67.07 URGCM00 26.35 Urals URGOY00 101.63 TDDFM00 2.94 URGON00 98.68 AAWVH00 67.07 URGOM00 30.74
Vasconia VCGOY00 103.12 VCGFA00 3.11 VCGON00 100.01 PCAGI00 76.79 VCGOM00 23.22
WCS ex-Hardisty WHGOY00 97.06 TDDRS00 8.50 WHGON00 88.56 AAPPN00 58.06 WHGOM00 30.50
WCS ex-Nederland WNGOY00 97.06 WCGFA00 0.00 WNGON00 97.06 AAYAY00 71.06 WNGOM00 26.00
WTI WTGCY00 103.29 AAYRG00 79.87 WTGCM00 23.42
WTS WSGCY00 98.02 TDDRJ00 6.89 WSGCN00 91.13 PCACK00 78.32 WSGCM00 12.81 WTS WSGOY00 103.29 TDDRJ00 6.89 WSGON00 96.40 PCACK00 78.32 WSGOM00 18.08

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

Crude Oil Marketwire February 13, 2024

Commodity Insights Analytics US Yields & Netback ($/barrel) (continued)

US Midwest (PGA page 0823) US Midwest (PGA page 0821)

Crack Yield Freight Crack Netback Crude Price Crack Margin Coke Yield Freight Coke Netback Crude Price Coke Margin
Bakken BKTCY00 98.82 TDDRO00 1.68 BKTCN00 97.13 AASRU00 74.46 BKTCM00 22.67
Syncrude SYTCY00 100.49 TDDFP00 8.20 SYTCN00 92.29 AASOK00 73.56 SYTCM00 18.73
WCS WCTOY00 93.27 TDDRL00 8.56 WCTON00 84.71 AAPPN00 58.06 WCTOM00 26.65
WTI WTTCY00 98.38 TDDRG00 2.39 WTTCN00 95.99 PCACG00 77.87 WTTCM00 18.12
WTS WSTCY00 94.94 TDDRI00 3.08 WSTCN00 91.86 PCACK00 78.32 WSTCM00 13.54 WTS WSTOY00 99.14 TDDRI00 3.08 WSTON00 96.06 PCACK00 78.32 WSTOM00 17.74

US West Coast (PGA page 0843) US West Coast (PGA page 0841)

Crack Yield Freight Crack Netback Crude Price Crack Margin Coke Yield Freight Coke Netback Crude Price Coke Margin
ANS ANWCY00 111.84 PCAAD00 82.00 ANWCM00 29.84 ANS ANWOY00 116.70 PCAAD00 82.00 ANWOM00 34.70
Arab Light LIWOY00 117.73 TDDAT00 1.35 LIWON00 116.38 AAXCU00 82.92 LIWOM00 33.46
Arab Medium MEWOY00 113.45 TDDBB00 1.35 MEWON00 112.10 AAXDN00 83.62 MEWOM00 28.48
Bakken BKWCY00 117.36 TDDRT00 11.74 BKWCN00 105.62 AAXPP00 74.81 BKWCM00 30.81
Basrah Heavy BHWOY00 111.57 BHWFA00 3.09 BHWON00 108.49 AALZC00 77.38 BHWOM00 36.22
Basrah Medium BLWOY00 113.00 TDDBW00 2.95 BLWON00 110.05 BSMAM01 80.58 BLWOM00 33.28
Castilla Blend CSWOY00 109.13 CSWFA00 9.81 CSWON00 99.32 AAVEQ00 72.89 CSWOM00 25.56
Maya MYWOY00 110.41 MYWFA00 5.60 MYWON00 104.81 AAUPK00 73.54 MYWOM00 31.27
Napo NPWOY00 109.06 NPWFA00 8.60 NPWON00 100.46 AAMCA00 67.43 NPWOM00 32.17
Oriente ORWOY00 112.84 TDDEC00 8.11 ORWON00 104.73 PCADE00 73.98 ORWOM00 29.93
Vasconia VCWOY00 119.71 VCWFA00 9.46 VCWON00 110.25 PCAGI00 76.79 VCWOM00 32.63

US Atlantic Coast (PGA page 0811)

Crack Yield Freight Crack Netback Crude Price Crack Margin

Agbami AGACY00 99.90 AGAFA00 2.94 AGACN00 96.96 AAQZB00 81.05 AGACM00 15.03
Arab Light LIACY00 94.75 TDDAU00 1.35 LIACN00 93.40 AAXCU00 82.92 LIACM00 10.48
Bakken BKACY00 101.03 TDDRN00 7.20 BKACN00 93.83 AAXPP00 74.81 BKACM00 19.02
Bonny Light YLACY00 102.20 TDDBZ00 3.21 YLACN00 98.99 PCAIC00 84.65 YLACM00 13.47
Brent BRACY00 98.74 TDDCC00 2.96 BRACN00 95.78 AAVJA00 86.22 BRACM00 9.68
Cabinda CBACY00 99.84 TDDCH00 3.49 CBACN00 96.35 PCAFD00 83.60 CBACM00 11.88
CPC Blend CPACY00 100.34 CPAFA00 3.39 CPACN00 96.95 AALVX00 75.78 CPACM00 21.28
Forties FTACY00 99.88 FTAFA00 2.73 FTACN00 97.15 PCADJ00 86.11 FTACM00 11.15
Saharan Blend SHACY00 102.11 SHAFA00 2.07 SHACN00 100.04 AAGZY00 85.00 SHACM00 14.17
Urals URACY00 94.94 URAFA00 2.31 URACN00 92.63 AAWVH00 67.07 URACM00 24.69

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

Crude Oil Marketwire February 13, 2024

Commodity Insights Analytics European Yields & Netbacks Effective February 13, 2024 ($/barrel)
Northwest Europe (PGA page 1811) Mediterranean (PGA page 1821)

Crack Yield Freight Crack Netback Crude Price Crack Margin Crack Yield Freight Crack Netback Crude Price Crack Margin
Agbami AGNCY00 102.78 2.80 AGNCN00 99.98
AGNFA00 AAQZB00 81.05 AGNCM00 18.93 Agbami AGMCY00 100.28 AGMFA00 2.67 AGMCN00 97.60 AAQZB00 81.05 AGMCM00 16.55
Arab Berri BENCY00 102.93 BENFA00 1.32 BENCN00 101.61 AAXDU00 85.47 BENCM00 16.14
Arab Heavy AHNCY00 91.21 TDDAN00 1.39 AHNCN00 89.83 AAXDH00 80.27 AHNCM00 9.56 Arab Heavy AHMCY00 92.07 TDDAI00 1.39 AHMCN00 90.68 AAXDH00 80.27 AHMCM00 11.01
Arab Light LINCY00 99.85 TDDAV00 1.35 LINCN00 98.50 AAXDK00 83.67 LINCM00 14.83 Arab Light LIMCY00 98.88 TDDAQ00 1.35 LIMCN00 97.53 AAXDK00 83.67 LIMCM00 14.36
Arab Medium MENCY00 94.23 TDDBD00 1.36 MENCN00 92.87 AAXDM00 82.97 MENCM00 9.90 Arab Medium MEMCY00 94.15 TDDAY00 1.37 MEMCN00 92.78 AAXDM00 82.97 MEMCM00 10.11
Azeri Light ZLNCY00 105.23 TDDBI00 2.97 ZLNCN00 102.26 AATHM00 84.14 ZLNCM00 15.98 Azeri Light* ZLMCY00 103.39 AAGZX00 87.90 ZLMCM00 15.49
Basrah Medium BLNCY00 92.44 TDDBU00 4.86 BLNCN00 87.57 BSMAM01 80.58 BLNCM00 5.82 Basrah Medium BLMCY00 93.38 TDDBR00 3.44 BLMCN00 89.94 BSMAM01 80.58 BLMCM00 8.18
Bonny Light YLNCY00 106.33 YLNFA00 3.07 YLNCN00 103.25 PCAIC00 84.65 YLNCM00 18.60 Bonny Light YLMCY00 104.44 YLMFA00 2.93 YLMCN00 101.51 PCAIC00 84.65 YLMCM00 16.86
Brent BRNCY00 101.53 TDDCD00 2.89 BRNCN00 98.64 AAVJA00 86.22 BRNCM00 12.42
Cabinda CBNCY00 100.49 TDDQR00 3.35 CBNCN00 97.14 PCAFD00 83.60 CBNCM00 13.54 Cabinda CBMCY00 98.90 CBMFA00 3.20 CBMCN00 95.69 PCAFD00 83.60 CBMCM00 12.09
CPC Blend CPNCY00 102.45 CPNFA00 4.15 CPNCN00 98.31 AALVX00 75.78 CPNCM00 22.53 CPC Blend* CPMCY00 100.33 AAGZU00 79.70 CPMCM00 20.63
Dubai DBNCY00 97.99 DBNFA00 4.40 DBNCN00 93.46 PCAAT00 81.91 DBNCM00 9.96
Eagle Ford EANCY00 102.66 EANFA00 6.20 EANCN00 96.46 AAYAT00 79.48 EANCM00 16.87 Eagle Ford EAMCY00 100.35 TNEIF00 6.56 EAMCN00 93.80 AAYAT00 79.48 EAMCM00 14.21
Ekofisk EKNCY00 103.48 TDDCT00 1.84 EKNCN00 101.64 PCADI00 87.47 EKNCM00 14.18
Forties FTNCY00 101.77 TDDEZ00 2.18 FTNCN00 99.59 PCADJ00 86.11 FTNCM00 13.48 Forties FTMCY00 100.21 FTMFA00 3.06 FTMCN00 97.15 PCADJ00 86.11 FTMCM00 11.04
Iran Heavy BHNCY00 97.33 TDDDG00 4.79 BHNCN00 92.54 AIHKA00 78.46 BHNCM00 13.17 Iran Heavy BHMCY00 96.74 TDDDF00 3.35 BHMCN00 93.39 AIHKA00 78.46 BHMCM00 14.02
Johan Sverdrup JSNCY00 97.94 JSNFA00 2.31 JSNCN00 95.63 AJSVA00 83.68 JSNCM00 11.96 Johan Sverdrup JSMCY00 96.62 JSMFA00 3.26 JSMCN00 93.36 AJSVA00 83.68 JSMCM00 9.68
Kirkuk KRNCY00 98.57 TDDGH00 4.08 KRNCN00 94.49 AAEJD00 82.77 KRNCM00 9.74 Kirkuk KRMCY00 97.82 TDDFF00 2.23 KRMCN00 95.59 AAEJD00 82.77 KRMCM00 10.84
LLS LLNCY00 106.91 LLNFA00 6.51 LLNCN00 100.39 AAQBB00 80.78 LLNCM00 19.61 LLS LLMCY00 104.96 LLMFA00 6.89 LLMCN00 98.07 AAQBB00 80.78 LLMCM00 17.29
Maya MYNCY00 83.53 MYNFA00 6.67 MYNCN00 76.86 AAYXE00 71.82 MYNCM00 5.04
Oman OMNCY00 97.70 OMNFA00 4.33 OMNCN00 93.25 PCABS00 81.91 OMNCM00 9.77 Oman OMMCY00 96.73 2.95 OMMCN00 93.70
OMMFA00 PCABS00 81.91 OMMCM00 10.22
Saharan Blend SHNCY00 103.33 TDDGI00 2.56 SHNCN00 100.77 AAGZY00 85.00 SHNCM00 15.77 Saharan Blend SHMCY00 101.28 1.86 SHMCN00 99.43
TDDFG00 AAGZY00 85.00 SHMCM00 14.43
Urals* URNCY00 100.28 PCAFW00 70.69 URNCM00 29.59 Urals* URMCY00 97.70 PCACE00 72.30 URMCM00 25.40
WTI MEH WTNCY00 103.08 WTNFA00 6.30 WTNCN00 96.78 AAYRZ00 79.98 WTNCM00 16.80
*Indicates the crude price is a CIF value

Commodity Insights Analytics Asian yields & netbacks effective February 13, 2024 ($/barrel)
Singapore (PGA page 2811) Singapore (PGA page 2811)

Crack Yield Freight Crack Netback Crude Price Crack Margin Crack Yield Freight Crack Netback Crude Price Crack Margin
Agbami AGSCY00 96.51 AGSFA00 2.85 AGSCN00 93.65 AAQZB00 81.05 AGSCM00 13.27 Forties FTSCY00 94.52 TNEFD00 4.05 FTSCN00 90.47 PCADJ00 86.11 FTSCM00 5.03
Arab Berri BESCY00 95.10 BESFA00 1.61 BESCN00 93.45 AAXDV00 83.46 BESCM00 9.99 Kimanis KISCY00 104.98 KISFA00 1.33 KISCN00 103.65 AASCL00 90.02 KISCM00 13.63
Arab Heavy AHSCY00 84.39 TDDAO00 1.67 AHSCN00 82.68 AAXDG00 81.61 AHSCM00 1.07 LLS LLSCY00 98.58 LLSFA00 4.51 LLSCN00 94.06 AAZDC00 79.94 LLSCM00 13.95
Arab Light LISCY00 92.70 TDDAW00 1.64 LISCN00 91.02 AAXDJ00 83.41 LISCM00 7.61 Mars MRSCY00 90.35 MRSFA00 4.67 MRSCN00 85.67 AAMBR00 77.77 MRSCM00 8.46
Arab Medium MESCY00 87.42 TDDBE00 1.65 MESCN00 85.72 AAXDL00 82.66 MESCM00 3.06 Maya MYSCY00 81.55 MYSFA00 4.90 MYSCN00 76.65 AAYXG00 72.76 MYSCM00 3.89
Basrah Medium BHSCY00 86.37 BHSFA00 1.76 BHSCN00 84.57 BSMAM01 80.58 BHSCM00 3.46 Minas MNSCY00 98.08 TDDDX00 1.34 MNSCN00 96.74 PCABO00 76.09 MNSCM00 20.65
Bonny Light YLSCY00 99.09 YLSFA00 3.08 YLSCN00 96.00 PCAIC00 84.65 YLSCM00 12.02 Oman OMSCY00 88.66 TDDEB00 1.48 OMSCN00 87.14 PCABS00 81.91 OMSCM00 5.23
Cabinda CBSCY00 96.89 TDDQS00 2.97 CBSCN00 93.92 PCAFD00 83.60 CBSCM00 10.99 Qua lboe QBSCY00 99.67 QBSFA00 3.08 QBSCN00 96.59 PCAID00 85.25 QBSCM00 12.01
Castilla CSSCY00 76.47 CSSFA00 5.00 CSSCN00 71.46 AAVEQ00 72.89 CSSCM00 -0.86 Saharan Blend SHSCY00 94.53 SHSFA00 3.03 SHSCN00 91.50 AAGZY00 85.00 SHSCM00 6.33
Dalia DLSCY00 97.31 DLSFA00 3.08 DLSCN00 94.24 AAQYX00 81.80 DLSCM00 13.11 Tapis TPSCY00 97.32 TDDEO00 1.31 TPSCN00 96.01 PCACB00 84.77 TPSCM00 11.24
Dubai DBSCY00 91.62 TDDCQ00 1.55 DBSCN00 90.03 PCAAT00 81.91 DBSCM00 8.12 Tupi* LUSCY00 96.34 LUQDA00 84.39 LUSCM00 13.05
Duri DRSCY00 95.96 TDDCR00 1.48 DRSCN00 94.48 PCABA00 87.07 DRSCM00 7.41 Urals URSCY00 92.34 URSFA00 3.21 URSCN00 89.14 AAGZS00 67.07 URSCM00 22.74
Eagle Ford EASCY00 96.24 EASFA00 4.33 EASCN00 91.91 AAYAT00 79.48 EASCM00 12.99 WTI MEH WTSCY00 96.09 WTSFA00 4.40 WTSCN00 91.69 AAZDF00 79.19 WTSCM00 12.38
ESPO ESSCY00 95.64 ESSFA00 1.34 ESSCN00 94.30 AARWF00 77.82 ESSCM00 16.48
*Indicates the crude price is a CIF value

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

Crude Carbon Intensity
A daily supplement to Crude Oil Marketwire

Platts crude carbon intensity assessments - grades, February 13, 2024 (PGA/PCR page 4206)
Daily Carbon Intensity Premium Monthly Carbon Intensity*
Symbol $/b Symbol Date kg CO2 eq/b
Africa (PGA/PCR page 4206)
Saharan Blend AGING00 0.33 AGINO40 Dec-23 26.02

North America (PGA/PCR page 4206)

WTI Midland WXTIC00 0.50 WXTIC40 Dec-23 38.83

Europe (PGA/PCR page 4206)

Brent BXREC00 0.82 BXREC40 Dec-23 63.97
Ekofisk EXKOC00 0.30 EXKOC40 Dec-23 23.04
Forties FXORC00 0.29 FXORC40 Dec-23 22.49
Oseberg OXSEC00 1.28 OXSEC40 Dec-23 99.49
Troll TXROC00 5.98 TXROC40 Dec-23 465.23

Middle East (PGA/PCR page 4206)

Al-Shaheen AGINC00 0.12 AGINK40 Dec-23 9.58
Arab Light AGINF00 0.24 AGINN40 Dec-23 18.97
Das Blend AGINE00 0.31 AGINM40 Dec-23 24.24
Dubai AGINA00 0.35 AGINI40 Dec-23 26.98
Murban AGINH00 0.30 AGINP40 Dec-23 23.40
Oman AGINB00 0.25 AGINJ40 Dec-23 19.21
UpperZakum AGIND00 0.17 AGINL40 Dec-23 13.01
Upstream CI values are modelled on a marginal basis and are published monthly. CI Premiums are assessed daily.
*Upstream marginal CI value is assessed from the field to the storage terminal.
Details on the Platts methodology can be found at spglobal.com/commodityinsights/.

Platts crude carbon intensity assessments - fields, February 13, 2024 (PGA page 4200)
Daily Carbon Intensity Premium Monthly Carbon Intensity* Daily Transport Carbon Intensity Premium Monthly Transport Carbon Intensity**
Symbol $/boe Symbol Date kg CO2 eq/boe Route Symbol $/b Symbol Date kg CO2 eq/b
Asia Pacific & Middle East Fields (PGA/PCR page 4201)
China
Bozhong BOZHC00 0.43 BOZHC40 Dec-23 33.51 Bohai Pengbo-Singapore BOZHC10 0.05 BOZHC50 Dec-23 4.24
India
Bombay High MUMBC00 0.33 MUMBC40 Dec-23 25.64 Bombay High-Qingdao MUMBC10 0.09 MUMBC50 Dec-23 6.80
Iran
Marun MARUC00 0.44 MARUC40 Dec-23 34.59 Kharg Island-Qingdao MARUC10 0.12 MARUC50 Dec-23 8.96
Iraq
Kirkuk KIRKC00 0.56 KIRKC40 Dec-23 43.37 Ceyhan-R’dam KIRKC10 0.06 KIRKC50 Dec-23 4.55
Rumaila RUMAC00 0.28 RUMAC40 Dec-23 21.64 Al Basrah-Sikka RUMAC10 0.03 RUMAC50 Dec-23 2.09

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Crude Oil Marketwire February 13, 2024

Platts crude carbon intensity assessments - fields (continued) (PGA page 4200)
Daily Carbon Intensity Premium Monthly Carbon Intensity* Daily Transport Carbon Intensity Premium Monthly Transport Carbon Intensity**
Symbol $/boe Symbol Date kg CO2 eq/boe Route Symbol $/b Symbol Date kg CO2 eq/b
West Qurna-2 WESTC00 0.38 WESTC40 Dec-23 29.70 Al Basrah-Sikka WESTC10 0.03 WESTC50 Dec-23 2.22
Zubair ZUBAC00 0.46 ZUBAC40 Dec-23 35.68 Al Basrah-Sikka ZUBAC10 0.03 ZUBAC50 Dec-23 2.09
Kuwait
Burgan BURGC00 0.22 BURGC40 Dec-23 16.83 Mina-Ulsan BURGC10 0.12 BURGC50 Dec-23 9.31
Oman
Oman Basin AMRGF00 0.23 AMRGS40 Dec-23 18.23 Salalah-Tranmere ASITF10 0.11 ASITS50 Dec-23 8.59
Qatar
Al-Shaheen AMRGE00 0.11 AMRGR40 Dec-23 8.73 Al-Shaheen-Singapore ASITE10 0.07 ASITR50 Dec-23 5.63
Dukhan DUKHC00 1.48 DUKHC40 Dec-23 115.39 Mesaieed-Singapore DUKHC10 0.07 DUKHC50 Dec-23 5.03
Saudi Arabia
Abu Hadriya AMRGI00 0.23 AMRGV40 Dec-23 18.18 Ras Tanura-Ain Sukhna ASITI10 0.02 ASITV50 Dec-23 1.27
Ghawar GHWRC00 0.23 GHWRC40 Dec-23 17.87 Ras Tanura-Qingdao GHWRC10 0.11 GHWRC50 Dec-23 8.33
Khurais AMRGH00 0.23 AMRGU40 Dec-23 17.85 Ras Tanura-Ain Sukhna ASITH10 0.02 ASITU50 Dec-23 1.20
Safaniya SAFAC00 0.20 SAFAC40 Dec-23 15.53 Ras Tanura-Changxing SAFAC10 0.12 SAFAC50 Dec-23 9.53
Zuluf ZULUC00 0.29 ZULUC40 Dec-23 22.25 Ras Tanura-Changxing ZULUC10 0.12 ZULUC50 Dec-23 9.24
UAE
Abu Al Bukhoosh AMRGM00 0.15 AMRGZ40 Dec-23 11.27 Zirku-Sikka ASITM10 0.02 ASITZ50 Dec-23 1.65
El Bunduq AMRGL00 0.46 AMRGY40 Dec-23 35.91 Zirku-Sikka ASITL10 0.02 ASITY50 Dec-23 1.57
Falah AMRGA00 0.14 AMRGN40 Dec-23 10.69 Falah-Kiire ASITA10 0.13 ASITN50 Dec-23 10.36
Fateh FATEC00 0.22 FATEC40 Dec-23 17.13 Fateh-Kiire FATEC10 0.11 FATEC50 Dec-23 8.56
Lower Zakum AMRGD00 0.15 AMRGQ40 Dec-23 11.59 Zirku-Sikka ASITD10 0.02 ASITQ50 Dec-23 1.70
Murban MURBC00 0.25 MURBC40 Dec-23 19.45 Fujairah-Chiba MURBC10 0.11 MURBC50 Dec-23 8.55
Nasr AMRGK00 0.19 AMRGX40 Dec-23 15.02 Zirku-Sikka ASITK10 0.02 ASITX50 Dec-23 1.62
Rashid AMRGB00 0.42 AMRGO40 Dec-23 32.60 Mina-Kiire ASITB10 0.13 ASITO50 Dec-23 10.17
Umm Shaif AMRGJ00 0.29 AMRGW40 Dec-23 22.69 Zirku-Sikka ASITJ10 0.02 ASITW50 Dec-23 1.60
Upper Zakum AMRGC00 0.15 AMRGP40 Dec-23 11.70 Zirku-Zhoushan ASITC10 0.12 ASITP50 Dec-23 9.05

Africa Fields (PGA/PCR page 4202)

Algeria
Hassi Messaoud AMRGG00 0.29 AMRGT40 Dec-23 22.15 Skikda-Tranmere ASITG10 0.03 ASITT50 Dec-23 2.07
Angola
Girassol GRSLC00 0.15 GRSLC40 Dec-23 11.81 Girassol-Qingdao GRSLC10 0.17 GRSLC50 Dec-23 13.18
Libya
Waha WAHAC00 0.46 WAHAC40 Dec-23 35.84 Zawia-Augusta WAHAC10 0.01 WAHAC50 Dec-23 0.44
Nigeria
Agbami AGBAC00 0.34 AGBAC40 Dec-23 26.10 Agbami-Paradip AGBAC10 0.13 AGBAC50 Dec-23 10.25
Bonga BONGC00 0.16 BONGC40 Dec-23 12.35 Bonga-R’dam BONGC10 0.08 BONGC50 Dec-23 6.26

Europe Fields (PGA/PCR page 4202)

Azerbaijan
Azeri AZERC00 0.23 AZERC40 Dec-23 18.24 Ceyhan-Sarroch AZERC10 0.03 AZERC50 Dec-23 1.93
Kazakhstan
Tengiz TNGZC00 0.25 TNGZC40 Dec-23 19.46 Novo-R’dam TNGZC10 0.06 TNGZC50 Dec-23 4.62
Norway
Alvheim ALVHC00 0.11 ALVHC40 Dec-23 8.77 Alvheim-Le Havre ALVHC10 0.01 ALVHC50 Dec-23 0.85

© 2024 by S&P Global Inc. All rights reserved. 32

Crude Oil Marketwire February 13, 2024

Platts crude carbon intensity assessments - fields (continued) (PGA page 4200)
Daily Carbon Intensity Premium Monthly Carbon Intensity* Daily Transport Carbon Intensity Premium Monthly Transport Carbon Intensity**
Symbol $/boe Symbol Date kg CO2 eq/boe Route Symbol $/b Symbol Date kg CO2 eq/b
Brage BRAGC00 0.92 BRAGC40 Dec-23 71.26 Sture - Brofjorden BRAGC10 0.01 BRAGC50 Dec-23 0.48
Edvard-Grieg EDVAC00 0.06 EDVAC40 Dec-23 4.33 Edvard Grieg-Sarroch EDVAC10 0.04 EDVAC50 Dec-23 2.97
Ekofisk EKFSC00 0.35 EKFSC40 Dec-23 27.06 Teesside-R’dam EKFSC10 0.01 EKFSC50 Dec-23 0.36
Embla EMBLC00 0.07 EMBLC40 Dec-23 5.32 Teesside-R’dam EMBLC10 0.01 EMBLC50 Dec-23 0.36
Fram FRAMC00 0.17 FRAMC40 Dec-23 13.35 Mongstad-R’dam FORTD10 0.01 FORTD50 Dec-23 0.84
Goliat GOLIC00 0.04 GOLIC40 Dec-23 2.96 Goliat-R’dam GOLIC10 0.02 GOLIC50 Dec-23 1.73
Grane GRANC00 0.06 GRANC40 Dec-23 4.32 Sture-Immingham GRANC10 0.01 GRANC50 Dec-23 0.63
Gullfaks GULLC00 0.18 GULLC40 Dec-23 14.30 Gullfaks-Brofjorden GULLC10 0.01 GULLC50 Dec-23 0.46
Heidrun HEIDC00 0.16 HEIDC40 Dec-23 12.38 Heidrun-R’dam HEIDC10 0.02 HEIDC50 Dec-23 1.22
Ivar-Aasen IVARC00 0.03 IVARC40 Dec-23 2.40 Ivar Aasen-R’dam IVARC10 0.01 IVARC50 Dec-23 0.80
Johan Sverdrup JSVRC00 0.02 JSVRC40 Dec-23 1.55 Mongstad-R’dam JSVRC10 0.01 JSVRC50 Dec-23 0.79
Oseberg OSEBC00 0.26 OSEBC40 Dec-23 20.17 Sture-R’dam OSEBC10 0.01 OSEBC50 Dec-23 0.69
Snorre SNORC00 0.18 SNORC40 Dec-23 13.92 Snorre-Statfjord SNORC10 0.00 SNORC50 Dec-23 0.14
Statfjord STATC00 4.23 STATC40 Dec-23 329.08 Statfjord-R’dam STATC10 0.01 STATC50 Dec-23 0.75
Troll TROLC00 0.25 TROLC40 Dec-23 19.70 Mongstad-R’dam TROLC10 0.01 TROLC50 Dec-23 0.79
Ula ULACC00 0.64 ULACC40 Dec-23 49.60 Teesside-R’dam ULACC10 0.01 ULACC50 Dec-23 0.37
Valhall VALHC00 0.07 VALHC40 Dec-23 5.30 Valhall-R’dam VALHC10 0.00 VALHC50 Dec-23 0.35
United Kingdom
Alwyn North ALWYC00 0.06 ALWYC40 Dec-23 4.59 Sullom Voe-R’dam ALWYC10 0.01 ALWYC50 Dec-23 0.81
Arbroath ARBRC00 0.11 ARBRC40 Dec-23 8.86 Houndpoint-R’dam ARBRC10 0.01 ARBRC50 Dec-23 0.55
Auk AUKCD00 0.23 AUKCC40 Dec-23 17.49 Teesside-R’dam AUKCC10 0.01 AUKCC50 Dec-23 0.37
Brae BRAEC00 0.15 BRAEC40 Dec-23 11.74 Houndpoint-R’dam BRAEC10 0.01 BRAEC50 Dec-23 0.56
Bruce BRUCC00 0.75 BRUCC40 Dec-23 58.31 Houndpoint-R’dam BRUCC10 0.01 BRUCC50 Dec-23 0.56
Buzzard BZRDC00 0.25 BZRDC40 Dec-23 19.24 Houndpoint-R’dam BZRDC10 0.01 BZRDC50 Dec-23 0.53
Captain CAPTC00 0.43 CAPTC40 Dec-23 33.63 Captain-Hamburg CAPTC10 0.01 CAPTC50 Dec-23 0.72
Catcher CATCC00 0.18 CATCC40 Dec-23 13.81 Catcher-R’dam CATCC10 0.01 CATCC50 Dec-23 0.48
Clair CLAIC00 0.15 CLAIC40 Dec-23 11.57 Clair-Stanlow CLAIC10 0.01 CLAIC50 Dec-23 0.91
Clyde CLYDC00 0.40 CLYDC40 Dec-23 31.31 Teesside-R’dam CLYDC10 0.01 CLYDC50 Dec-23 0.37
Cormorant CORMC00 0.82 CORMC40 Dec-23 63.57 Sullom Voe-R’dam CORMC10 0.01 CORMC50 Dec-23 0.82
Everest EVERC00 0.18 EVERC40 Dec-23 14.00 Houndpoint-R’dam EVERC10 0.01 EVERC50 Dec-23 0.55
Forties FORTC00 0.18 FORTC40 Dec-23 13.76 Houndpoint-R’dam FORTC10 0.01 FORTC50 Dec-23 0.56
Gannet GANNC00 0.21 GANNC40 Dec-23 16.26 Teesside-R’dam GANNC10 0.01 GANNC50 Dec-23 0.38
Golden-Eagle GOLDC00 0.29 GOLDC40 Dec-23 22.76 Golden Eagle-Grangemouth GOLDC10 0.00 GOLDC50 Dec-23 0.14
Joanne JOANC00 0.08 JOANC40 Dec-23 6.14 Teesside-R’dam JOANC10 0.01 JOANC50 Dec-23 0.37
Judy JUDYC00 0.33 JUDYC40 Dec-23 25.93 Teesside-R’dam JUDYC10 0.01 JUDYC50 Dec-23 0.38
Kraken KRAKC00 0.26 KRAKC40 Dec-23 20.29 Kraken-R’dam KRAKC10 0.01 KRAKC50 Dec-23 0.80
Magnus MAGNC00 0.17 MAGNC40 Dec-23 12.84 Sullom Voe-R’dam MAGNC10 0.01 MAGNC50 Dec-23 0.81
Mariner MARIC00 0.17 MARIC40 Dec-23 13.49 Mariner-Pascagoula MARIC10 0.09 MARIC50 Dec-23 6.85
Nelson NELSC00 0.12 NELSC40 Dec-23 9.64 Houndpoint-R’dam NELSC10 0.01 NELSC50 Dec-23 0.55
Ninian NINIC00 1.98 NINIC40 Dec-23 153.78 Sullom Voe-R’dam NINIC10 0.01 NINIC50 Dec-23 0.83
Schiehallion SCHIC00 0.21 SCHIC40 Dec-23 16.47 Schiellhallion-R’dam SCHIC10 0.01 SCHIC50 Dec-23 0.85
Scott SCOTC00 0.14 SCOTC40 Dec-23 10.67 Houndpoint-R’dam SCOTC10 0.01 SCOTC50 Dec-23 0.55
Tiffany TIFFC00 0.16 TIFFC40 Dec-23 12.22 Houndpoint-R’dam TIFFC10 0.01 TIFFC50 Dec-23 0.55
Toni TONIC00 0.17 TONIC40 Dec-23 12.96 Houndpoint-R’dam TONIC10 0.01 TONIC50 Dec-23 0.55
Russia
Samotlor SAMOC00 0.37 SAMOC40 Dec-23 29.00 Primorsk-R’dam SAMOC10 0.03 SAMOC50 Dec-23 1.97

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Crude Oil Marketwire February 13, 2024

Platts crude carbon intensity assessments - fields (continued) (PGA page 4200)
Daily Carbon Intensity Premium Monthly Carbon Intensity* Daily Transport Carbon Intensity Premium Monthly Transport Carbon Intensity**
Symbol $/boe Symbol Date kg CO2 eq/boe Route Symbol $/b Symbol Date kg CO2 eq/b
North America Fields
Canada (PGA/PCR page 4204)
Bakken-Canada BAKKC00 0.45 BAKKC40 Dec-23 35.22 Canada-USMW BAKKC10 0.05 BAKKC50 Dec-23 3.91
Cold Lake CDLKC00 1.08 CDLKC40 Dec-23 83.81 W Canada-USMW CDLKC10 0.06 CDLKC50 Dec-23 4.86
CVE Christina Lake CVECC00 0.57 CVECC40 Dec-23 44.42 Canada-USMW CVECC10 0.06 CVECC50 Dec-23 4.86
Foster Creek FOSTC00 0.76 FOSTC40 Dec-23 58.72 Canada-USGC FOSTC10 0.07 FOSTC50 Dec-23 5.69
Hebron HEBRC00 0.13 HEBRC40 Dec-23 9.69 Hebron-Canada HEBRC10 0.11 HEBRC50 Dec-23 8.89
Hibernia HIBEC00 0.39 HIBEC40 Dec-23 30.41 Hibernia-Canada HIBEC10 0.13 HIBEC50 Dec-23 9.82
Jackfish JACKC00 0.89 JACKC40 Dec-23 69.54 Canada-USMW JACKC10 0.06 JACKC50 Dec-23 4.37
MEG Christina Lake MEGCC00 0.76 MEGCC40 Dec-23 58.81 Canada-USGC MEGCC10 0.08 MEGCC50 Dec-23 5.99
Montney Shale MONTC00 0.36 MONTC40 Dec-23 27.95 Montney-Canada MONTC10 0.01 MONTC50 Dec-23 0.81
Surmont SURMC00 0.85 SURMC40 Dec-23 65.74 Canada-USGC SURMC10 0.07 SURMC50 Dec-23 5.54
United States (PGA/PCR page 4205)
Bakken BAKNC00 0.28 BAKNC40 Dec-23 21.42 Beaumont-R’dam BAKNC10 0.08 BAKNC50 Dec-23 6.46
Denver-Julesburg DENVC00 0.36 DENVC40 Dec-23 28.35 Denver-USGC DENVC10 0.03 DENVC50 Dec-23 2.47
Eagle Ford EGFDC00 0.22 EGFDC40 Dec-23 16.70 Houston-Qingdao EGFDC10 0.17 EGFDC50 Dec-23 12.85
Mars-Ursa MRURC00 0.18 MRURC40 Dec-23 13.72 Mars-Qingdao MRURC10 0.18 MRURC50 Dec-23 14.04
Permian Delaware PRDLC00 0.23 PRDLC40 Dec-23 17.79 Corpus Christi-R’dam PRDLC10 0.08 PRDLC50 Dec-23 6.51
Permian Midland PRMDC00 0.25 PRMDC40 Dec-23 19.19 Corpus Christi-R’dam PRMDC10 0.09 PRMDC50 Dec-23 6.70
Prudhoe-Bay PRUDC00 0.42 PRUDC40 Dec-23 32.88 Alaska-USWC PRUDC10 0.04 PRUDC50 Dec-23 2.86
San-Joaquin SANMC00 2.26 SANMC40 Dec-23 175.94 San Joaquin-SoCal SANAC10 0.01 SANAC50 Dec-23 0.77
SCOOP-STACK SCOOC00 0.42 SCOOC40 Dec-23 32.35 Oklahoma-USGC SCOOC10 0.01 SCOOC50 Dec-23 1.01
Tahiti TAHIC00 0.21 TAHIC40 Dec-23 16.51 Tahiti-Yeosu TAHIC10 0.17 TAHIC50 Dec-23 13.15

Latin America Fields (PGA/PCR page 4203)

Brazil
Tupi TUPIC00 0.22 TUPIC40 Dec-23 17.11 Rio-Qingdao TUPIC10 0.20 TUPIC50 Dec-23 15.64
Colombia
Cusiana CUSIC00 0.28 CUSIC40 Dec-23 22.12 Tolu-Houston CUSIC10 0.03 CUSIC50 Dec-23 2.28
Ecuador
Sacha SACHC00 0.29 SACHC40 Dec-23 22.21 Esmeraldas-Long Beach SACHC10 0.06 SACHC50 Dec-23 4.57
Mexico
Cantarell CNTLC00 0.27 CNTLC40 Dec-23 21.31 Cantarell-Bilbao CNTLC10 0.09 CNTLC50 Dec-23 7.22
Venezuela
Orinoco Oil Belt ORINC00 4.19 ORINC40 Dec-23 326.02 Jose-Sikka ORINC10 0.18 ORINC50 Dec-23 14.29
Upstream CI values are modelled on a marginal basis and are published monthly. Carbon Intensity Premiums are assessed daily. Venezuela’s Orinoco Belt upstream marginal carbon intensity is calculated using only the Hamaca basin.
*Upstream marginal CI number is assessed from the field to the storage terminal. **Transport CI is calculated from storage terminal to refinery gate and for shipping routes assumes an Aframax vessel.
Details on the Platts methodology can be found at spglobal.com/commodityinsights/.

© 2024 by S&P Global Inc. All rights reserved. 34