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Crude Oil Marketwire

Volume 44 / Issue 154 / August 8, 2023

Key benchmarks ($/barrel) Brent/WTI spreads and EFPs (PGA page 218) Market Commentary
Mid Change Mid Change
(PGA page 2210) Brent/WTI 1st AALAU00 4.16/4.18 4.170 +0.130
Dubai (Oct) PCAAT00 87.09–87.11 87.100 -0.640 Brent/WTI 2nd AALAV00 4.18/4.20 4.190 +0.090 Platts Middle East Sour Crude Daily Market
Dubai (Nov)
Dubai (Dec)
PCAAU00
PCAAV00
85.94–85.96
85.01–85.03
85.950
85.020
-0.560
-0.510
Brent/WTI 3rd AALAY00
Brent EFP (Oct) AAGVX00 0.30/0.32
4.240
0.310
+0.090
+0.190
Analysis
MEC (Oct) AAWSA00 87.09–87.11 87.100 -0.640 Brent EFP (Nov) AAGVY00 0.30/0.32 0.310 +0.190
MEC (Nov) AAWSB00 85.94–85.96 85.950 -0.560 Brent EFP (Dec) AAMVY00 0.310 +0.190 „ Trade activity awaits Aramco’s allocations
MEC (Dec) AAWSC00 85.01–85.03 85.020 -0.510 WTI EFP (Sep) AAGVT00 0.07/0.09 0.080 +0.080
Brent/Dubai (Oct) AAJMS00 -1.58/-1.56 -1.570 0.000 WTI EFP (Oct) AAGVU00 -0.01/0.01 0.000 0.000 „ ‘Adequate’ supply from Aramco
(PGA page 1212)
Brent (Dated) PCAAS00 86.65–86.66 86.655 +0.105
WTI EFP (Nov) AAGVV00 -0.01/0.01 0.000 0.000 Trade activity was largely muted in the Middle East
Dated North Sea Light AAOFD00 86.65–86.66 86.655 +0.105 sour crude market Aug. 8 ahead of Saudi Aramco’s
Dated Brent (CIF) PCAKM00 87.725 +0.170 Middle East ($/barrel) allocations of September-loading cargoes.
Brent (Oct) PCAAQ00 85.30–85.32 85.310 -0.090
(PGA page 2210) Mid Change
Brent (Nov) PCAAR00 84.85–84.87 84.860 -0.140 Oman (Oct) PCABS00 87.09–87.11 87.100 -0.760 Sentiment for the October-loading medium
Brent (Dec) PCARR00 84.430 -0.140 Oman (Nov) 85.94–85.96 85.950 -0.680
Sulfur de-escalator AAUXL00 0.15 Oman (Dec)
AAHZF00
AAHZH00 85.01–85.03 85.020 -0.630
sour complex remained firm, according to sources,
Oseberg QP (Aug)
Oseberg QP (Sep)
AAXDW00
AAXDX00
1.3083
1.1051
Upper Zakum (Oct) AAOUQ00 87.08–87.12 87.100 -0.640 underpinned by OPEC+ voluntary cuts. They added that
Murban (Oct) AAKNL00 87.70–87.74 87.720 -0.510
Ekofisk QP (Aug) AAXDY00 1.0796 Murban (Nov) MBNSA00 86.570 -0.430
Saudi Aramco’s recent hike of its September official selling
Ekofisk QP (Sep) AAXDZ00 1.0163
Troll QP (Aug) ATFNB00 1.8663
Murban (Dec) MBNSB00 85.640 -0.380 price differentials would continue to spur spot buying,
Al Shaheen AAPEV00 87.10–87.14 87.120 -0.630
Troll QP (Sep) ATFNA00 1.5719 Spread vs Dubai further lending support to the overall sour complex.
(PGA page 210) Dubai DBDDC00 2.080 -0.130 (continued on page 3)
Platts AGS AGSAA00 84.990 +1.080 Oman DBDOC00 2.080 -0.250
WTI FOB USGC Decades Avg ADECA00 84.930 +1.070 Murban AARBZ00 2.700 0.000
WTI (Sep) PCACG00 82.99–83.01 83.000 +1.060
WTI (Oct) PCACH00 82.35–82.37 82.360 +0.870
Al Shaheen
Upper Zakum
AAPEW00
DBDUZ00
2.05–2.15 2.100
2.080
-0.120
-0.130
Contents
WTI (Nov) AAGIT00 81.84–81.86 81.850 +0.830
Light Houston Sweet AAXEW00 84.400 +1.110
Quality Premiums Platts Oil Mideast Sour Crude Convergences. ......................... 3
Murban QP AASVA00 0.0000
Light Houston Sweet M2 AAYRY00 83.760 +0.870
(PGA page 2658) Platts Middle East Sour Crude Bids, Offers, Trades..................... 4
LOOP Sour (Sep) AALSM01 84.000 +1.060
Dubai Swap (Sep) AAHBM00 85.93–85.97 85.950 -0.560
LOOP Sour (Oct) AALSM02 82.810 +1.020 Platts Dubai Derivatives Bids Summary. ............................... 6
LOOP Sour (Nov) AALSM03 82.150 +0.930 Dubai Swap (Oct) AAHBN00 85.00–85.04 85.020 -0.510
Bakken AAXPP00 82.280 +1.100 Dubai Swap (Nov) AAHBO00 84.19–84.23 84.210 -0.500 Platts Dubai Derivatives Offers Summary. ............................. 6
Eagle Ford Marker AAYAJ00 81.380 +0.990
ACM* (Sep) AAQHN00 83.59–83.61 83.600 +1.060 Platts Dubai Derivatives Trades Summary.............................. 7
ACM* (Oct) AAQHO00 82.40–82.42 82.410 +1.020
ACM* (Nov) AAQHP00 81.74–81.76 81.750 +0.930 Platts Dubai Derivatives Exclusions. ................................... 7
*Americas Crude Marker. Platts Asia Pacific Sweet Crude Daily Market Analysis. ................ 7
Forward Dated Brent ($/barrel) (PGA page 1250) Platts Asia Light Sweet Crude Bids, Offers, Trades. .................... 9
Mid Change
North Sea Dated strip AAKWH00 85.81–85.83 85.820 +0.070 Platts North Sea Crude Daily Market Analysis.......................... 9
Mediterranean Dated strip AALDF00 85.81–85.82 85.815 +0.080
33-63 Day Dated strip AALEJ00 84.66–84.67 84.665 -0.310 Platts North Sea Dated Brent, BFOE, CFD Bids, Offers, Trades. ....... 10
BTC Dated strip AAUFI00 85.69–85.70 85.695 +0.050
15-45 Day Dated strip AALGM00 85.41–85.42 85.415 -0.015 Platts WTI Midland Crude DAP Europe Bids, Offers, Trades............. 17
30-60 Day Dated strip AAXRK00 84.72–84.74 84.730 -0.305
Platts Mediterranean & Black Sea Sweet Crude Daily Commentary. ... 17
North Sea CIF Dtd strip AAHXE00 85.770 +0.065
23-63 Day Dated Strip ADBRA00 84.805 -0.295 Platts NWE and Med Urals Sour Crude Daily Market Analysis. ......... 17

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Crude Oil Marketwire August 8, 2023

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 75.95–75.99 75.970 -0.500 AAPAI00 -8.850 +0.050 AAPAH00 75.960 -0.240
Ichthys FC 48.9 ICFCA00 84.420 -0.500 ICFCB00 -0.400 +0.050
DFC 56.82 ADFCA00 79.30–79.34 79.320 -0.460 ADFCB00 -5.75/-5.65 -5.700 +0.050 ADFCC00 -5.500 +0.090 ADFCD00 78.840 -0.220
Qatar LSC 56.9 AARBB00 78.70–78.74 78.720 -0.460 AARBD00 -6.35/-6.25 -6.300 +0.050 AARBC00 -6.100 +0.090 AARBA00 78.240 -0.220
South Pars 57.4 AARAV00 74.45–74.49 74.470 -0.460 AARAX00 -10.60/-10.50 -10.550 +0.050 AARAW00 -10.350 +0.090 AARAU00 73.990 -0.220
Diff to ICP
Senipah 54.4 AAEOE00 72.50–72.54 72.520 -0.500 AAEOK00 -6.80/-6.70 -6.750 +0.050 AAPBE00 -12.300 +0.050 AAPBD00 72.510 -0.240
Light crude (PGA page 2214) (PGA page 2215)
Diff to ICP Diff to Asian Dated Brent
Cossack 47.7 PCAGZ00 81.15–81.19 81.170 -0.500 AAPAC00 -3.650 +0.050 AAPAB00 81.160 -0.240
Tapis 45.2 PCACB00 90.05–90.09 90.070 -0.600 AAOZW00 5.250 -0.050 AAOZV00 90.060 -0.340
Belida 45.1 PCAFL00 75.75–75.79 75.770 -0.500 PCAFM00 -3.75/-3.65 -3.700 0.000 AAPBQ00 -9.050 +0.050 AAPBP00 75.760 -0.240
Kutubu 44.3 PCAFJ00 79.95–79.99 79.970 -0.500 AAPAE00 -4.850 +0.050 AAPAD00 79.960 -0.240
Attaka 42.3 PCAAJ00 75.65–75.69 75.670 -0.500 PCAAK00 -4.65/-4.55 -4.600 0.000 AAPBC00 -9.150 +0.050 AAPBB00 75.660 -0.240
Ardjuna 38 PCACQ00 80.50–80.54 80.520 -0.600 PCACR00 -1.05/-0.95 -1.000 -0.050 AAPBG00 -4.300 -0.050 AAPBF00 80.510 -0.340
Banyu Urip 32 PCAFQ00 90.520 -0.600 PCAQQ00 3.100 -0.050 AAPBU00 5.700 -0.050 AAPBR00 90.510 -0.340
Diff to Dubai
Sakhalin Blend 45.5 AARBN00 75.15–75.19 75.170 -0.510 AARCN00 -9.90/-9.80 -9.850 0.000 AARDN00 -9.650 +0.040 AAREN00 74.690 -0.270
ESPO M1 34.8 AARWF00 78.95–78.99 78.970 -0.660 AASEU00 -6.10/-6.00 -6.050 -0.150
ESPO M2 34.8 AAWFE00 78.04–78.08 78.060 -0.650 AAWFG00 -6.20/-6.10 -6.150 -0.150
Sokol 39.7 AASCJ00 78.00–78.04 78.020 -0.560 AASCK00 -7.05/-6.95 -7.000 -0.050 AAPAO00 -6.800 -0.010 AAPAN00 77.540 -0.320
Kikeh 34.9 AAWUH00 93.05–93.09 93.070 -0.600 AAOZY00 8.250 -0.050 AAOZX00 93.060 -0.340
Miri Light 32.3 PCABQ00 92.75–92.79 92.770 -0.600 AAPAS00 7.950 -0.050 AAPAR00 92.760 -0.340
Labuan 32 PCABL00 94.95–94.99 94.970 -0.600 AAPAQ00 10.150 -0.050 AAPAP00 94.960 -0.340
Kimanis 38.6 AASCL00 94.420 -0.600 AASCM00 9.600 -0.050 AASCN00 94.410 -0.340
Medium crude (PGA page 2216) (PGA page 2217)
Diff to Asian Dated Brent
Su Tu Den 36.8 AARAR00 92.45–92.49 92.470 -0.600 AARAS00 7.650 -0.050 AARAQ00 92.460 -0.340
Bach Ho 40.7 PCAHY00 93.30–93.34 93.320 -0.600 AAPAK00 8.500 -0.050 AAPAJ00 93.310 -0.340
Nanhai 40 PCAFR00 81.75–81.79 81.770 -0.600 AAPAG00 -3.050 -0.050 AAPAF00 81.760 -0.340
Nile Blend 33.9 AAPLC00 83.85–83.89 83.870 -0.600 AAPAM00 -0.950 -0.050 AAPAL00 83.860 -0.340
Daqing 32.2 PCAAZ00 82.05–82.09 82.070 -0.600 AAPAW00 -2.750 -0.050 AAPAV00 82.060 -0.340
Heavy crude (PGA page 2218) (PGA page 2219)
Diff to ICP Diff to Asian Dated Brent
Dar Blend 25 AARAB00 83.90–83.94 83.920 -0.600 AARAC00 -0.900 -0.050 AARAA00 83.910 -0.340
Shengli 24.2 PCABY00 84.85–84.89 84.870 -0.600 AAPAY00 0.050 -0.050 AAPAX00 84.860 -0.340
Duri 20.8 PCABA00 88.20–88.24 88.220 -0.600 PCABB00 2.55/2.65 2.600 0.000 AAPBM00 3.400 -0.050 AAPBL00 88.210 -0.340
Vincent 18.3 AARAK00 89.970 -0.600 AARAL00 5.150 -0.050 AARAJ00 89.960 -0.340

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 88.010 -0.500 WTMSD00 3.800 0.000 WTMSB00 3.570 +0.010
WTI Midland (DES Yeosu) WTMYA00 88.510 -0.500 WTMYD00 4.300 0.000 WTMYB00 4.070 +0.010
Brazil Delivered-Asia Spot Crudes
Tupi (DES Qingdao) LUQDA00 89.260 -0.600 LUQDD00 5.050 -0.100 LUQDB00 4.820 -0.090

© 2023 by S&P Global Inc. All rights reserved. 2

Crude Oil Marketwire August 8, 2023

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

Mid Change Spread vs Dubai Mid Change Spread vs OSP Mid Change
Umm Lulu AUFAA00 87.870 -0.510 DBDUL00 2.850 0.000
Das Blend AAXOF00 87.10–87.14 87.120 -0.510 DBDDS00 2.100 0.000
Qatar Land AAKNP00 86.28–86.32 86.300 -0.500 QALDA00 1.280 +0.010 AAKUJ00 0.40/0.50 0.450 0.000
Qatar Marine AAKNR00 86.08–86.12 86.100 -0.650 QAMDA00 1.080 -0.140 AAKUH00 0.25/0.35 0.300 0.000
Banoco Arab Medium AAKNT00 86.88–86.92 86.900 -0.650 AAKUD00 -1.00/-0.90 -0.950 0.000
Basrah Medium M1 BSMAM01 – 86.950 -0.650 BSMBM01 0.700 0.000
Basrah Medium M2 BSMAM02 – 86.000 -0.600 BSMBM02 0.700 0.000
Basrah Heavy M1 AALZC00 – 83.900 -0.650 AALZJ00 0.700 0.000
Basrah Heavy M2 AALZD00 – 82.950 -0.600 AALZK00 0.700 0.000

The medium Upper Zakum grade was heard

Asian market parity prices ($/barrel) (PGA page 2280)
(Asia close) (London close)
tentatively offered at a premium in the $2.30s/b to Mid Change Mid Change
Dubai, on an FOB basis. This follows four VLCCs of the Minas PCABO00 81.605 -0.510 AAPAZ00 81.595 -0.250
same grade said to have traded pre-cycle, as well as Cinta PCAAX00 71.140 -0.205 AAPBJ00 71.130 +0.055
Widuri PCAFE00 68.580 -0.290 AAPBN00 68.570 -0.030
a VLCC comprising a combination of Oman and Al- Cambay AMPPA00 85.225 -0.305
Shaheen, according to a source. Further details were Ravva AMPPB00 91.655 -0.710
Rajasthan AMPPC00 84.010 -0.455
not known.
Aramco’s supply to the market remained “adequate”
despite Saudi Arabia’s deeper and more extended cuts
Asian Crude Indices ($/barrel) (PGA page 2206)
to the market, the company’s CEO Amin Nasser said
16:30 Singapore Interim Asian Close Diff to Dated Brent Final London Close
during an investor call Aug. 7.
Asian Dated Brent (ADB) AAXPG00 86.680
“We still have adequate supply to satisfy our ADB Strip Asia AARBV00 84.820 AARBX00 84.810
customers over the long term,” Nasser said. ADB Strip Middle East AARBW00 84.820 AARBY00 84.340
ADB Strip M3 ADBS003 84.440
The company implements the cuts based on the For definitions see http://www.platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpecs/Crude-oil-methodology.pdf
numbers it receives from the Saudi government, the
CEO added.
The communique from the government does not members, which are scheduled to last through to the 8 took into consideration the declaration of one Oman
specify the crude grades whose supply restrictions end of December 2024. cargo on convergence of Dubai partials.
remain the prerogative of the company. Exclusions: No market data was excluded from the
“The targets that we get do not specify which Platts Mideast Sour Crude Daily Rationales & Middle East sour crude Market on Close assessment
grades we need to reduce at this level. We have five Exclusions process.
grades, and we optimize based on our customer base Dubai Mo01 <PCAAT00> assessment rationale: The Platts is part of S&P Global Commodity Insights.
and the need of different markets,” Nasser said. October cash Dubai assessment on Aug. 8 took into
Saudi Arabia extended its 1 million b/d voluntary consideration trades for cash Dubai partials at $87.10- Platts Oil Mideast Sour Crude
crude production cut until the end of September, its $87.11/b towards the end of the Platts Market on Close Convergences
energy ministry said in a statement Aug. 3. assessment process, as well as offers standing at
The voluntary cut comes on top of a previously $87.11/b at the end of the MOC. Platts Crude: Glencore declares a cargo of October
announced 500,000 b/d cut implemented from May, Oman Blend Mo01 <PCABS00> assessment Oman crude to Vitol following the convergence of 20
along with 1.2 million b/d in curbs being made by other rationale: The October cash Oman assessment on Aug. partials in Platts cash Dubai.

© 2023 by S&P Global Inc. All rights reserved. 3

Crude Oil Marketwire August 8, 2023

Platts Middle East Sour Crude Bids, Offers, North Sea spot crude assessments ($/barrel) (PGA page 1212)
Trades
Dated Brent Diff
Mid Change Spread vs fwd Dated Brent
AAXEZ00 0.83/0.84
Mid
0.835
Change
+0.035
BNB AAVJA00 86.66–86.68 86.670 +0.070 AAVJB00 0.84/0.86 0.850 0.000
Forties 86.70–86.72 86.710 +0.160 0.88/0.90 0.890 +0.090
Bids: PCADJ00 AAGWZ00
Oseberg PCAEU00 88.26–88.28 88.270 +0.080 AAGXF00 2.44/2.46 2.450 +0.010
PLATTS DUBAI: OCT23: BP BIDS 25KB AT $87.00 Ekofisk PCADI00 88.08–88.09 88.085 +0.080 AAGXB00 2.26/2.27 2.265 +0.010
Troll 88.72–88.73 88.725 +0.080 2.90/2.91 2.905 +0.010
PLATTS DUBAI: OCT23: PETROCHINA BIDS 25KB AAWEX00 AAWEY00
FOB N Sea WTI Midland ALNDA00 86.855 +0.200 ALNDB00 1.035 +0.130
AT $87.00 Statfjord PCAEE00 88.21–88.23 88.220 +0.070 AAGXD00 2.39/2.41 2.400 0.000
Flotta Gold 86.36–86.38 86.370 +0.070 0.54/0.56 0.550 0.000
PLATTS DUBAI: OCT23: VITOL NO LONGER BIDS PCACZ00 AAGXH00
Duc AAWEZ00 87.31–87.33 87.320 +0.120 AAWFL00 1.49/1.51 1.500 +0.050
AFTER TRADE Grane Blend PCALA00 87.070 -0.430 PCALB00 1.250 -0.500
Johan Sverdrup AJSVA00 86.665 -0.435 AJSVB00 0.845 -0.505
PLATTS DUBAI: OCT23: TRAFIGURA NO LONGER
Statfjord (CIF) AASAS00 89.26–89.28 89.270 +0.065 AASAT00 3.49/3.51 3.500 0.000
BIDS AFTER TRADE Gullfaks (CIF) AASAU00 89.71–89.73 89.720 +0.065 AASAV00 3.94/3.96 3.950 0.000
Alvheim (CIF) ALVHA00 89.820 +0.115 ALVHB00 4.050 +0.050
PLATTS DUBAI: OCT23: EQUINOR NO LONGER BIDS
Asgard (CIF) ASGCA00 87.570 +0.115 ASGCB00 1.800 +0.050
AFTER TRADE North Sea basket AAGIZ00 87.43–87.44 87.435 +0.100
North Sea Dated Strip 85.81–85.83 85.820 +0.070
PLATTS DUBAI: OCT23: PHILLIPS 66 NO LONGER AAKWH00
European Sour Crude Index CSBEA00 86.772 -0.408 CSBEB00 0.952 -0.478
BIDS AFTER TRADE Spread vs fwd CIF Dated Brent
PLATTS DUBAI: OCT23: MITSUI NO LONGER BIDS Dated Brent (CIF) AAVJG00 87.725 +0.170 AAVJF00 1.955 +0.105
BNB (CIF) PCAKP00 88.165 +0.065 AAVJC00 2.395 0.000
AFTER TRADE Forties (CIF) PCAKR00 87.745 +0.150 AAHXC00 1.975 +0.085
Offers: Oseberg (CIF) PCAKT00 89.205 +0.080 AAHXD00 3.435 +0.015
Ekofisk (CIF) PCAKV00 88.925 +0.080 AAHXB00 3.155 +0.015
PLATTS DUBAI: OCT23: EXXONMOBIL OFFERS 25KB Troll (CIF) AAXJO00 89.660 +0.075 AAXJN00 3.890 0.010
AT $87.11 WTI Midland (CIF) WMCRD00 87.730 +0.170 WMCRB00 1.960 +0.105
North Sea CIF Dated Strip AAHXE00 85.770 +0.065
PLATTS DUBAI: OCT23: GLENCORE OFFERS 25KB AT
$87.11 AND WITHDRAWS DURING EXTENSION
PLATTS DUBAI: OCT23: UNIPEC OFFERS 25KB
AT $87.15 Freight Adjustment Factors
PLATTS DUBAI: OCT23: PHILLIPS 66 OFFERS 25KB ($/barrel) Change
Sullom Voe-Rotterdam FSVRM00 1.4517 -0.0473
AT $87.25 Hound Point-Rotterdam FHPRM00 1.0132 -0.0318
PLATTS DUBAI: OCT23: BP OFFERS 25KB AT $87.35 Sture-Rotterdam FSTRM00 0.9229 -0.0287
Teesside-Rotterdam FTSRM00 0.8191 -0.0249
PLATTS DUBAI: OCT23: RELIANCE NO LONGER Mongstad-Rotterdam FMGRM00 0.9291 -0.0289
OFFERS AFTER TRADE North Sea-Rotterdam FSFRM00 0.9251 -0.0287
PLATTS DUBAI: OCT23: PETROCHINA NO LONGER (%)
OFFERS AFTER TRADE FAF Weighting FAFWA00 0.80
Trades:
PLATTS DUBAI: OCT23: TRAFIGURA BUYS FROM
GLENCORE* 25KB AT $87.15 (04:27:54) European US Spot Crude Assessments ($/barrel) (PGA page 1238)
PLATTS DUBAI: OCT23: TRAFIGURA BUYS FROM Mid Change Spread vs fwd Dated Brent Mid Change
WTI Midland (DAP Rotterdam) AWTIC00 86.970 -0.145 AWTID00 2.165 +0.150
GLENCORE* 25KB AT $87.15 (04:28:00) WTI Midland (DAP Augusta) AWTIA00 87.620 -0.145 AWTIB00 2.815 +0.150
PLATTS DUBAI: OCT23: TRAFIGURA BUYS FROM Eagle Ford 45 (DAP Rotterdam) AEFAC00 86.070 -0.145 AEFAD00 1.265 +0.150
Eagle Ford 45 (DAP Augusta) AEFAA00 86.720 -0.145 AEFAB00 1.915 +0.150
GLENCORE* 25KB AT $87.15 (04:28:06)
PLATTS DUBAI: OCT23: GLENCORE SELLS TO VITOL*
25KB AT $87.15 (04:28:10)

© 2023 by S&P Global Inc. All rights reserved. 4

Crude Oil Marketwire August 8, 2023

PLATTS DUBAI: OCT23: GLENCORE SELLS TO Dated Brent/BFOE swaps ($/barrel) (PGA page 1214)
PHILLIPS 66* 25KB AT $87.11 (04:28:15) Week Week Date Brent CFD* Mid Change Dated Brent swap Mid Change
PLATTS DUBAI: OCT23: TRAFIGURA BUYS FROM CFD Week 1 (Nov) Aug 07-11 PCAKA00 1.96/1.98 1.970 +0.350 AAJNV00 86.82/86.84 86.830 +0.210
CFD Week 2 (Nov) Aug 14-18 PCAKC00 1.64/1.66 1.650 +0.350 AAJOS00 86.50/86.52 86.510 +0.210
GLENCORE* 25KB AT $87.15 (04:28:16)
CFD Week 3 (Nov) Aug 21-25 PCAKE00 1.24/1.26 1.250 +0.310 AAJOU00 86.10/86.12 86.110 +0.170
PLATTS DUBAI: OCT23: GLENCORE SELLS TO CFD Week 4 (Nov) Aug 28-01 PCAKG00 0.84/0.86 0.850 +0.260 AAJOW00 85.70/85.72 85.710 +0.120
EQUINOR* 25KB AT $87.10 (04:28:16) CFD Week 5 (Nov) Sep 04-08 AAGLU00 0.53/0.55 0.540 +0.150 AAJPC00 85.39/85.41 85.400 +0.010
CFD Week 6 (Nov) Sep 11-15 AAGLV00 0.23/0.25 0.240 +0.050 AAJPE00 85.09/85.11 85.100 -0.090
PLATTS DUBAI: OCT23: GLENCORE SELLS TO
CFD Week 7 (Nov) Sep 18-22 AALCZ00 0.12/0.14 0.130 +0.060 AALAW00 84.98/85.00 84.990 -0.080
MITSUI* 25KB AT $87.05 (04:28:17) CFD Week 8 (Nov) Sep 25-29 AALDA00 0.02/0.04 0.030 +0.050 AALAX00 84.88/84.90 84.890 -0.090
PLATTS DUBAI: OCT23: RELIANCE SELLS TO VITOL* Brent Swaps Weeks 1 to 8 are differentials to Brent Mo02 (Nov) PCAAR00 found on page 1.
25KB AT $87.15 (04:28:22)
PLATTS DUBAI: OCT23: GLENCORE SELLS TO
TRAFIGURA* 25KB AT $87.15 (04:28:24)
PLATTS DUBAI: OCT23: TRAFIGURA BUYS FROM Dated Brent/Brent Frontline Swaps (DFL) ($/barrel) (PPE page 1614)
GLENCORE* 25KB AT $87.15 (04:28:27) Swaps Change DFL Change
PLATTS DUBAI: OCT23: MERCURIA BUYS FROM Balance month* (Aug 23) BDLBM00 85.960 -0.100 ABWFZ00 0.980 +0.180
Month 1 (Sep 23) BDLM001 84.810 -0.290 AAEAA00 0.280 +0.040
GLENCORE* 25KB AT $87.15 (04:28:33)
Month 2 (Oct 23) BDLM002 84.340 -0.310 AAEAB00 0.240 +0.020
PLATTS DUBAI: OCT23: GLENCORE SELLS TO Month 3 (Nov 23) BDLM003 83.940 -0.320 AAEAC00 0.250 +0.010
EQUINOR* 25KB AT $87.14 (04:28:40) Month 4 (Dec 23) BDLM004 83.570 -0.340 AAEAD00 0.290 -0.020

PLATTS DUBAI: OCT23: TRAFIGURA BUYS FROM *Balance month swaps are assessed from the 1st through the 20th of the month.

GLENCORE* 25KB AT $87.15 (04:28:43)

PLATTS DUBAI: OCT23: MITSUI SELLS TO
Cash BFOE intraday assessments ($/barrel) (PGA page 1216)
TRAFIGURA* 25KB AT $87.10 (04:28:55)
Cash BFOE Change Inter-Month Spread
PLATTS DUBAI: OCT23: VITOL BUYS FROM 10:30 London Time
RELIANCE* 25KB AT $87.15 (04:28:55) BFOE M1 (Oct) PBCAAM1 84.240 -1.400
PLATTS DUBAI: OCT23: VITOL BUYS FROM BFOE M2 (Nov) PBCAAM2 83.860 -1.350 Oct/Nov PBAM1M2 0.380
BFOE M3 (Dec) PBCAAM3 83.490 -1.260 Nov/Dec PBAM2M3 0.370
GLENCORE* 25KB AT $87.15 (04:28:57)
12:30 London Time
PLATTS DUBAI: OCT23: MERCURIA BUYS FROM BFOE M1 (Oct) PBCABM1 84.070 -1.460
RELIANCE* 25KB AT $87.15 (04:29:04) BFOE M2 (Nov) PBCABM2 83.680 -1.430 Oct/Nov PBBM1M2 0.390
PLATTS DUBAI: OCT23: VITOL BUYS FROM BFOE M3 (Dec) PBCABM3 83.320 -1.370 Nov/Dec PBBM2M3 0.360
14:30 London Time
GLENCORE* 25KB AT $87.15 (04:29:06)
BFOE M1 (Oct) PBCACM1 84.330 -1.550
PLATTS DUBAI: OCT23: GLENCORE SELLS TO BFOE M2 (Nov) PBCACM2 83.900 -1.560 Oct/Nov PBCM1M2 0.430
TRAFIGURA* 25KB AT $87.10 (04:29:06) BFOE M3 (Dec) PBCACM3 83.500 -1.530 Nov/Dec PBCM2M3 0.400
PLATTS DUBAI: OCT23: GLENCORE SELLS TO 16:30 London Time
BFOE M1 (Oct) PCAAQ00 85.310 -0.090
TRAFIGURA* 25KB AT $87.10 (04:29:20) BFOE M2 (Nov) PCAAR00 84.860 -0.140
PLATTS DUBAI: OCT23: VITOL BUYS FROM BFOE M3 (Dec) PCARR00 84.430 -0.140
GLENCORE* 25KB AT $87.11 (04:29:20) 19:30 London Time
PLATTS DUBAI: OCT23: VITOL BUYS FROM BFOE M1 (Oct) PBCADM1 NA –
BFOE M2 (Nov) PBCADM2 NA – Oct/Nov PBDM1M2 NA
GLENCORE* 25KB AT $87.11 (04:29:27) BFOE M3 (Dec) PBCADM3 NA – Nov/Dec PBDM2M3 NA
PLATTS DUBAI: OCT23: VITOL BUYS FROM
GLENCORE* 25KB AT $87.11 (04:29:33)

© 2023 by S&P Global Inc. All rights reserved. 5

Crude Oil Marketwire August 8, 2023

PLATTS DUBAI: OCT23: MERCURIA BUYS FROM Urals/ESPO spot assessments ($/barrel) (PGA page 1220)
Mid Change Spread vs fwd Dated Brent Mid Change
RELIANCE* 25KB AT $87.10 (04:29:39) Urals (Rotterdam) PCAFW00 75.47–75.50 75.485 +0.280 AAGXJ00 -10.34/-10.32 -10.330 +0.200
PLATTS DUBAI: OCT23: VITOL BUYS FROM Urals (Mediterranean) PCACE00 75.18–75.21 75.195 +0.425 AAGXX00 -10.63/-10.61 -10.620 +0.345
Urals FOB Novo Suez AAGZS00 73.00–73.03 73.015 +0.280 AAHPH00 -12.81/-12.79 -12.800 +0.200
GLENCORE* 25KB AT $87.11 (04:29:39)** Urals FOB Novo Afra AAOTH00 72.10–72.13 72.115 +0.280 AAOTI00 -13.71/-13.69 -13.700 +0.200
PLATTS DUBAI: OCT23: VITOL BUYS FROM Urals (Ex-Baltic)
Urals (Primorsk)
AAGZT00
AAWVH00
73.00–73.03
73.00–73.03
73.015 +0.280
73.015 +0.280
AAHPI00
AAWVI00
-12.81/-12.79
-12.81/-12.79
-12.800
-12.800
+0.200
+0.200
PETROCHINA* 25KB AT $87.11 (04:29:45) Urals RCMB (Recombined) AALIN00 76.02–76.05 76.035 +0.450
ESPO (FOB Kozmino) AARWD00 78.41–78.43 78.420 -0.470 AARWE00 -5.93/-5.91 -5.920 -0.160
PLATTS DUBAI: OCT23: MERCURIA BUYS FROM KEBCO (CIF Augusta) KBCOA00 88.415 +0.080 KBCOB00 2.600 0.000
GLENCORE* 25KB AT $87.11 (04:29:48) KEBCO (CIF Rotterdam) KBCOC00 88.415 +0.080 KBCOD00 2.600 0.000
KEBCO (FOB Novo) KBCOE00 85.335 -0.065 KBCOF00 -0.480 -0.145
PLATTS DUBAI: OCT23: VITOL BUYS FROM KEBCO (FOB Ust-Luga) KBCOG00 85.850 +0.080 KBCOH00 0.035 0.000
Urals (DAP India) DWCUA00 79.110 -0.290 DWCUB00 -5.700 0.000
PETROCHINA* 25KB AT $87.11 (04:29:59) KEBCO/Russian Urals AKEBA00 13.220 -0.345
**Platts Crude: Glencore declares a cargo of Spread vs Dubai
October Oman crude to Vitol following the convergence Urals (DAP India) AURLA00 -6.290 +0.040

of 20 partials in Platts cash Dubai. Number of days

Observed Delivery Factor AODFA00 6
This assessment commentary applies to the
following market data codes: Dubai M1 <PCAAT00>,
Urals Med/NWE CFD assessments ($/barrel)

Urals CFD Mid Change
Oman M1 <PCABS00>
Mediterranean (PPE page 1617)
Urals Med CFD (Aug) AAMDU00 -10.63/-10.61 -10.620 +0.345
Platts Dubai Derivatives Bids Summary Urals Med CFD (Sep) AAMEA00 -10.63/-10.61 -10.620 +0.345
Urals Med CFD (Oct) UMCM003 -10.63/-10.61 -10.620 +0.345
Northwest Europe (PPE page 1617)
BIDS ON CLOSE Urals NWE CFD (Aug) UNCM001 -10.34/-10.32 -10.330 +0.200
—————————— Urals NWE CFD (Sep) UNCM002 -10.34/-10.32 -10.330 +0.200
NO BIDS REPORTED Urals NWE CFD (Oct) UNCM003 -10.34/-10.32 -10.330 +0.200

WITHDRAWALS Mediterranean (PPE page 1617)

CPC Blend CFD (Aug) AAOFX00 -1.600 0.000
—————————— CPC Blend CFD (Sep) AAOFY00 -1.650 0.000
NO WITHDRAWALS REPORTED CPC Blend CFD (Oct) AAOFZ00 -1.700 0.000

Platts’ End-of-Day assessments for Dubai Mediterranean spot crude assessments ($/barrel)
derivatives prices can be found on PPA2606. Mid Change Spread vs fwd Dated Brent Mid Change
Platts Oil Paper Bids, Offers and Trade Page Index Azeri and BTC (PGA page 1222)
found on <PGA4000> Azeri Lt CIF AAGZX00 89.43–89.46 89.445 0.000 AAHPM00 3.74/3.76 3.750 -0.050
Azeri Lt FOB Ceyhan Suez AAUFM00 88.60–88.63 88.615 -0.030 AAUFN00 2.91/2.93 2.920 -0.080
Platts has defined standards for entities it Azeri Lt FOB Ceyhan Afra AAUFK00 88.37–88.40 88.385 -0.060 AAUFL00 2.68/2.70 2.690 -0.110
considers to be related and verifies through a variety of Azeri Lt FOB Supsa AATHM00 87.67–87.70 87.685 -0.130 AATHN00 1.98/2.00 1.990 -0.180
BTC FOB Ceyhan AAUFH00 88.49–88.51 88.500 -0.045 AAUFJ00 2.80/2.81 2.805 -0.095
inputs whether counterparties in reported trades meet
Black Sea (PGA page 1220)
these criteria. Siberian Light CIF AAGZW00 77.18–77.21 77.195 +0.425 AAHPK00 -8.63/-8.61 -8.620 +0.345
CPC Blend CIF AAGZU00 84.68–84.71 84.695 +0.050 AAHPL00 -1.01/-0.99 -1.000 0.000
CPC Blend FOB Suez 82.35–82.38 82.365 +0.050 -3.34/-3.32 -3.330 0.000
Platts Dubai Derivatives Offers Summary
AALVX00 AALVZ00
CPC Blend FOB Afra AAOFV00 81.81–81.83 81.820 -0.080 AAOFW00 -3.88/-3.87 -3.875 -0.130
Additional War Risk Premium AWARA00 1.200 0.000

OFFERS ON CLOSE Middle East & North Africa (PGA page 1234)
Suez Blend PCACA00 85.30–85.33 85.315 +0.180 AAGYD00 -0.51/-0.49 -0.500 +0.100
—————————— Es Sider PCACO00 86.78–86.81 86.795 +0.050 AAGYH00 1.09/1.11 1.100 0.000
NO OFFERS REPORTED Kirkuk AAEJD00 84.50–84.53 84.515 +0.180 AAGYF00 -1.31/-1.29 -1.300 +0.100
Iranian Light FOB Kharg Island (Med) AILKA00 86.435 -0.100 AILKB00 0.620 -0.180
WITHDRAWALS Iranian Heavy FOB Kharg Island (Med) AIHKA00 84.735 -0.100 AIHKB00 -1.080 -0.180
—————————— Saharan Blend AAGZY00 85.88–85.91 85.895 +0.050 AAHPN00 0.19/0.21 0.200 0.000

© 2023 by S&P Global Inc. All rights reserved. 6

Crude Oil Marketwire August 8, 2023

NO WITHDRAWALS REPORTED West African spot crude assessments ($/barrel) (PGA page 1230)
Mid Change Spread vs fwd Dated Brent Mid Change
Platts’ End-of-Day assessments for Dubai
WAF Index AWAFA00 87.418 -0.292 AWAFB00 2.688 +0.013
derivatives prices can be found on PPA2606. Nigeria Spot Crude Assessments
Platts Oil Paper Bids, Offers and Trade Page Index Bonny Light PCAIC00 86.51–86.55 86.530 -0.355 AAGXL00 1.79/1.81 1.800 -0.050
Qua Iboe PCAID00 87.81–87.85 87.830 -0.205 AAGXN00 3.09/3.11 3.100 +0.100
found on <PGA4000> Forcados PCABC00 86.56–86.60 86.580 -0.305 AAGXP00 1.84/1.86 1.850 0.000
Platts has defined standards for entities it Agbami AAQZB00 84.11–84.15 84.130 -0.305 AAQZC00 -0.61/-0.59 -0.600 0.000
Escravos AAEIZ00 88.21–88.25 88.230 -0.055 AAGXR00 3.49/3.51 3.500 +0.250
considers to be related and verifies through a variety of Brass River AAEJB00 86.16–86.20 86.180 -0.305 AAGXV00 1.44/1.46 1.450 0.000
inputs whether counterparties in reported trades meet Akpo PCNGA00 84.11–84.15 84.130 -0.305 PCNGB00 -0.61/-0.59 -0.600 0.000
Bonga PCNGC00 88.71–88.75 88.730 -0.305 PCNGD00 3.99/4.01 4.000 0.000
these criteria. Usan AAXUQ00 83.030 -0.305 AAXUR00 -1.700 0.000
Erha AAXUO00 88.580 -0.305 AAXUP00 3.850 0.000
Platts Dubai Derivatives Trades Summary Egina AFONA00 89.930 -0.055 AFONB00 5.200 +0.250
Angola spot crude assessments ($/barrel) (PGA page 1232)
Cabinda PCAFD00 87.66–87.70 87.680 -0.305 AAGXT00 2.94/2.96 2.950 0.000
TRADES SUMMARY Nemba AAQYZ00 85.21–85.25 85.230 -0.205 AAQZA00 0.49/0.51 0.500 +0.100
Dalia AAQYX00 86.11–86.15 86.130 -0.305 AAQYY00 1.39/1.41 1.400 0.000
—————————— Girassol AASNL00 88.46–88.50 88.480 -0.255 AASJD00 3.74/3.76 3.750 +0.050
NO TRADES REPORTED Hungo AASLJ00 85.31–85.35 85.330 -0.205 AASJF00 0.59/0.61 0.600 +0.100
Kissanje AASLK00 85.66–85.70 85.680 -0.305 AASJE00 0.94/0.96 0.950 0.000
Platts’ End-of-Day assessments for Dubai Pazflor PCNGG00 86.11–86.15 86.130 -0.305 PCNGH00 1.39/1.41 1.400 0.000
derivatives prices can be found on PPA2606. Plutonio PCNGI00 84.81–84.85 84.830 -0.305 PCNGJ00 0.09/0.11 0.100 0.000
Platts Oil Paper Bids, Offers and Trade Page Index Ghana spot crude assessments (PGA page 1230)
Jubilee AAXUS00 86.530 -0.305 AAXUT00 1.800 0.000
found on <PGA4000>
Republic of Congo spot crude assessments
Platts has defined standards for entities it Djeno PCNGE00 84.56–84.60 84.580 -0.205 PCNGF00 -0.16/-0.14 -0.150 +0.100
considers to be related and verifies through a variety of Chad spot crude assessments
inputs whether counterparties in reported trades meet Doba AAXUU00 83.430 -0.305 AAXUV00 -1.300 0.000

these criteria.
West Africa market parity prices ($/barrel) (PGA page 1270)
Platts Dubai Derivatives Exclusions
Mid Change Spread vs fwd Dated Brent Mid Change
Abo Blend AAXTL00 86.740 -0.190 ABOOM00 2.010 +0.115
Aje APIRP00 86.500 -0.225 APIRA00 1.770 +0.080
Amenam Blend AAXTI00 85.270 -0.260 AMENA00 0.540 +0.045
Exclusions: No market data was excluded from the Antan Blend APIRQ00 89.385 -0.215 APIRB00 4.655 +0.090
August 8, 2023 Dubai derivatives assessment process. Asaramatoru AAXTV00 86.095 -0.275 ASARA00 1.365 +0.030
CJ Blend APIRR00 88.150 -0.185 APIRC00 3.420 +0.120
EA Blend AAXTJ00 88.255 -0.205 AEABL00 3.525 +0.100
Platts Asia Pacific Sweet Crude Daily Ebok APIRS00 82.090 -0.685 APIRD00 -2.640 -0.380
Market Analysis Eremor
Ima
APIRT00
APIRU00
83.540
86.525
-1.070
-0.195
APIRE00
APIRF00
-1.190
1.795
-0.765
+0.110
Jones Creek Blend APIRV00 85.640 -0.605 APIRG00 0.910 -0.300
„ Three cargoes of North West Shelf condensate Okono Blend APIRW00 87.610 -0.180 APIRH00 2.880 +0.125
Okoro APIRX00 86.265 -0.240 APIRI00 1.535 +0.065
scheduled for Oct-loading Okwori APIRY00 88.340 -0.215 APIRJ00 3.610 +0.090
Otakikpo APIRZ00 85.360 -0.205 APIRK00 0.630 +0.100
„ Vietnam’s PV Oil offers 300,000 barrels of Chim Sao Oyo APRIA00 86.640 -0.260 APIRL00 1.910 +0.045
crude via tender Pennington APRIB00 85.125 -0.245 APIRM00 0.395 +0.060
Rabi Light ARABA00 84.220 -0.505 ARABB00 -0.510 -0.200
The Asia-Pacific regional crude market saw the Sankofa APRIC00 81.705 -0.540 APIRN00 -3.025 -0.235
emergence of the October-loading schedule of TEN AAXTW00 83.880 -0.365 ATENM00 -0.850 -0.060
Ukpokiti APRID00 87.195 -0.175 APIRO00 2.465 +0.130
Australia’s North West Shelf condensate and a tender Yoho Light AAXTK00 87.760 -0.185 AYOHO00 3.030 +0.120
for Vietnamese crude barrels Aug. 8. Zafiro AAXTU00 89.790 -0.210 AZAFB00 5.060 +0.095

© 2023 by S&P Global Inc. All rights reserved. 7

Crude Oil Marketwire August 8, 2023

Three cargoes of Australia’s North West Shelf US West Coast Crude Assessments ($/barrel) (PGA page 214)
Mid Change
condensate were heard available for loading over
Spread to NYMEX WTI CMA Mid Change
August, up two cargoes from the prior month, market ANS/Long Beach PCAAD00 88.34–88.38 88.360 +0.750 AAGWX00 6.66/6.68 6.670 -0.080
sources said. Spread to ICE BRENT CMA
ANS/Long Beach AANSA00 3.101 -0.003
Japan’s Mitsubishi was heard to have one cargo
scheduled for loading over Oct. 2-6, oil major Shell
US spot crude assessments ($/barrel) (PGA pages 210 & 214)
holds one cargo for loading over Oct. 14-18, and
Mid Change
Australia’s Woodside Energy holds the final cargo for Mars (Sep) AAMBR00 84.09–84.11 84.100 +1.060
loading over Oct. 28 to Nov. 1. Mars (Oct) AAMBU00 82.90–82.92 82.910 +1.020
Mars (Nov) AAMBX00 82.24–82.26 82.250 +0.930
In the prior month, only one cargo of North West Mars/WTI (Sep) AAGWH00 1.09/1.11 1.100 0.000
Shelf condensate had been available due to scheduled Mars/WTI (Oct) AAKTH00 0.54/0.56 0.550 +0.150
turnarounds. The last heard trade for the Australian Mars/WTI (Nov) AAMBO00 0.39/0.41 0.400 +0.100
LOOP/WTI (Sep) AALOM01 1.000 0.000
condensate was for September-loading barrels, sold LOOP/WTI (Oct) AALOM02 0.450 +0.150
by BP to Pertamina at discounts in the $7s/b to LOOP/WTI (Nov) AALOM03 0.300 +0.100
LOOP/Mars (Sep) AALPM01 -0.100 0.000
Platts Dated Brent crude assessments, CFR Tuban, LOOP/Mars (Oct) AALPM02 -0.100 0.000
sources said. LOOP/Mars (Nov) AALPM03 -0.100 0.000
WTI-Delta 0.81/0.83 0.820 +0.210
Sentiment on October-loading condensate barrels AAEJK00
P-Plus WTI PCACI00 4.19/4.21 4.200 +0.210
remain low on unhealthy naphtha crack levels as well P-5 WTI* AAFEN00 NA NANA
as increased supply due to a recovery in Australian *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
condensate production, sources said. 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
database.
“I think naphtha is not doing very good, it’s getting Mid Change Spread vs 1st line WTI Mid Change
better compared to a few weeks ago but naphtha WTI (Midland) PCACJ00 84.24–84.26 84.250 +1.110 AAGVZ00 1.24/1.26 1.250 +0.050
margins are still terrible, so that’s a major reason why WTS (1st month) PCACK00 83.14–83.16 83.150 +1.110 AAGWB00 0.14/0.16 0.150 +0.050
WTI MEH AAYRG00 84.400 +1.110 AAYRH00 1.400 +0.050
condensates are weak,” said a condensate end-user. Bonito PCAIE00 83.94–83.96 83.950 +1.060 AAGWF00 0.94/0.96 0.950 0.000
The second-month naphtha swap crack versus SGC AASOI00 83.74–83.76 83.750 +1.060 AASOJ00 0.74/0.76 0.750 0.000
Poseidon AABHK00 83.59–83.61 83.600 +1.060 AAGWL00 0.59/0.61 0.600 0.000
Dubai crude swaps averaged minus $16.12/b as of Aug. LLS (1st month) PCABN00 85.29–85.31 85.300 +1.110 AAGWN00 2.29/2.31 2.300 +0.050
7, up $1.31/b from the July average of minus $17.14/b, HLS (1st month) PCABD00 85.09–85.11 85.100 +1.110 AAGWP00 2.09/2.11 2.100 +0.050
Wyoming Sweet 81.59–81.61 81.600 +0.860 -1.41/-1.39 -1.400 -0.200
S&P Global Commodity Insights data showed. PCACM00 AAGWR00
Thunder Horse AAWZK00 85.79–85.81 85.800 +1.060 AAWZL00 2.79/2.81 2.800 0.000
In regional medium sweet crude complex, Vietnam’s Spread vs 2nd line WTI
PV Oil had issued a spot tender offering up to 300,000 WTI MEH (2nd month) AAXXE00 83.760 +0.870 AAYYA00 1.400 0.000
WTI Midland (2nd month) AAYZA00 83.560 +0.870 AAXXF00 1.200 0.000
barrels of Chim Sao crude loading over Oct. 18-22, WTS (2nd month) AAURG00 82.75–82.77 82.760 +0.920 AAURH00 0.39/0.41 0.400 +0.050
closing Aug. 11 with validity until Aug. 14. LLS (2nd month) AAURC00 84.55–84.57 84.560 +0.920 AAURD00 2.19/2.21 2.200 +0.050
Chim Sao crude had last traded for loading over HLS (2nd month) AAURE00 84.35–84.37 84.360 +0.920 AAURF00 1.99/2.01 2.000 +0.050
Spread vs NYMEX WTI CMA
August, at premiums of around $6.50/b to Dated Brent, WCS ex-Cushing AAWTY00 76.32–76.34 76.330 -0.210 AAWTZ00 -5.86/-5.84 -5.850 -0.300
FOB, sources said. WCS ex-Nederland AAYAY00 77.480 -0.210 AAYAX00 -4.700 -0.300
Bakken Williston AAXPP00 82.280 +1.100 AASRX00 0.100 +0.250
Bakken Guernsey AASRR00 81.57–81.59 81.580 +0.850 AASRV00 -0.61/-0.59 -0.600 0.000
Platts Asia Light Sweet Crude Daily Rationale & Bakken Clearbrook AASRU00 83.77–83.79 83.780 +0.950 AASRW00 1.59/1.61 1.600 +0.100
Exclusions Bakken USGC Pipe ABAKA00 84.680 +1.150 ABAKB00 2.500 +0.300
FOB USGC FOB USGC Spread vs NYMEX WTI Strip
ESPO FOB Kozmino Mo01 Spore vs Dubai Mo01
Platts AGS AGSAA00 84.990 +1.080 AGSAC00 2.640 +0.210
<AASEU00> assessment rationale: The ESPO M1 Bakken ABAKC00 84.990 +1.080 ABAKD00 2.640 +0.210

© 2023 by S&P Global Inc. All rights reserved. 8

Crude Oil Marketwire August 8, 2023

October assessment on Aug. 8 took into consideration US spot crude assessments (continued)
Eagle Ford Crude AAYAT00 84.090 +1.080 AAYAU00 1.740 +0.210
latest trade indications heard in the broader market.
Eagle Ford Condensate AAYAR00 82.590 +1.080 AAYAS00 0.240 +0.210
Exclusions: No market data was excluded from WTI AAYBA00 84.990 +1.080 AAYAZ00 2.640 +0.210
the Asia-Pacific Crude Market on Close assessment WTI FOB USGC vs WTI MEH (by decade)
WTI FOB USGC First Decade ADECB00 85.050 +1.080 ADECD00 0.650 -0.030
process. WTI FOB USGC Second Decade ADECE00 84.950 +1.060 ADECG00 0.550 -0.050
Platts is part of S&P Global Commodity Insights. WTI FOB USGC Third Decade ADECH00 84.800 +1.070 ADECJ00 0.400 -0.040
WTI FOB USGC Decades Average ADECA00 84.930 +1.070

Platts Asia Light Sweet Crude Bids, Offers,

FOB USGC Spread vs Dated Brent Strip WTI FOB USGC vs Dated Brent Basis (by decade)
Platts AGS AGSAB00 -1.650 -0.080 ADECC00 -0.950 +0.260
Trades Bakken ABAKE00 -1.650 -0.080 ADECF00 -1.050 +0.240
Eagle Ford Crude AEFCA00 -2.550 -0.080 ADECI00 -1.200 +0.250
Eagle Ford Condensate AEFCB00 -4.050 -0.080
Bids: NIL WTI AWTUA00 -1.650 -0.080
Offers: NIL Global Benchmarks at US Close WTI FOB USGC vs ICE Brent Basis (by decade)
Americas Dated Brent AAQBF00 87.870–87.890 87.880 +1.280 ADECK00 -0.670 +0.300
Trades: NIL
ADECL00 -0.770 +0.280
This assessment commentary applies to the ADECM00 -0.920 +0.290
following market data code: ESPO M1 vs Dubai M2
<AASEU00>
from the previous close. CIF WTI Midland was assessed in a 2 cents/day
Platts North Sea Crude Daily Market China’s crude imports fell to a six-month low of contango structure Aug. 20-27, using a traded bid Aug.
Analysis 10.33 million b/d despite a 17% year-on-year rise in July, 27-31, with Aug. 27-31 assessed in a flat structure. Aug.
while oil product outflows hit a four-month high of 5.31 30 to Sept. 2 was assessed in a 3.3 cents/day contango
„ Strong buying interest in WTI Midland million mt during the month, data from the General structure using an outstanding bid Sept. 2-5, with Sept.
„ Crude falls on weak China demand signs Administration of Customs showed Aug. 8. 2- 8 assessed in a flat structure.
US export crude WTI Midland continued to Forties was the most competitive grade in the
strengthen Aug. 8 amid plentiful buying interest in the Platts North Sea Dated Brent, BFOE, CFD Dated Brent assessment Aug. 18-23. Brent was the
Platts Market on Close assessment process. Assessment Rationales & Exclusions most competitive grades Aug. 24 to Sept. 8.
High US refinery throughput and favorable export Dated Brent <PCAAS00> assessment rationale: Johan Sverdrup FOB North Sea (AJSVA00,
economics to Asia were both lending support to WTI Of the six grades in the Dated Brent Basket, Forties AJSVB00) assessment rationale:
Midland in the North Sea. and WTI Midland were seen in the Platts Market on Johan Sverdrup was assessed in a flat structure Aug.
“Landed values are higher,” said one Trader. “The US Close assessment process. 18-21 using a traded offer Aug. 20-22. Aug. 20 to Sept. 8
is...nearly destocked, so US oil has popped in value.” Brent Blend, Oseberg, Ekofisk and Troll were was assessed in a 2.5 cents/day contango structure.
Midland was assessed at its highest level since assessed unchanged Aug. 18 to Sept. 8 amid steady BFOE (PCAAQ00-PCAAR00,PCARR00> assessment
inclusion in the S&P Global Dated Brent benchmark, fundamentals and in the absence of indications rationale:
when the benchmark was demonstrated by North Sea challenging the Aug. 7 assessments. October Cash BFOE was assessed using a traded
grades Forties and Brent Blend. Forties was assessed in a 2 cents/day contango bid in the MOC.
In the paper market, Brent CFDs were structure Aug. 18-27 using a traded bid Aug. 26-28. Aug. November Cash BFOE was assessed using an
demonstrating a $1.94/mt backwardated structure. 27 to Sept. 8 was assessed in a 2.5 cents/day contango October/November EFP roll heard during the day.
Crude futures fell in afternoon trading in Europe on structure using an outstanding bid Sept. 5-10. December Cash BFOE was assessed using a
the back of weak demand signals from China. At 12:09 FOB WTI Midland was assessed higher reflecting a November/December EFP roll heard during the day.
am London time (1109 GMT), the October ICE Brent higher CIF Rotterdam assessment and a lower freight CFD (PCAKA00-AALDA00) assessment rationale:
futures contract was trading at $83.99/b, down $1.35/b adjustment factor on the day. Aug. 7-11 was assessed using an Aug. 7-11 versus Aug.

© 2023 by S&P Global Inc. All rights reserved. 9

Crude Oil Marketwire August 8, 2023

14-18 CFD roll heard during the day. US domestic crude assessments London close ($/barrel) (PGA page 1240)
Spread to
Aug. 14-18 was assessed using an Aug. 14-18 versus
Mid Change NYMEX light sweet crude Mid Change
Aug. 21-25 CFD roll heard during the day. WTI (Sep) AAQAR00 81.60–81.62 81.610 -0.220 AAQAS00 -0.01/0.01 0.000 0.000
WTI (Oct) AAQAT00 81.13–81.15 81.140 -0.220 AAQAU00 -0.01/0.01 0.000 0.000
Aug. 21-25 was assessed using a traded offer. WTI (Nov) AAQAV00 80.66–80.68 80.670 -0.230 AAQAW00 -0.01/0.01 0.000 0.000
Aug. 28-1 was assessed using a traded offer. Spread to
Sept. 4-8 was assessed using an outstanding offer. same-month cash WTI Mid Change
WTI MEH (Sep) AAYRZ00 83.010 -0.220 AAYTA00 1.400 0.000
Exclusions: PLATTS BRENT DIFF: AUG21-AUG25 WTI MEH (Oct) AAXYD00 82.590 -0.220 AAYWA00 1.450 0.000
LLS (Sep) 83.90–83.92 83.910 -0.170 2.29/2.31 2.300 +0.050
(OCT): TRAFIGURA BIDS 100KB AT $0.75 AAQBB00 AAQBC00
LLS (Oct) AAQBD00 83.33–83.35 83.340 -0.170 AAQBE00 2.19/2.21 2.200 +0.050
Platts is part of S&P Global Commodity Insights MARS (Sep) AAQAX00 82.70–82.72 82.710 -0.220 AAQAY00 1.09/1.11 1.100 0.000
MARS (Oct) AAQAZ00 81.68–81.70 81.690 -0.070 AAQBA00 0.54/0.56 0.550 +0.150

Platts North Sea Dated Brent, BFOE, CFD

Bids, Offers, Trades

Bids:
Americas close ($/barrel) (PGA page 210)
NORTH SEA: CIF BASIS ROTTERDAM: PLATTS NSEA
Mid Change
WTI MIDLAND: SEPTEMBER 8-12: TRAFIGURA BIDS Americas Dated Brent AAQBF00 87.87–87.89 87.880 +1.280
700000.0B AT DTD $1.60 . . Americas Dated Brent reflects market value for Dated Brent at 2:30pm Eastern Time.
CIF BASIS ROTTERDAM: PLATTS NSEA WTI
MIDLAND: SEPTEMBER 1-5: MERCURIA BIDS
700000.0B AT DTD $1.90 . .
CIF BASIS ROTTERDAM: PLATTS NSEA WTI US crude assessments Singapore close ($/barrel) (PGA page 2208)
MIDLAND: SEPTEMBER 1-6: TOTAL BIDS 700000.0B AT Mid Change
DTD $2.00 . . LOOP Sour (Sep) AAZDA00 83.070 -0.070
LOOP Sour (Oct) AAZDB00 81.920 -0.150
FOB BASIS HOUND POINT: PLATTS NSEA FORTIES: LLS (Sep) AAZDC00 84.320 -0.470
SEPTEMBER 5-10: GUNVOR BIDS 700000.0B AT DTD LLS (Oct) AAZDD00 83.770 -0.350
Southern Green Canyon AAZDE00 82.820 -0.070
$0.90 . . WTI MEH (Sep) AAZDF00 83.420 -0.520
CASH BFOE: WTI MEH (Oct) AAZDG00 83.020 -0.400
None
BRENT CFDS:
PLATTS BRENT DIFF: AUG14-AUG18 (OCT): TOTAL
BIDS 100KB AT $1.05 CFR North Asia Assessments Singapore Close ($/barrel) (PGA page 2202)
PLATTS BRENT DIFF: AUG14-AUG18 (OCT): Mid Change
MERCURIA BIDS 100KB AT $1.05 Dubai CFR North Asia PCAQA00 88.850 -0.630
PLATTS BRENT DIFF: AUG14-AUG18 (OCT): Oman CFR North Asia PCAQJ00 88.840 -0.750
Upper Zakum CFR North Asia PCAQB00 88.820 -0.630
TRAFIGURA BIDS 100KB AT $1.05 Qatar Marine CFR North Asia PCAQC00 87.830 -0.640
PLATTS BRENT DIFF: AUG14-AUG18 (OCT): EQUINOR Murban CFR North Asia PCAQE00 89.370 -0.500
Basrah Medium CFR North Asia BASNA00 87.770 -0.590
BIDS 100KB AT $1.00 ESPO CFR North Asia PCAQD00 81.410 -0.720
PLATTS BRENT DIFF: AUG14-AUG18 (OCT): DV Forties CFR North Asia PCAQF00 90.250 -0.385
Dalia CFR North Asia PCAQG00 89.655 -0.620
TRADING BIDS 100KB AT $0.90 WTI MEH CFR North Asia PCAQH00 88.640 -0.520
PLATTS BRENT DIFF: AUG14-AUG18 (OCT): DARE LOOP Sour CFR North Asia PCAQI00 87.350 -0.070

BIDS 100KB AT $0.90

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Crude Oil Marketwire August 8, 2023

PLATTS BRENT DIFF: AUG14-AUG18 (OCT): ONYX Canadian spot crude cargo assessments ($/barrel) (PGA page 230)
Mid Change Spread vs fwd Dated Brent Mid Change
BIDS 100KB AT $0.80
Hebron AHEBA00 86.315 -0.190 AHEBC00 1.650 +0.700
PLATTS BRENT DIFF: AUG21-AUG25 (OCT): TOTAL Terra Nova AAJUH00 87.05–87.08 87.065 -0.190 AAJUJ00 2.39/2.41 2.400 +0.700
Hibernia 87.30–87.33 87.315 -0.190 2.64/2.66 2.650 +0.700
BIDS 100KB AT $0.79 AAJKK00 AAJKM00
White Rose AAVJX00 88.05–88.08 88.065 -0.190 AAVJY00 3.39/3.41 3.400 +0.700
PLATTS BRENT DIFF: AUG21-AUG25 (OCT): The published spreads for Canadian cargo assessments reflect the market value at which these grades are trading versus Dated Brent around loading time. The
MERCURIA BIDS 100KB AT $0.77 spreads and fixed price assessments reflect a typical forward loading window of 33-63 days forward. For further explanation see www.platts.com.
PLATTS BRENT DIFF: AUG21-AUG25 (OCT): Canadian spot crude assessments ($/barrel) (PGA page 230)
TRAFIGURA BIDS 100KB AT $0.75 Mid Change Spread vs Canada basis Mid Change
Lloyd Blend 67.47–67.49 67.480 +0.040 -14.71/-14.69 -14.700 -0.050
PLATTS BRENT DIFF: AUG21-AUG25 (OCT): Mixed Sweet
AALRK00
AALRR00 80.32–80.34 80.330 +0.190
AALRP00
AALRV00 -1.86/-1.84 -1.850 +0.100
TRAFIGURA BIDS 100KB AT $0.70 Light Sour Blend AALRX00 79.57–79.59 79.580 +0.140 AALSD00 -2.61/-2.59 -2.600 +0.050
Midale 77.82–77.84 77.830 +0.140 -4.36/-4.34 -4.350 +0.050
PLATTS BRENT DIFF: AUG21-AUG25 (OCT): Condensates
AAUCC00
AALSF00 78.92–78.94 78.930 +0.090
AAUCE00
AALSJ00 -3.26/-3.24 -3.250 0.000
PETROCHINA BIDS 100KB AT $0.70 Syncrude Sweet Prem. AASOK00 86.32–86.34 86.330 +0.090 AASOM00 4.14/4.16 4.150 0.000
WCS Hardisty 66.77–66.79 66.780 +0.040 -15.41/-15.39 -15.400 -0.050
PLATTS BRENT DIFF: AUG21-AUG25 (OCT): DV Cold Lake Hardisty
AAPPN00
AASZX00 66.62–66.64 66.630 +0.040
AAPPP00
AASZZ00 -15.56/-15.54 -15.550 -0.050
TRADING BIDS 100KB AT $0.60 WTI CMA (1st mo) AAVSN00 82.180 +0.850
PLATTS BRENT DIFF: AUG21-AUG25 (OCT): UNIPEC
Latin American assessments ($/barrel) (PGA page 280)
BIDS 100KB AT $0.60 Diff to Diff to Futures Diff to Dated
PLATTS BRENT DIFF: AUG21-AUG25 (OCT): ONYX Mid Change WTI strip Brent strip Brent strip
Escalante 83.73–83.77 83.750 +0.760 1.605 AAXBS00 -1.850 AAXAX00 -2.120
BIDS 100KB AT $0.55 PCAGC00 PCAGO00
Medanito AMTOA00 81.100 +0.760 AMTOC00 -1.045 AMTOB00 -4.500 AMTOD00 -4.770
PLATTS BRENT DIFF: AUG21-AUG25 (OCT): DARE Santa Barbara AAITD00 85.12–85.17 85.145 +1.085 AAITJ00 3.000 AAXBU00 -0.455 AAXAZ00 -0.725
BIDS 100KB AT $0.55 Loreto PCAGH00 77.02–77.07 77.045 +0.835 PCAGQ00 -5.100 AAXBV00 -8.555 AAXBG00 -8.825
Oriente PCADE00 77.92–77.97 77.945 +0.835 PCAGU00 -4.200 AAXBW00 -7.655 AAXBH00 -7.925
PLATTS BRENT DIFF: SEP4-SEP8 (NOV): TOTAL BIDS Napo AAMCA00 75.77–75.82 75.795 +0.835 AAMCD00 -6.350 AAXBX00 -9.805 AAXBI00 -10.075
100KB AT $0.45 Tupi ATUPA00 87.000 +0.960 ATUPC00 4.855 ATUPB00 1.400 ATUPD00 1.130
Marlim AAITF00 82.43–82.47 82.450 +0.560 AAITL00 0.305 AAXBY00 -3.150 AAXBJ00 -3.420
PLATTS BRENT DIFF: SEP4-SEP8 (NOV):
Castilla Blend AAVEQ00 79.58–79.62 79.600 +0.560 AAVEQ01 -2.545 AAXBZ00 -6.000 AAXBK00 -6.270
EXXONMOBIL BIDS 100KB AT $0.40 Vasconia PCAGI00 82.28–82.32 82.300 +0.760 PCAGR00 0.155 AAXCB00 -3.300 AAXBN00 -3.570
PLATTS BRENT DIFF: SEP4-SEP8 (NOV): PETRACO Mesa 30 AAITB00 84.03–84.07 84.050 +1.010 AAITH00 1.905 AAXCC00 -1.550 AAXBO00 -1.820
Liza ALIZA00 87.270 +0.795 ALIZD00 5.125 ALIZC00 1.670 ALIZB00 1.400
BIDS 100KB AT $0.40 Unity Gold AUNIA00 87.470 +0.795 AUNIC00 5.325 AUNIB00 1.870 AUNID00 1.600
PLATTS BRENT DIFF: SEP4-SEP8 (NOV): MERCURIA Latin America WTI strip AAXBP00 82.145
Latin America Futures Brent strip AAXBQ00 85.600
BIDS 100KB AT $0.40 Latin America Dated Brent strip AAXBR00 85.870
PLATTS BRENT DIFF: SEP4-SEP8 (NOV): DV
Latin America market parity prices ($/barrel) (PGA page 270)
TRADING BIDS 100KB AT $0.35 Mid Change
PLATTS BRENT DIFF: SEP4-SEP8 (NOV): UNIPEC Maya AAYMP00 78.452 +0.570
BIDS 100KB AT $0.30 Merey 16 AMERA00 78.046 +0.645

PLATTS BRENT DIFF: SEP4-SEP8 (NOV):

PETROCHINA BIDS 100KB AT $0.25 Platts euro-denominated assessments (€/barrel) (PGA page 1252)
PLATTS BRENT DIFF: SEP4-SEP8 (NOV): DARE BIDS Mid Change

100KB AT $0.25 European crude oil benchmarks

Dated Brent AAPYR00 79.130–79.140 79.137 +0.455
PLATTS BRENT DIFF: SEP4-SEP8 (NOV): ONYX BIDS Dated Brent (CIF) PCAKN00 80.114 +0.519
100KB AT $0.20 Urals (Mediterranean) AAPYS00 68.660–68.680 68.671 +0.698

PLATTS BRENT DIFF: SEP4-SEP8 (NOV): OMV BIDS US crude oil benchmarks
WTI (Sep) AAPYT00 74.520–74.540 74.530 +0.139
100KB AT $0.20 WTI MEH (Sep) AAYSA00 75.808 +0.144
Mars (Sep) AAPYU00 75.530–75.540 75.534 +0.143
Euro/US$ forex rate: 1.0950. Platts Euro denominated crude oil assessments are based on market values and a Euro/US$ forex rate at 4:30 PM local London time.

© 2023 by S&P Global Inc. All rights reserved. 11

Crude Oil Marketwire August 8, 2023

PLATTS BRENT DIFF: SEP11-SEP15 (NOV): PETRACO Ruble-denominated Russian assessments (Rb/barrel) (PGA page 1224)
Mid Change
BIDS 100KB AT $0.23
Russian crude oil benchmarks
PLATTS BRENT DIFF: SEP11-SEP15 (NOV): Urals FOB Novorossiysk AAUJP00 7102.900–7105.820 7104.360 +152.712
PETROCHINA BIDS 100KB AT $0.20 Urals FOB Baltic AAUJQ00 7102.900–7105.820 7104.360 +152.712
Urals FOB Novorossiysk 80kt AAUJR00 7015.330–7018.250 7016.790 +151.160
PLATTS BRENT DIFF: SEP11-SEP15 (NOV): DV Urals CIF Mediterranean AAUJS00 7315.010–7317.930 7316.474 +170.331
TRADING BIDS 100KB AT $0.15 Urals CIF Rotterdam AAUJT00 7343.230–7346.150 7344.691 +156.973
PLATTS BRENT DIFF: SEP11-SEP15 (NOV): US$/Ruble forex rate: 97.3000. Platts Ruble denominated crude oil assessments are based on market values and a US$/Ruble forex rate at 4:30 PM local London
time.
MERCURIA BIDS 100KB AT $0.15
PLATTS BRENT DIFF: SEP11-SEP15 (NOV): ONYX Platts CAD-denominated Canada spot crude assessments (C$/cu m) (PGA page 232)
BIDS 100KB AT $0.10 Mid Change
PLATTS BRENT DIFF: SEP11-SEP15 (NOV): DARE Lloyd Blend AALRM00 569.624–569.793 569.709 +2.697
Mixed Sweet AALRT00 678.112–678.281 678.197 +4.408
BIDS 100KB AT $0.05 Light Sour Blend AALRZ00 671.780–671.949 671.865 +3.962
PLATTS BRENT DIFF: AUG28-SEP1 (NOV): TOTAL Midale AAUCD00 657.006–657.174 657.090 +3.900
Condensates AALSH00 666.292–666.461 666.377 +3.518
BIDS 100KB AT $0.82 Syncrude Sweet AASOL00 728.768–728.937 728.852 +3.777
PLATTS BRENT DIFF: AUG28-SEP1 (NOV): WCS Hardisty AAPPO00 563.714–563.883 563.799 +2.673
Cold Lake Hardisty AASZY00 562.448–562.617 562.532 +2.667
TRAFIGURA BIDS 100KB AT $0.75
PLATTS BRENT DIFF: AUG28-SEP1 (NOV): DARE
BIDS 100KB AT $0.70 Daily US$ vs EURO exchange rate (PGA page 1151)
PLATTS BRENT DIFF: AUG28-SEP1 (NOV): MERCURIA Mid Change
August 8, 2023 AAFCW00 1.0950 -0.005
BIDS 100KB AT $0.70
PLATTS BRENT DIFF: AUG28-SEP1 (NOV): DV
TRADING BIDS 100KB AT $0.60 Asia close Brent and WTI spot assessments ($/barrel) (PGA page 2210)
PLATTS BRENT DIFF: AUG28-SEP1 (NOV): Mid Change
Brent (Oct) PCAJG00 85.51–85.55 85.530 -0.640
PETROCHINA BIDS 100KB AT $0.60 Brent (Nov) PCAJI00 85.10–85.14 85.120 -0.600
PLATTS BRENT DIFF: AUG28-SEP1 (NOV): UNIPEC Brent (Dec) PCAJ000 84.720 -0.540
WTI (Sep) AAFFU00 82.05–82.09 82.070 -0.470
BIDS 100KB AT $0.60 WTI (Oct) AAFFW00 81.60–81.64 81.620 -0.400
PLATTS BRENT DIFF: AUG28-SEP1 (NOV): ONYX WTI (Nov) AAFFY00 81.12–81.16 81.140 -0.380
BIDS 100KB AT $0.50
Offers:
NORTH SEA: Oman OSPs and derivatives ($/barrel) (PGA pages 2658 & 2210)
None Mid Change
Oman/Dubai Swap (Sep) AAIHJ00 -0.02/0.02 0.000 -0.120
CASH BFOE: Oman/Dubai Swap (Oct) AAIHL00 -0.02/0.02 0.000 -0.120
None Oman/Dubai Swap (Nov) AAIHN00 -0.02/0.02 0.000 -0.120
Oman Swap (Sep) AAHZP00 85.93–85.97 85.950 -0.680
BRENT CFDS: Oman Swap (Oct) AAHZR00 85.00–85.04 85.020 -0.630
PLATTS BRENT DIFF: AUG14-AUG18 (OCT): DV Oman Swap (Nov) AAHZT00 84.19–84.23 84.210 -0.620
TRADING OFFERS 100KB AT $1.25
PLATTS BRENT DIFF: AUG14-AUG18 (OCT): DARE
OFFERS 100KB AT $1.30 Daily OPEC Basket Price ($/barrel) (PGA page 207)
PLATTS BRENT DIFF: AUG14-AUG18 (OCT): ONYX Mid Change
OFFERS 100KB AT $1.35 August 7, 2023 AAEUQ00 88.250 +0.270

© 2023 by S&P Global Inc. All rights reserved. 12

Crude Oil Marketwire August 8, 2023

PLATTS BRENT DIFF: AUG21-AUG25 (OCT): DV Futures Settlements

Settlement Change Low High Volume* Open interest PNT****
TRADING OFFERS 100KB AT $0.84
NYMEX Light Sweet crude ($/barrel) (PGA page 705)
PLATTS BRENT DIFF: AUG21-AUG25 (OCT): DARE Sep 23 NMCL001 82.92 +0.98 79.90 83.08 390156 291477
OFFERS 100KB AT $0.85 Oct 23 NMCL002 82.36 +0.87 79.52 82.52 156486 247456
PLATTS BRENT DIFF: SEP4-SEP8 (NOV): ONYX Nov 23 NMCL003 81.85 +0.83 79.12 81.98 88149 139994
Dec 23 NMCL004 81.35 +0.82 78.70 81.49 130384 232565
OFFERS 100KB AT $0.55 Total NMCL000 895960 XNCLP00 20278
PLATTS BRENT DIFF: SEP4-SEP8 (NOV): DV ICE Brent ($/barrel) (PGA page 704)
TRADING OFFERS 100KB AT $0.59 Oct 23 ICLL001 86.17 +0.83 83.32 86.34 404443 503662
PLATTS BRENT DIFF: SEP4-SEP8 (NOV): OMV Nov 23 ICLL002 85.67 +0.73 82.93 85.82 230002 384035
Dec 23 ICLL003 85.24 +0.70 82.57 85.38 203236 319041
OFFERS 100KB AT $0.60 Jan 24 ICLL004 84.81 +0.67 82.21 84.95 63127 123563
PLATTS BRENT DIFF: SEP4-SEP8 (NOV): DARE Total ICLL000 1088332 XILLP00 18233
OFFERS 100KB AT $0.65 ICE WTI ($/barrel) (PGA page 704)
Sep 23 ICIC001 82.92 +0.98 79.90 83.06 54826 81558
PLATTS BRENT DIFF: SEP11-SEP15 (NOV): DARE
Oct 23 ICIC002 82.36 +0.87 79.52 82.49 79319 73203
OFFERS 100KB AT $0.25 Nov 23 ICIC003 81.85 +0.83 79.19 81.95 59225 39917
PLATTS BRENT DIFF: SEP11-SEP15 (NOV): DV Dec 23 ICIC004 81.35 +0.82 78.73 81.40 49358 112276
Total ICIC000 271963 XIICP00 14243
TRADING OFFERS 100KB AT $0.35
ICE BWAVE ($/barrel) (PGA page 704)
PLATTS BRENT DIFF: SEP11-SEP15 (NOV): ONYX
BWAVE data refer to previous day.
OFFERS 100KB AT $0.35 Oct 23 XIBW001 85.59
PLATTS BRENT DIFF: SEP11-SEP15 (NOV): OMV Nov 23 XIBW002 85.21
OFFERS 100KB AT $0.35 DME Oman crude ($/barrel)** (PGA pages 702 & 2710)
Oct 23 XDOA001 86.15 -1.60 4046
PLATTS BRENT DIFF: AUG28-SEP1 (NOV): DV
Oct 23 DMOQ001 87.94 +0.87 85.30 87.94 4057 4770
TRADING OFFERS 100KB AT $0.87 Nov 23 DMOQ002 87.44 +0.77 87.44 87.44 1180 28
PLATTS BRENT DIFF: AUG28-SEP1 (NOV): DARE Dec 23 DMOQ003 86.67 +0.79 86.67 86.67 1180 6
Jan 24 DMOQ004 86.03 +0.79 86.03 86.03 0 0
OFFERS 100KB AT $0.90
Total Volume DMOQ000 4781 XDOQP00 0
Trades: IFAD Murban crude ($/barrel) (PGA page 703)
NORTH SEA: Oct 23 AMIFA00 87.520
CIF BASIS ROTTERDAM: PLATTS NSEA WTI Murban vs Dubai*** AMIFB00 2.500
NYMEX ULSD ($/gal) (PGA page 705)
MIDLAND: SEPTEMBER 8-12: PHILLIPS 66 SELLS TO
Sep 23 NMHO001 3.0856 +0.0701 2.9374 3.0917 44572 74355
TOTAL* 700000.0B AT DTD $2.05 . . (15:25:09) Oct 23 NMHO002 3.0585 +0.0641 2.9174 3.0643 42250 54995
CIF BASIS ROTTERDAM: PLATTS NSEA WTI Nov 23 NMHO003 3.0028 +0.0533 2.8761 3.0081 26026 38947
MIDLAND: AUGUST 27-31: UNIPEC SELLS TO TOTAL* Dec 23 NMHO004 2.9384 +0.0431 2.8265 2.9436 26432 49432
Total NMHO000 172368 XNHOP00 3579
700000.0B AT DTD $1.95 . . (15:25:12) NYMEX RBOB unleaded gasoline ($/gal) (PGA page 705)
FOB BASIS HOUND POINT: PLATTS NSEA FORTIES: Sep 23 NMRB001 2.8451 +0.0407 2.7359 2.8514 51590 107111
AUGUST 26-28: TOTAL SELLS TO MERCURIA* Oct 23 NMRB002 2.6085 +0.0431 2.5080 2.6143 50812 78798
Nov 23 NMRB003 2.5088 +0.0378 2.4142 2.5134 22416 46591
700000.0B AT DTD $0.92 . . (15:28:06)
Dec 23 NMRB004 2.4324 +0.0313 2.3432 2.4369 13299 44483
FOB BASIS MONGSTAD: PLATTS NSEA JOHAN Total Volume NMRB000 152118 XNRBP00 6175
SVERDRUP: AUGUST 20-22: VITOL BUYS FROM NYMEX Natural Gas ($/MMBtu) (PGA page 705)
EQUINOR* 700000.0B AT DTD $0.65 . . (15:24:45) Sep 23 NMNG001 2.777 +0.052 2.692 2.798 153206 281449
Oct 23 NMNG002 2.864 +0.051 2.783 2.883 61568 125939
CASH BFOE: Nov 23 NMNG003 3.243 +0.066 3.148 3.257 53588 131679
PLATTS CASH BFOE: OCT23: SHELL SELLS TO Dec 23 NMNG004 3.678 +0.075 3.579 3.689 17634 59870
Total Volume NMNG000 356399 XNNGP00 13639

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Crude Oil Marketwire August 8, 2023

TOTAL* 100KB AT $85.19 (15:29:31) Futures Settlements (continued)

Settlement Change Low High Volume* Open interest PNT****
PLATTS CASH BFOE: OCT23: SHELL SELLS TO
ICE low sulfur gasoil ($/mt) (PGA page 704)
MERCURIA* 100KB AT $85.25 (15:29:39) Aug 23 ICLO001 888.75 -0.25 858.50 913.00 45641 33214
PLATTS CASH BFOE: OCT23: GLENCORE SELLS TO Sep 23 ICLO002 878.25 -0.25 851.50 901.25 123918 171068
Oct 23 867.25 -1.00 843.00 887.50 100411 108955
TOTAL* 100KB AT $85.25 (15:29:43) ICLO003
Nov 23 ICLO004 850.00 -2.00 828.00 867.75 46553 64828
PLATTS CASH BFOE: OCT23: HARTREE SELLS TO Total Volume ICLO000 434554 XILOP00 4183
MERCURIA* 100KB AT $85.25 (15:29:47) ICE Midland WTI American Gulf Coast ($/barrel) (PGA page 704)
PLATTS CASH BFOE: OCT23: HARTREE SELLS TO Sep 23 IHOU001 84.28 +0.99 81.27 84.30 12068 5056
Oct 23 IHOU002 83.74 +0.88 81.13 83.78 12192 5053
TOTAL* 100KB AT $85.31 (15:29:49)
Nov 23 IHOU003 83.18 +0.81 80.71 83.18 414 4494
PLATTS CASH BFOE: OCT23: GUNVOR SELLS TO Dec 23 IHOU004 82.67 +0.80 82.67 82.67 22 4132
TOTAL* 100KB AT $85.31 (15:29:54) *Volume, open interest and PNT reflect prior trading day. PNT reflect volume for Privately Negotiated Trades or off-exchange. **Oman settlements are Post Close
PLATTS CASH BFOE: OCT23: GUNVOR SELLS TO settlements. ***IFAD Murban spread to 1st Line (Oct 23) Platts Dubai crude futures. ****Privately Negotiated Trade values found on PGA page 710

TOTAL* 100KB AT $85.31 (15:29:58)

BRENT CFDS:
PLATTS BRENT DIFF: AUG21-AUG25 (OCT): ONYX
SELLS TO MERCURIA* 100KB AT $0.77 (15:28:07) Futures at Platts’ Market on Close ($/barrel) (PGA page 703)
PLATTS BRENT DIFF: AUG21-AUG25 (OCT): Singapore* London* Houston* Singapore* London* Houston*
ICE Brent NYMEX WTI
MERCURIA BUYS FROM DV TRADING* 100KB AT $0.79
Oct XILLA01 85.41 AAYES00 85.00 AAQBG00 86.22 M1 XNCLA01 82.07 AASCR00 81.61 NYCRM01 82.94
(15:28:24) Nov XILLA02 85.00 AAYET00 84.55 AAQBH00 85.72 M2 XNCLA02 81.62 AASCS00 81.14 NYCRM02 82.40
PLATTS BRENT DIFF: AUG21-AUG25 (OCT): ONYX Dec AAXZY00 84.12 AAXZZ00 85.28 M3 NYCRM03 81.89
SELLS TO MERCURIA* 100KB AT $0.77 (15:28:26) Jan AAYAM00 83.71 AAYAL00 84.84 M4 NYCRM04 81.39
Oman *Singapore and London MOC close at precisely 16:30 local time while Houston
PLATTS BRENT DIFF: AUG21-AUG25 (OCT): MOC closes at precisely 13:30 local time. MOC times are usually earlier on the
Oct XDOA001 86.15
MERCURIA BUYS FROM DV TRADING* 100KB AT $0.79 Volume XDOAV01 4046 day preceding major local holidays.
(15:28:26)

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© 2023 by S&P Global Inc. All rights reserved. 14

Crude Oil Marketwire August 8, 2023

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
08/08/2023 September Bakken Clearbrook Heard 1.65 NYMEX WTI CMA
08/08/2023 September Bakken Clearbrook Heard 1.60 NYMEX WTI CMA
08/08/2023 September Bakken Williston (DAPL) Heard 0.10 NYMEX WTI CMA
08/08/2023 September Christina Dilbit Blend Nederland Heard -5.50 NYMEX WTI CMA
08/08/2023 September Cold Lake Cushing Heard -5.85 NYMEX WTI CMA
08/08/2023 October Cold Lake ECHO/Nederland Heard -6.40 NYMEX WTI CMA
08/08/2023 September Cold Lake Nederland Heard -4.70 NYMEX WTI CMA
08/08/2023 September LLS Heard 2.35 Cash WTI
08/08/2023 September Mars Heard 1.00 Cash WTI
08/08/2023 September Mars Heard 1.10 Cash WTI
08/08/2023 September Mixed Sweet (MSW) Edmonton Heard -1.85 NYMEX WTI CMA
08/08/2023 September SGC (Southern Green Canyon) Heard 0.70 Cash WTI
08/08/2023 September SGC (Southern Green Canyon) Heard 0.75 Cash WTI
08/08/2023 September WCS Hardisty Heard -15.40 NYMEX WTI CMA
08/08/2023 September WCS Hardisty Heard -15.30 NYMEX WTI CMA
08/08/2023 September WCS Hardisty Heard -15.45 NYMEX WTI CMA
08/08/2023 September WTI MEH Heard 1.40 Cash WTI
08/08/2023 September WTI MEH Heard 1.40 Cash WTI
08/08/2023 September WTI Midland Heard 1.25 Cash WTI
08/08/2023 September WTI Midland Heard 1.20 Cash WTI
08/08/2023 September WTI Midland Heard 1.20 Cash WTI
Platts Asia
8/8/2023 October Dubai Partial Done 87.15 25,000 Glencore Trafigura
8/8/2023 October Dubai Partial Done 87.15 25,000 Glencore Mercuria
8/8/2023 October Dubai Partial Done 87.11 25,000 Glencore Vitol
8/8/2023 October Dubai Partial Done 87.11 25,000 Glencore Mercuria
8/8/2023 October Dubai Partial Done 87.15 25,000 Glencore Vitol
8/8/2023 October Dubai Partial Done 87.11 25,000 PetroChina Vitol
8/8/2023 October Dubai Partial Done 87.15 25,000 Glencore Trafigura
8/8/2023 October Dubai Partial Done 87.11 25,000 Glencore P66
8/8/2023 October Dubai Partial Done 87.05 25,000 Glencore Mitsui
8/8/2023 October Dubai Partial Done 87.10 25,000 Glencore Equinor
8/8/2023 October Dubai Partial Done 87.15 25,000 Glencore Trafigura
8/8/2023 October Dubai Partial Done 87.11 25,000 Glencore Vitol
8/8/2023 October Dubai Partial Done 87.15 25,000 Glencore Trafigura
8/8/2023 October Dubai Partial Done 87.15 25,000 Reliance Vitol
8/8/2023 October Dubai Partial Done 87.10 25,000 Glencore Trafigura
8/8/2023 October Dubai Partial Done 87.15 25,000 Reliance Mercuria
8/8/2023 October Dubai Partial Done 87.11 25,000 Glencore Vitol
8/8/2023 October Dubai Partial Done 87.15 25,000 Glencore Trafigura
8/8/2023 October Dubai Partial Done 87.14 25,000 Glencore Equinor
8/8/2023 October Dubai Partial Done 87.15 25,000 Glencore Trafigura
8/8/2023 October Dubai Partial Done 87.10 25,000 Glencore Trafigura
8/8/2023 October Dubai Partial Done 87.11 25,000 PetroChina Vitol
8/8/2023 October Dubai Partial Done 87.10 25,000 Mitsui Trafigura
8/8/2023 October Dubai Partial Done 87.11 25,000 Glencore Vitol
8/8/2023 October Dubai Partial Done 87.15 25,000 Reliance Vitol
8/8/2023 October Dubai Partial Done 87.15 25,000 Glencore Vitol
8/8/2023 October Dubai Partial Done 87.15 25,000 Glencore Vitol
8/8/2023 October Dubai Partial Done 87.10 25,000 Reliance Mercuria

© 2023 by S&P Global Inc. All rights reserved. 15

Crude Oil Marketwire August 8, 2023

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)
8/8/2023 October Dubai Partial Done 87.15 25,000 Glencore Trafigura
8/8/2023 October Oman Done 500,000 Glencore Vitol
Platts EMEA
08/08/2023 August 21 25 Brent CFD Done 0.77 Cash BFOE Oct 100000 Onyx Mercuria
08/08/2023 August 21 25 Brent CFD Done 0.79 Cash BFOE Oct 100000 DV Trading Mercuria
08/08/2023 August 21 25 Brent CFD Done 0.80 Cash BFOE Oct 100000 Onyx Mercuria
08/08/2023 August 21 25 Brent CFD Done 0.79 Cash BFOE Oct 100000 DV Trading Mercuria
08/08/2023 August 21 25 Brent CFD Done 0.80 Cash BFOE Oct 100000 DV Trading Mercuria
08/08/2023 August 21 25 Brent CFD Done 0.77 Cash BFOE Oct 100000 Onyx Mercuria
08/08/2023 August/September 28 1 Brent CFD Done 0.85 Cash BFOE Nov 100000 Onyx TotalEnergies
08/08/2023 August 21 25 Brent CFD Done 0.80 Cash BFOE Oct 100000 Dare Global TotalEnergies
08/08/2023 October Cash BFOE Done 85.31 100000 Gunvor TotalEnergies
08/08/2023 October Cash BFOE Done 85.25 100000 Hartree Mercuria
08/08/2023 October Cash BFOE Done 85.25 100000 Shell Mercuria
08/08/2023 October Cash BFOE Done 85.19 100000 Shell TotalEnergies
08/08/2023 October Cash BFOE Done 85.31 100000 Hartree TotalEnergies
08/08/2023 October Cash BFOE Done 85.31 100000 Gunvor TotalEnergies
08/08/2023 October Cash BFOE Done 85.25 100000 Glencore TotalEnergies
08/08/2023 August 26 28 Forties Done 0.92 Dated Brent 700000 TotalEnergies Mercuria
08/08/2023 August 20 22 Johan Sverdrup Done 0.65 Dated Brent 700000 Equinor Vitol
08/08/2023 August 27 31 WTI Midland Done 1.95 Dated Brent 700000 Unipec TotalEnergies
08/08/2023 September 8 12 WTI Midland Done 2.05 Dated Brent 700000 P66 TotalEnergies
Please note that all deals that are stated as “Done” were reported and published through the Platts Market on Close assessment process. Deals that are stated as “Reported” were not reported through the MOC, and may reflect
transactions that were reported before or after the MOC process. Platts seeks to confirm non-MOC information to the fullest extent possible prior to publication.

PLATTS BRENT DIFF: AUG21-AUG25 (OCT): Mo01 <PCAAQ00> CFD Week 3 <PCAKE00> Brent higher between Aug. 28 and Oct. 6, with a flat
MERCURIA BUYS FROM ONYX* 100KB AT $0.80 Mo02 <PCAAR00> CFD Week 4 <PCAKG00> Brent structure rolled over back-end dates, reflecting
(15:28:57) Mo03 <PCARR00> CFD Week 5 <AAGLU00> CFD Week strength seen in the Platts Market on Close
PLATTS BRENT DIFF: AUG21-AUG25 (OCT): TOTAL 6 <AAGLV00> CFD Week 7 <AALCZ00> CFD Week 8 assessment process for CIF WTI Midland. There were
BUYS FROM DARE* 100KB AT $0.80 (15:29:02) <AALDA00> Johan Sverdrup FOB North Sea <AJSVA00> no bids, offers or trades in the MOC for DAP WTI
PLATTS BRENT DIFF: AUG21-AUG25 (OCT): Johan Sverdrup FOB North Sea vs North Sea Dtd Strip Midland.
MERCURIA BUYS FROM DV TRADING* 100KB AT $0.80 <AJSVB00> WTI Crude DAP Augusta <AWTIA00> assessment
(15:29:06) rationale:
PLATTS BRENT DIFF: AUG28-SEP1 (NOV): TOTAL Platts WTI Midland Crude DAP Europe WTI DAP Augusta was assessed higher owing to the
BUYS FROM ONYX* 100KB AT $0.85 (15:29:56) Assessment Rationale & Exclusions increase in the DAP Rotterdam differential. There were
This assessment commentary applies to the WTI Crude DAP Europe <AWTIC00> assessment no bids, offers or trades in the MOC.
following market data codes: Dated Brent <PCAAS00> rationale: Exclusions: None
CFD Week 1 <PCAKA00> CFD Week 2 <PCAKC00> Brent WTI DAP Rotterdam was assessed 15 cents/b Platts is part of S&P Global Commodity Insights

© 2023 by S&P Global Inc. All rights reserved. 16

Crude Oil Marketwire August 8, 2023

Platts WTI Midland Crude DAP Europe Bids, attacks following Russia’s exit from the Black Sea country’s energy minister said Aug. 8.
Offers, Trades Grain Initiative on July 17, threatening shipping of “As regards shipments from Kazakhstan to the
commodities including oil and grain via the Black Sea — Federal Republic of Germany and the European
Bids: None a key export and transit route. Union, these supplies are being implemented in
Offers: None Novorossiisk is a major export terminus for CPC accordance with earlier concluded agreements
Trades: None Blend crude and typically loads around 1.5 million on Kazakh oil transit,” Almassadam Satkaliyev told
This assessment commentary applies to the b/d of the Kazakh crude, according to S&P Global reporters.
following market data codes: WTI Midland DAP Commodities at Sea data. Kazakhstan has already dispatched about
basis Rotterdam <AWTIC00> WTI Midland DAP basis Traders in the Mediterranean are anticipating higher 90,000 mt of oil and supplies can be increased,
Rotterdam vs Fwd Dated Brent <AWTID00> WTI cargo insurance costs stemming from the increased Satkaliyev said.
Midland DAP basis Augusta <AWTIA00> WTI Midland risk of transporting oil through the Black Sea, with some “In broad terms, demands for the oil volume are
DAP basis Augusta vs Fwd Dated Brent <AWTIB00> estimating an increase of up to 80% above current levels. rather serious there [in Germany]. It is fundamentally
Platts assessed the crude oil additional war risk important for us that these supplies are underway, that
Platts Mediterranean & Black Sea Sweet premium at a $1.20/b on Aug. 7, unchanged on the day. our oil can be refined at these plants, and the mutual
Crude Daily Commentary Elsewhere in the sweet complex, loadings of Azeri interest of all parties to the transaction is obviously
Light crude at the Turkish port of Ceyhan in September traced,” he said.
„ Kazakhstan attempts to quell fears over crude are set to fall 29,194 b/d month on month to 585,000 Satkaliyev’s comments comes after a leak in the
loading after Novorossiisk port attack b/d, according to a copy of the loading program seen Druzhba pipeline was identified on Aug 5. which
„ September loadings of Azeri Light crude hit six- by S&P Global Commodity Insights Aug. 8. saw flows to Germany via one line of the network
month low at 585,000 b/d September loadings are at the lowest level since suspended.
Kazakhstan tried to calm fears over the stability of March and have fallen below the 12-month average of Polish pipeline operator Pern said Aug. 8 that
crude loading at the Black Sea port of Novorossiisk, 613,210 b/d. pumping has been resumed and that the cause of the
after an uptick in attacks left market participants Differentials for the Azerbaijani grade have leak was being investigated.
questioning whether cargoes could reliably be retreated from July’s six-month high in early August on Both Germany and Poland have been diversifying
exported from the region. the back of longer supply and weaker demand. their sources of oil imports since Russia’s invasion
Kazakhstan’s Minister of Energy, Almasadam Platts last assessed Azeri Light at a premium of of Ukraine and subsequent EU sanctions on Russian
Satkaliyev, on Aug. 8 said the country was willing to put $3.80/b to Dated Brent on Aug. 7, down 10 cents/b on crude and oil product imports.
forward proposals to ensure the safe operation of the the day. Kazakhstan’s rebranded Urals crude, KEBCO
Novorossiisk port. Platts is part of S&P Global Commodity Insights (Kazakhstan Export Blend Crude Oil), is a medium
“Kazakhstan will take the initiative at the political sour crude which has been popular with German
level to ensure the stable operation of this port, based Platts NWE and Med Urals Sour Crude Daily buyers looking for an alternative to Russia’s flagship
on the fact that the beneficiaries of the operation of Market Analysis Urals grade.
the oil terminal are major world consumers, including Kazakhstan’s pipeline operator Kaztransoil said
those from the European Union,” Satkaliyev said in a „ Kazakhstan assures crude deliveries to Germany previously that 290,000 mt of oil from Kazakhstan has
statement. meeting obligations been shipped to Germany in the first half of 2023.
“I think that this work should be organized through „ Russian July crude output flat on month at 9.42 Volumes were expected to increase to 250,000 mt
intergovernmental dialogue, through diplomatic million b/d: Platts Survey in July.
channels. And the Prime Minister of the Republic Deliveries of Kazakh crude to the EU via the Kaztransoil applied in December 2022 to
of Kazakhstan has already given the corresponding Druzhba pipeline were in line with contracted volumes, transport 1.2 million mt of oil through the Druzhba
instruction,” he added. following the identification of a leak in the pipeline pipeline, with volumes due to come from the giant
The announcement comes after an uptick in and a subsequent brief suspension of pumping, the Karachaganak field.

© 2023 by S&P Global Inc. All rights reserved. 17

Crude Oil Marketwire August 8, 2023

In others news, OPEC+ cut its crude oil production net forward to the Urals FOB Baltic assessment. The Platts West African Crude Daily
to a near two-year low in July as a major voluntary FOB differentials were assessed 20 cents/b higher as Commentary
cut by Saudi Arabia took effect, according to a Platts shrinking Urals supplies stemming from OPEC+ output
survey by S&P Global Commodity Insights, keeping the cuts and strong Indian and Chinese demand offsetting „ Middle-distillate rich Nigerians continue to
sour crude market supply tight. an embargoed European market raised differentials. see support
Russian production was flat on the month at 9.42 Med Dated Brent Strip 13-28 Day <AALDF00> „ Nigerian crude output down 100,000 b/d in July:
million b/d, ahead of its pledge to reduce its crude assessment rationale: Platts survey
exports by 500,000 b/d in August and 300,000 b/d in The Mediterranean Dated Brent Strip reflected the In the West African crude market Aug. 8, middle
September, as it seeks to bolster prices. value of Forward Dated Brent 13-28 days ahead of the distillate-rich Nigerian crude grades continued to see
day of publication. Forward Dated Brent is assessed strength, while lighter grades were pressured by US
Platts EMEA Urals and Med Brent Crude Daily as a function of Platts assessments of second-month WTI Midland arrivals into Europe, traders said.
Rationales & Exclusions Cash BFOE (PCAAR00) and BFOE CFD differentials Escravos, a crude grade with a high yield of middle
Urals CIF Augusta differential <AAGXX00> (PCAKA00, PCAKC00, PCAKE00, PCAKG00, AAGLU00, distillates such as diesel, was expected to trade
assessment rationale: AAGLV00, AALCZ00). around a $4.75/b premium to Dated Brent, according
Urals CIF Augusta was assessed 34.5 cents/b CPC Blend CIF Augusta vs BTC Dtd Strip to one WAF trader, though values remained cargo and
higher. There were no bids or offers in the Platts <AAHPL00> assessment rationale: date specific.
Market on Close assessment process. The Urals CIF CPC Blend was assessed unchanged. CPC Blend “Grades such as Bonga and Escravos are doing well,
Augusta differential was assessed using a net forward value was heard between a 70 cents/b to $1.50/b the rest not so much,” the trader said. “Lighter grades
to the Urals FOB Aframax and Suezmax assessment. discount to Dated Brent from traders for early- that compete with WTI Midland such as Agbami, Akpo
The FOB differentials were assessed 20 cents/b higher September-loading cargoes. The arbitrage window to and Amenam are under pressure. [Sentiment] is very
as shrinking Urals supplies stemming from OPEC+ Asia is open, according to traders, but demand has grade specific as some crudes expect loading delays.”
output cuts, tighter sour supply in light of suspended been weaker than expected. An uptick in attacks in Despite the pressure, sentiment remained bullish
Iraqi crude exports and strong Turkish demand despite the Black Sea near the oil port of Novorossiisk has left elsewhere in the Nigerian complex. “It is true that some
headwinds arising from Western sanctions raised some trades questioning if buyers will seek alternative sellers are chancing it with very high offers, but even
differentials. grades to avoid transport risks but differentials are so so that is indicative of the underlying strength of the
Urals CIF Med <PCACE00> assessment rationale: far unaffected. market,” a second trader said.
The Urals CIF Mediterranean assessment reflected Exclusions: None Bonny Light has seen its value disconnect mildly
the value of the Mediterranean Dated Brent Strip Platts is part of S&P Global Commodity Insights from other signature Nigerian crude grades with
(AALDF00) plus the Urals CIF Augusta differential traders previously worried about quality issues.
assessment (AAGXX00). Platts EMEA Urals & Med Brent Crude Bids, Water and sediment levels in cargoes loading through
Urals RCMB (Recombined) <AALIN00> assessment Offers, Trades June provided some concern for market participants.
rationale: Even given that, the second trader was less confident
The Urals RCMB (Recombined) assessment Bids: None that a significant value discount was appropriate.
reflected the value of the Platts Dated Brent Offers: None “I think some people are making too much of the
assessment (PCAAS00) plus the Urals CIF Augusta Trades: None quality issue,” they said. “While a discount is justified
differential assessment (AAGXX00). This assessment commentary applies to versus where the grade would normally be, I do not
Urals CIF Rdam <PCAFW00> assessment rationale: the following market data codes: Urals CIF Med think the discounting is as severe as made out.”
Urals CIF Rotterdam was assessed 20 cents/b <PCACE00>> Urals CIF Rdam <PCAFW00> ESPO FOB Nigeria saw a 100,000 b/d drop in production in July
higher. There were no bids or offers in the MOC. The Kozmino Mo01 London <AARWD00> CPC CIF Augusta to 1.32 million b/d, according to a monthly Platts survey
Urals CIF Rotterdam differential was assessed as a Diff <AAHPL00> by S&P Global Commodity Insights.

© 2023 by S&P Global Inc. All rights reserved. 18

Crude Oil Marketwire August 8, 2023

The fall was mostly down to the suspension of strong differentials in the second half of 2023 amid a Platts US Gulf Coast Export Crude Daily
loadings at the high volume Forcados export terminal, tight global sours market. Commentary
which ceased exports mid-July due to a suspected leak. Platts assessed West Texas Intermediate crude at
the Magellan East Houston terminal 5 cents/b stronger „ Sep-loading WTI FOB strengthens
Platts West African Crude Daily Rationale & Aug. 8 at a $1.40/b premium to cash WTI, the value at „ Brent-WTI swaps narrowest since late-April
Exclusions which the grade was last heard to trade. A narrower Brent-WTI spread helped September-
Of the four crudes in the Nigerian basket, Qua Similarly, WTI crude in Midland, Texas, was assessed loading West Texas Intermediate FOB values
Iboe was assessed 10 cents/b higher, Forcados and 6 cents/b stronger at a $1.25/b premium to cash strengthen against both ICE November Brent and
Bonga were assessed unchanged and Bonny Light WTI, following the last heard trade for the grade at forward Dated Brent, while values weakened slightly
was assessed 5 cents/b lower using indications heard that level. against WTI Crude at the Magellan East Houston
through the day. There were no bids, offers or trades in Light Louisiana Sweet crude was assessed 5 terminal.
the Platts Market on Close assessment process. cents/b stronger on the day at a $2.30/b premium Platts assessed first decade September-loading
Qua Iboe FOB Nigeria <PCAID00> to cash WTI, after the grade was heard to trade WTI FOB values 30 cents/b stronger against ICE
Bonny Light FOB Nigeria London <PCAIC00> at a $2.35/b premium before being offered at the November Brent futures at 67 cents/b discount on Aug.
Forcados FOB Nigeria <PCABC00> same level. 8, while second-decade loading values were assessed
Bonga FOB Nigeria <PCNGC00> Meanwhile, Mars crude was assessed unchanged 27 cents/b stronger at a 77 cents/b discount to ICE
Exclusions: None on the day at a $1.10/b premium to cash WTI, following November Brent. Third-decade loading values were
Platts is part of S&P Global Commodity Insights the last heard trade for the grade at that level. assessed 29 cents/b stronger at a 92 cents/b discount.
Differentials for Mars and other Gulf sour grades Differential changes were similar against forward
Platts West African Crude Bids, Offers, have seen strong values as global sour crude supply Dated Brent, with first decade loading WTI FOB values
Trades has tightened amid some outages, as well as output assessed 26 cents/b stronger at 95 cents/b discount.
cuts by major producers like Saudi Arabia. Notably, This comes as the Brent-WTI swaps spread, one
Bids: None Saudi Arabia over the weekend extended its voluntary indicator of the competitiveness of US crude on the
Offers: None 1 million b/d output cuts on top of previous cuts under international market, narrowed 10 cents/b to $3.48/b, the
Trades: None its OPEC+ quota, through September. narrowest it has been since April 26, when the spread sat
This assessment commentary applies to the Also, Russia moved to cut crude exports by 300,000 at just $3.45/b. As the swap spread narrows, WTI-based
following market data code: WAF Index <AWAFB00> b/d in September, tapering the level of cuts from crudes are often viewed as becoming less competitive in
The WAF Index is calculated using the following market 500,000 b/d in August and July. The wider OPEC+ relation to their Brent-based counterparts.
data codes: Qua Iboe FOB Nigeria <PCAID00> Bonny alliance has had difficulty meeting its quota levels, with While this loss of competitiveness was expressed
Light FOB Nigeria London <PCAIC00> Forcados FOB the alliance in July underproducing its output quotas in stronger values against ICE November Brent, WTI
Nigeria <PCABC00> Bonga FOB Nigeria <PCNGC00> by over 1 million b/d, a Platts survey showed Aug. 8. FOB values against WTI crude at the Magellan East
Since July 1, the front-month differential for Mars Houston terminal eased slightly on the day amid
Platts US Pipeline Crude Daily Commentary crude has averaged a $1.18/b premium to cash WTI, eroding competitiveness. Across September loadings,
compared with an average in the first half of 2023 of a WTI FOB values were assessed at an average of a 53
„ WTI MEH, Midland, LLS edge stronger on day; Mars $1.06/b discount to cash WTI. cents/b premium to WTI MEH, compared to an average
unchanged Southern Green Canyon, another Gulf of Mexico- premium of 57 cents/b on Aug. 7.
„ Mars differentials remain strong in 2H 2023 amid produced medium sour grade, was also assessed Meanwhile, growing US crude production should
tight sours market unchanged at a 75 cents/b premium to cash WTI, the allow for added barrels to the export market. The
US Gulf Coast crude grades remained rangebound value at which the grade was last heard to trade. Energy Information Administration forecast US oil
Aug. 8, while sour crude differentials continued to see Platts is part of S&P Global Commodity Insights. production to grow 200,000 b/d in 2023 to average

© 2023 by S&P Global Inc. All rights reserved. 19

Crude Oil Marketwire August 8, 2023

12.76 million b/d, while crude output is expected to The US, Canada, Brazil, Guyana and Norway are In other Argentina news, YPF, the biggest oil refiner
reach 13.09 million b/d in 2024, with production in among non-OPEC producers that are forecast to ramp in Argentina, will invest $375 million from a loan to
the second half of 2024 to approach 13.4 million b/d. up output over the next few years. Combined, non- expand its refining capacity so that it can ramp up
Higher production growth outside of the OPEC+ group OPEC producers are expected to increase production production of ultra low sulfur diesel and gasoline,
has put pressure on the alliance to stabilize prices by 2.1 million b/d in 2023 and 1.2 million b/d in 2024. helping to reduce pollution, according to development
through output cuts as demand uncertainty continues bank CAF, the arranger of the loan. CAF, a development
to cloud outlooks. Platts Latin American Crude Daily bank for Latin America and the Caribbean, arranged
Platts is a part of S&P Global Commodity Insights. Commentary the financing for the project along with six banks, it
said in a late Aug. 7 statement.
Platts Canadian Pipeline Crude Daily „ Tupi rises 96 cents/b due to stronger YPF saw its June crude production increase 13%
Commentary crude complex on the year to 306,179 b/d but fall 0.6% from May,
„ Medanito unchanged at ICE Brent minus $4.50/b Argentina secretariat data showed on Aug. 7.
„ WCS Hardisty slips 5 cents/b upon recent indications Platts is part of S&P Global Commodity Insights.
„ Heavy Canadian in Cushing, USGC down 30 cents/b Latin American outright prices rose on the day after
„ Canadian crude and liquid fuels production to reach a surge in oil futures on Aug. 8, and YPF made plans
6.15 million b/d in 2024: EIA to invest $375 million in refining capacity to increase Subscriber Notes
ultra low sulfur diesel and gasoline, according to
Western Canadian Select in Hardisty, Alberta, edged development bank CAF. Platts to include Seaway Texas City Terminal into
5 cents/b weaker Aug. 8, which was the first day of NYMEX front-month crude increased 98 cents to Brent complex assessment process for June
trading following the country’s civic holiday. settle at $82.92/b, while ICE front-month Brent was at Platts, part of S&P Global Commodity Insights, will
WCS was heard trading last at a $15.40/b discount $86.17/b, settling 83 cents higher on the day. include Seaway Texas City Terminal as a loading
to the WTI calendar month average, which is where Higher anticipated oil prices spurred by Saudi terminal for WTI Midland crude oil into its Dated Brent
Platts assessed the crude. Early in the day WCS Arabia’s extended voluntary production cuts and Cash BFOE Market on Close assessment process
Hardisty traded within the range of WTI CMA minus incentivized non-OPEC producers to ramp up their for June deliveries.
$15.30/b and minus $15.45/b. output, allowing for growth in global oil production to Sellers would be able to nominate WTI Midland
Heavy sour Canadian barrels in Cushing, Oklahoma, continue in 2023 and 2024, the US Energy Information meeting Platts specification loaded from Seaway Texas
were assessed 30 cents/b weaker on the day. Cold Administration said Aug. 8. Production in the US is City Terminal for inclusion into the Dated Brent/Cash
Lake crude, which trades at parity with WCS in Cushing anticipated to be the greatest, where monthly crude BFOE assessment process starting with the June 2023
was heard done at WTI CMA minus $5.85/b. output is forecast to surpass 12.9 million b/d for the delivery period.
In Nederland, Texas, Cold Lake crude was heard first time in late 2023, the EIA said in its August Short- The terminal, in Texas City, Texas, is wholly owned
trading at a $4.70/b discount to the benchmark. Platts Term Energy Outlook. by Seaway Crude Holdings LLC, L.P., a joint venture
assessed WCS Nederland at that price, which was also Platts assessed Brazil’s Tupi crude at an outright between Enterprise Seaway L.P. and Enbridge Holdings
down 30 cents/b on the day. price of $87.00/b, 96 cents/b higher on the day. (Seaway) L.L.C.
In the light sweet market Mixed Sweet gained Argentina’s light sweet Medanito was assessed at an The terminal has two docks which can fit up to
10 cents/b on the day to be assessed at a $1.85/b outright price of $81.10/b, 76 cents/b higher on the day, a VLCC size vessel and 4 million barrels of storage
discount to the WTI CMA, based on trade data. also due to the rise in crude futures. capacity for crude oil.
Canadian crude and liquid fuels production is Platts assessed Medanito crude differential Platts decision to include WTI Midland into the
expected to grow from 5.84 million b/d in 2023 to 6.15 unchanged on the day at ICE Brent minus $4.50/b Brent complex, and clarification of the review process
million b/d in 2024, according to information released based on recent indications that the crude was trading by which loading terminals are included in the
Aug. 8 by the US Energy Information Administration. around that level for October delivery. assessment process, can be found here.

© 2023 by S&P Global Inc. All rights reserved. 20

Crude Oil Marketwire August 8, 2023

Crude Grade Current Month Month-Ahead

Please send all feedback to make comments not marked as confidential available Oseberg QP AAXDW00 AAXDX00
PriceGroup@spglobal.com and to the public upon request. Ekofisk QP AAXDY00 AAXDZ00
Troll QP ATFNB00 ATFNA00
Europe_Crude@spglobal.com.
For written comments, please provide a clear Platts updates flat rates used in Mediterranean crude
indication if they are not intended for publication by freight-adjusted assessments to reflect Turkish The QPs are published to four decimal places and
Platts for public viewing. Straits transit fees, effective Aug. 1 at 60% of the net price differences between Ekofisk,
Platts, part of S&P Global Commodity Insights, Oseberg, Troll and the most competitive grade of crude
Platts launches CIF Rotterdam KEBCO, FOB Ust-Luga has updated multiple flat rates used in the Urals among Brent, Forties, Oseberg, Ekofisk and Troll during
and Novorossiisk netback assessments (Med) net-forward assessment and CPC, Azeri Light the month prior to announcement. Platts, part of S&P
Platts, part of S&P Global Commodity Insights, has freight netback calculations to reflect an increase in Global Commodity Insights, announces QPs on the first
launched new KEBCO (Kazakh Export Blend Crude oil) transit fees through the Turkish Straits, as detailed in publishing day of each month, a month prior to the
assessments, Aug. 1, 2023. Worldscale Circular No. 57 (2023). escalators coming into effect.
This follows a decision note published June 21: Effective Aug. 1, an additional 12 cents/mt Please send any comments and queries
https://www.spglobal.com/commodityinsights/en/ has been added to the flat rate of the following to europe_crude@spglobal.com and
our-methodology/subscriber-notes/062123-platts- routes: Novorossiisk-Augusta, CPC-Augusta and pricegroup@spglobal.com.
to-launch-cif-rotterdam-kebco-fob-ust-luga-and- Supsa-Augusta.
novorossiisk-netback-assessments Assessments impacted: Urals (Med), CPC FOB Suez, Platts clarifies deemed B/L pricing, minimum
Platts received consistent market feedback in CPC FOB Afra and Azeri Light FOB Supsa. volume, freight fallback mechanisms and quality
support of a KEBCO CIF Rotterdam assessment and Please send all feedback, comments or performance for Dated Brent
FOB-netback values for KEBCO Ust-Luga and FOB questions to europe_crude@spglobal.com and Platts, part of S&P Global Commodity Insights,
Novorossiisk. pricegroup@spglobal.com. clarifies details around the following aspects of the
KEBCO FOB Ust-Luga value will be calculated as For written comments, please provide a clear Dated Brent methodology following queries from
a freight netback from the KEBCO CIF Rotterdam indication if comments are not intended for publication market participants and review of market practice:
assessment. by Platts for public viewing. - Deemed B/L pricing of CIF Rotterdam Dated Brent
KEBCO FOB Novorossiisk will be calculated as a Platts will consider all comments received and will basket cargoes
freight netback from the CIF Augusta assessment, make comments not marked as confidential available - Minimum volumes that can be offered in the
also taking into account Turkish Strait delays and the to the public upon request. Market on Close assessment process for Dated Brent
Additional War Risk Premium (AWRP). basket grades
These assessments will be published as both Platts Quality Premiums for September-loading North - Deviation fallback mechanisms for WTI Midland CIF
differentials to the Med Dated Brent strip [AALDF00] Sea crude cargoes Rotterdam
and as outright values. Effective Aug. 1, the North Sea Quality Premiums for - Demurrage fallback mechanisms for WTI Midland
Platts launched a KEBCO CIF Augusta assessment, September-loading North Sea crude oil cargoes will be CIF Rotterdam
Nov. 1, 2022. as follows: - Quality performance expectations
Please send all feedback, comments or Crude Grade Quality Premium DEEMED B/L PRICING:
Oseberg QP 1.1051
questions to europe_crude@spglobal.com and Ekofisk QP 1.0163
Platts clarifies that for assessment purposes, it
pricegroup@spglobal.com. Troll QP 1.5719 views the deemed B/L for Forties, Ekofisk and WTI
For written comments, please provide a clear Midland to be one day ahead of the originally bid,
indication if comments are not intended for publication Quality Premiums are available on Platts Global offered or traded laycan. For Brent Blend, Oseberg
by Platts for public viewing. Alert pages 1210 and 1212 and in the Platts Pricing and Troll, Platts views the deemed B/L to be two days
Platts will consider all comments received and will Database under the following codes: ahead of the originally bid, offered or traded laycan.

© 2023 by S&P Global Inc. All rights reserved. 21

Crude Oil Marketwire August 8, 2023

Platts understands that market practice for pricing fallback mechanism for demurrage: market support for an assessment of Urals DAP WCI
a traded CIF Rotterdam cargo is to use the deemed If no agreement can be reached between buyer versus Dubai.
B/L relative to the narrowed three-day laycan. and seller on demurrage costs, counterparties should The new assessment will reflect the spread
MINIMUM VOLUME: use Platts Aframax USGC demurrage assessment between Platts Urals DAP India [DWCUA00] and the
Platts clarifies that it publishes Dated Brent cargo (ADERD00) for the period 22-27 days prior to the prevailing value of M1 Dubai derivatives assessment at
bids and offers on a CIF Rotterdam basis [and STS delivery laycan. The time period is equivalent to London close [DFLL001].
Scapa flow basis for BFOET] with a minimum stated what Platts understands the typical USGC Aframax For example, in August, Platt will publish a daily
volume of 665,000 barrels and a volume tolerance of fixing period to be of 5-10 days prior to USGC loading, physical assessment for Urals DAP WCI, reflecting
plus/minus 1%. assuming a 17-day sailing time to Rotterdam. cargoes delivered in September, as well as its spread
Offers of less than the standard 700,000 barrels Platts clarifies that an average of the assessments to the September Dubai derivatives assessment at
plus/minus 1% must be clearly stated in the Terms, in the period 22-27 days prior to the delivery laycan London close.
Quality and Conditions (TQC) of the indication. should be used for the demurrage fallback mechanism. Platts launched DAP WCI Russian Urals
Further details can be found in the following QUALITY PERFORMANCE EXPECTATIONS assessments as both an outright value and as a
subscriber note published June 8, 2022: Platts will review patterns of performance, differential to M1 forward Dated Brent, Jan. 18,
https://www.spglobal.com/commodityinsights/en/ since adjustments due to quality issues should be 2023. Platts will also backfill [AURLA00] to the date
our-methodology/subscriber-notes/060822-platts- extraordinary and not recurring events. of the launch of the Platts DAP WCI Russian Urals
to-reflect-700000-barrel-cargo-sizes-in-dated-brent- Participants intending to sell should not offer when assessment based on the published values of that
cash-bfoe-from-june-2023 there is a known and distinct possibility of cargoes assessment and corresponding Dubai prices.
DEVIATION FALLBACK MECHANISM FOR WTI not meeting Platts’ globally applied WTI Midland Please send all feedback, comments or
MIDLAND CIF ROTTERDAM specifications, which can be found here: https://www. questions to europe_crude@spglobal.com and
In its methodology, Platts states the following spglobal.com/commodityinsights/plattscontent/_ pricegroup@spglobal.com.
fallback mechanism for deviation: assets/_files/en/our-methodology/methodology- For written comments, please provide a clear
If no agreement can be reached between buyer and specifications/emea-crude-methodology.pdf indication if comments are not intended for publication
seller on deviation costs, Platts expects counterparties Please send all feedback, comments or by Platts for public viewing.
to use the difference between the freight cost from questions to europe_crude@spglobal.com and Platts will consider all comments received and will
the US Gulf Coast loading terminal of the original pricegroup@spglobal.com. make comments not marked as confidential available
cargo-Rotterdam versus the US Gulf Coast loading For written comments, please provide a clear to the public upon request.
terminal-actual discharge port. indication if comments are not intended for publication
Platts clarifies that an average of the assessments by Platts for public viewing. Platts launches assessment of Guyana’s Unity Gold
in the period 22-27 days prior to the delivery laycan Platts will consider all comments received and will crude
should be used for the deviation fallback mechanism. make comments not marked as confidential available Platts, a part of S&P Global Commodity Insights, has
In the case of deviations to the Mediterranean, to the public upon request. launched a daily assessment for Guyana’s Unity Gold
counterparties should use the Platts Worldscale crude, effective Aug. 1, 2023
assessments for US Gulf Coast-UK Continent Platts launches Russian Urals DAP India assessment The assessment reflects the value of waterborne
(TDUCG00) and US Gulf Coast-Mediterranean as differential to Dubai Unity Gold crude loading on an FOB basis from the
(TDUWS00) to calculate the deviation costs unless Platts, part of S&P Global Commodity Insights, has Liza Unity Floating Production Storage and Offloading
mutually agreed otherwise. launched a differential for Russian Urals DAP India vs vessel offshore Guyana, 30 to 60 days forward. The
DEMURRAGE FALLBACK MECHANISM FOR WTI Dubai [AURLA00], Aug. 1, 2023. typical cargo size is 1 million barrels.
MIDLAND CIF ROTTERDAM The DAP (Delivered At Place) West Coast India (WCI) The Unity Gold assessment is published as an
In its methodology, Platts states the following Russian Urals differential to M1 Dubai Swaps follows outright price (Platts symbol: AUNIA00), as well as

© 2023 by S&P Global Inc. All rights reserved. 22

Crude Oil Marketwire August 8, 2023

differentials to the Latin America Dated Brent strip, Platts will consider all comments received and will pricegroup@spglobal.com.
Latin America Brent Futures strip and Latin America make comments not marked as confidential available For written comments, please provide a clear
WTI strip, which align with a 30-60 day loading window. upon request. indication if comments are not intended for
In the absence of bids, offers, and trades for Unity publication by Platts for public viewing. Platts will
Gold, Platts may assess the crude based on spreads No Canadian crude assessments consider all comments received and will make
to comparable grades and other market inputs. to be published Aug. 7 comments not marked as confidential available upon
Platts may also use market information provided on a Platts will not publish Canadian crude oil request.
delivered basis to inform this FOB assessment. assessments on Aug. 7, 2023, due to the Canadian Civic
Assessment Code MAvg Holiday. Platts to discontinue Mesa 30 and Santa Barbara
Unity Gold FOB Guyana
Unity Gold FOB Guyana vs Latin America Brent
AUNIA00 AUNIA03
Canadian crude assessments appear on Platts crude price assessments
AUNIB00 AUNIB03
Futures Strip Global Alert pages 230-233. Commentaries for pipeline Platts, a part of S&P Global Commodity Insights,
Unity Gold FOB Guyana vs Latin America WTI Strip AUNIC00 AUNIC03 grades appear on Platts Global Alert page 298. will discontinue publishing price assessments for
Unity Gold FOB Guyana vs Latin American Dated
Brent Strip
AUNID00 AUNID03 No Canadian crude oil assessments will appear Venezuela’s Mesa 30 and Santa Barbara crudes
in Crude Oil Marketwire, North American Crude and effective Nov. 1 due to declining production and
Unity Gold crude has a typical API gravity of 35.3 Products Scan or Oilgram Price Report. Normal a lack of spot market activity. Platts understands
degrees and sulfur content of 0.39%, according publication will resume Aug. 8. there is no spot-market activity for the Venezuelan
to publicly available assays. Unity Gold crude oil is For full details of the Platts publishing schedule and grades Santa Barbara and Mesa 30. US sanctions
produced by a joint venture operated by ExxonMobil services affected, refer here. have curtailed Venezuela production and trading
affiliate Esso Exploration and Production Guyana activity, and market participants do not anticipate
Limited, together with Hess Guyana Exploration and Platts to amend Canadian Condensate methodology normal activity to resume. Market sources indicate
CNOOC Petroleum Guyana Limited, according to Platts, part of S&P Global Commodity Insights, will there has been no spot trade of these grades in
ExxonMobil. amend the Canadian condensate (C5) methodology nearly a decade.
The Liza Unity FPSO, which produces Unity Gold, to clarify condensate in the Edmonton/Fort The discontinuation will affect the following codes:
reached its production capacity of approximately Saskatchewan area as the basis of the assessment, Diff to Dated Diff to Brent Diff to WTI
Outright
220,000 b/d in July 2022, according to Hess. The Unity effective Aug. 28. Brent Strip Strip
Mesa 30 AAITB00 AAXBO00 AAXCC00 AAITH00
Gold assessment will join Platts existing assessment The market may typically refer to this as C5 Fort Santa Barbara AAITD00 AAXAZ00 AAXBU00 AAITJ00
of Liza crude (Platts symbol: ALIZA00). S&P Global Saskatchewan, for example.
Commodity Insights analysts expect Guyana crude Platts understands that there are many streams of The prices appear on Platts Global Alert page 280
production to rise to around 517,000 b/d in 2024 and 1.2 Canadian condensate trading in the Edmonton area. and in Latin Wire, Crude Oil Marketwire and Oilgram
million b/d by 2030. Platts may normalize bids, offers, and trades from any Price Report.
The new assessments are available on Platts other location or stream of condensate back to an Please send any feedback or questions
Global Alert pages 280 and 281. They are published in Edmonton/Fort Saskatchewan condensate basis. to Americas_crude@spglobal.com and
Crude Oil Marketwire, Latin American Wire and Oilgram The amendment will affect the following symbols: pricegroup@spglobal.com.
Price Report. „ Condensate AALSF00 For written comments, please provide a clear
Please send any comments or feedback indication if comments are not intended for publication
„ Condensate vs. WTI CMA AALSJ00
to americas_crude@spglobal.com and by Platts for public viewing.
pricegroup@spglobal.com. For written comments, „ Condensate (C$/CM) AALSH00 Platts will consider all comments received and will
please provide a clear indication if comments are not Please send all questions and make comments not marked as confidential available
intended for publication by Platts for public viewing. comments to oilgroup@spglobal.com and to the public upon request.

© 2023 by S&P Global Inc. All rights reserved. 23

Crude Oil Marketwire August 8, 2023

Commodity Insights Analytics US Yields & Netbacks Effective August 8, 2023 ($/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 109.92 AGGFA00 2.35 AGGCN00 107.56 AAQZB00 84.13 AGGCM00 21.31
Arab Berri BEGCY00 109.35 TDDAC00 1.32 BEGCN00 108.03 AAXCT00 93.50 BEGCM00 14.53
Arab Heavy AHGCY00 98.70 TDDAJ00 1.39 AHGCN00 97.32 AAXDI00 91.60 AHGCM00 5.72 Arab Heavy AHGOY00 105.20 TDDAJ00 1.39 AHGON00 103.81 AAXDI00 91.60 AHGOM00 12.21
Arab Light LIGCY00 105.90 TDDAR00 1.35 LIGCN00 104.55 AAXCU00 91.35 LIGCM00 13.20 Arab Light LIGOY00 108.54 TDDAR00 1.35 LIGON00 107.19 AAXCU00 91.35 LIGOM00 15.84
Arab Medium MEGCY00 100.99 TDDAZ00 1.35 MEGCN00 99.63 AAXDN00 92.05 MEGCM00 7.58 Arab Medium MEGOY00 104.52 TDDAZ00 1.35 MEGON00 103.16 AAXDN00 92.05 MEGOM00 11.11
Bakken BKGCY00 109.50 TDDRP00 7.78 BKGCN00 101.72 AAXPP00 82.28 BKGCM00 19.44
Basrah Heavy BHGOY00 101.35 BHGFA00 2.54 BHGON00 98.81 AALZC00 83.90 BHGOM00 18.51
Basrah Medium BLGCY00 98.65 TDDBS00 2.43 BLGCN00 96.22 BSMAM01 86.95 BLGCM00 12.02 Basrah Medium BLGOY00 104.11 TDDBS00 2.43 BLGON00 101.68 BSMAM01 86.95 BLGOM00 17.48
Bonny Light YLGCY00 112.47 TDDBX00 2.56 YLGCN00 109.91 PCAIC00 86.53 YLGCM00 21.27
Brent BRGCY00 108.87 TDDCB00 2.54 BRGCN00 106.34 AAVJA00 86.67 BRGCM00 17.55
Cabinda CBGCY00 106.57 TDDCF00 2.76 CBGCN00 103.82 PCAFD00 87.68 CBGCM00 14.02 Cabinda CBGOY00 107.37 TDDCF00 2.76 CBGON00 104.61 PCAFD00 87.68 CBGOM00 14.81
Castilla Blend CSGOY00 100.33 CSGFA00 1.83 CSGON00 98.50 AAVEQ00 79.60 CSGOM00 18.90
Eagle Ford EAGCY00 110.20 AAYAT00 84.09 EAGCM00 26.11
Escalante ECGCY00 100.75 TDDCV00 3.63 ECGCN00 97.12 PCAGC00 83.75 ECGCM00 12.47
Forties FTGCY00 108.31 FTGFA00 2.33 FTGCN00 105.99 PCADJ00 86.71 FTGCM00 17.16
Isthmus ISGCY00 106.73 TDDDJ00 1.15 ISGCN00 105.58 PDATO09 80.87 ISGCM00 24.71
LLS LLGCY00 112.16 TDDQW00 0.55 LLGCN00 111.61 PCABN00 85.30 LLGCM00 26.31 LLS LLGOY00 112.32 TDDQW00 0.55 LLGON00 111.77 PCABN00 85.30 LLGOM00 26.47
Marlim MLGCY00 103.93 TDDGK00 2.90 MLGCN00 101.04 AAITF00 82.45 MLGCM00 17.69 Marlim MLGOY00 105.98 TDDGK00 2.90 MLGON00 103.09 AAITF00 82.45 MLGOM00 19.74
Mars MRGCY00 103.03 TDDQY00 0.55 MRGCN00 102.48 AAMBR00 84.10 MRGCM00 18.38 Mars MRGOY00 106.82 TDDQY00 0.55 MRGON00 106.27 AAMBR00 84.10 MRGOM00 22.17
Maya MYGCY00 88.85 TDDDP00 1.20 MYGCN00 87.65 PDATS09 78.27 MYGCM00 9.38 Maya MYGOY00 101.61 TDDDP00 1.20 MYGON00 100.41 PDATS09 78.27 MYGOM00 22.14
Mesa MSGCY00 104.35 TDDDV00 1.74 MSGCN00 102.60 AAITB00 84.05 MSGCM00 18.55
Napo NPGOY00 98.46 NPGFA00 3.96 NPGON00 94.50 AAMCA00 75.80 NPGOM00 17.84
Olmeca OLGCY00 109.37 TDDDY00 1.15 OLGCN00 108.22 PDATT09 80.92 OLGCM00 27.30
Oriente ORGOY00 104.97 ORGFA00 3.74 ORGON00 101.23 PCADE00 77.95 ORGOM00 22.48
Poseidon PDGCY00 103.71 PDGFA00 0.00 PDGCN00 103.71 AABHK00 83.60 PDGCM00 20.11
Saharan Blend SHGCY00 109.90 TDDRD00 1.88 SHGCN00 108.02 AAGZY00 85.90 SHGCM00 20.01
Syncrude SYGCY00 112.32 SYGFA00 8.52 SYGCN00 103.80 AASOK00 86.33 SYGCM00 17.47
Urals URGCY00 105.21 TDDFM00 2.71 URGCN00 102.50 AAWVH00 73.02 URGCM00 27.36 Urals URGOY00 107.79 TDDFM00 2.71 URGON00 105.08 AAWVH00 73.02 URGOM00 29.95
Vasconia VCGOY00 108.98 VCGFA00 1.79 VCGON00 107.20 PCAGI00 82.30 VCGOM00 24.90
WCS ex-Hardisty WHGOY00 102.90 TDDRS00 8.50 WHGON00 94.40 AAPPN00 66.78 WHGOM00 27.62
WCS ex-Nederland WNGOY00 102.90 WCGFA00 0.00 WNGON00 102.90 AAYAY00 77.48 WNGOM00 25.42
WTI WTGCY00 109.39 AAYRG00 84.40 WTGCM00 24.99
WTS WSGCY00 106.21 TDDRJ00 6.89 WSGCN00 99.32 PCACK00 83.15 WSGCM00 16.17 WTS WSGOY00 109.81 TDDRJ00 6.89 WSGON00 102.92 PCACK00 83.15 WSGOM00 19.77

© 2023 by S&P Global Inc. All rights reserved. 24

Crude Oil Marketwire August 8, 2023

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 107.58 TDDRO00 1.68 BKTCN00 105.90 AASRU00 83.78 BKTCM00 22.12
Syncrude SYTCY00 111.42 TDDFP00 8.20 SYTCN00 103.22 AASOK00 86.33 SYTCM00 16.89
WCS WCTOY00 101.57 TDDRL00 8.56 WCTON00 93.01 AAPPN00 66.78 WCTOM00 26.23
WTI WTTCY00 107.21 TDDRG00 2.39 WTTCN00 104.82 PCACG00 83.00 WTTCM00 21.82
WTS WSTCY00 104.47 TDDRI00 3.08 WSTCN00 101.39 PCACK00 83.15 WSTCM00 18.24 WTS WSTOY00 107.98 TDDRI00 3.08 WSTON00 104.90 PCACK00 83.15 WSTOM00 21.75

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 119.83 PCAAD00 88.36 ANWCM00 31.47 ANS ANWOY00 122.54 PCAAD00 88.36 ANWOM00 34.18
Arab Light LIWOY00 124.76 TDDAT00 1.35 LIWON00 123.41 AAXCU00 91.35 LIWOM00 32.06
Arab Medium MEWOY00 120.11 TDDBB00 1.35 MEWON00 118.76 AAXDN00 92.05 MEWOM00 26.71
Bakken BKWCY00 126.69 TDDRT00 11.74 BKWCN00 114.94 AAXPP00 82.28 BKWCM00 32.66
Basrah Heavy BHWOY00 119.47 BHWFA00 2.85 BHWON00 116.61 AALZC00 83.90 BHWOM00 37.21
Basrah Medium BLWOY00 120.77 TDDBW00 2.73 BLWON00 118.04 BSMAM01 86.95 BLWOM00 34.74
Castilla Blend CSWOY00 121.62 CSWFA00 5.39 CSWON00 116.24 AAVEQ00 79.60 CSWOM00 35.77
Maya MYWOY00 118.64 MYWFA00 3.11 MYWON00 115.53 AAUPK00 77.97 MYWOM00 37.56
Napo NPWOY00 117.83 NPWFA00 4.70 NPWON00 113.12 AAMCA00 75.80 NPWOM00 36.47
Oriente ORWOY00 121.80 TDDEC00 4.44 ORWON00 117.36 PCADE00 77.95 ORWOM00 38.61
Vasconia VCWOY00 131.39 VCWFA00 5.20 VCWON00 126.19 PCAGI00 82.30 VCWOM00 43.06

US Atlantic Coast (PGA page 0811)

Crack Yield Freight Crack Netback Crude Price Crack Margin

Agbami AGACY00 112.56 AGAFA00 2.09 AGACN00 110.47 AAQZB00 84.13 AGACM00 24.22
Arab Light LIACY00 106.86 TDDAU00 1.35 LIACN00 105.51 AAXCU00 91.35 LIACM00 14.16
Bakken BKACY00 113.24 TDDRN00 7.20 BKACN00 106.04 AAXPP00 82.28 BKACM00 23.76
Bonny Light YLACY00 113.73 TDDBZ00 2.27 YLACN00 111.46 PCAIC00 86.53 YLACM00 22.81
Brent BRACY00 110.64 TDDCC00 2.06 BRACN00 108.57 AAVJA00 86.67 BRACM00 20.68
Cabinda CBACY00 108.74 TDDCH00 2.47 CBACN00 106.27 PCAFD00 87.68 CBACM00 16.47
CPC Blend CPACY00 112.48 CPAFA00 2.54 CPACN00 109.94 AALVX00 82.37 CPACM00 26.36
Forties FTACY00 112.37 FTAFA00 1.90 FTACN00 110.46 PCADJ00 86.71 FTACM00 22.53
Saharan Blend SHACY00 113.10 SHAFA00 1.62 SHACN00 111.48 AAGZY00 85.90 SHACM00 23.47
Urals URACY00 106.27 URAFA00 2.12 URACN00 104.15 AAWVH00 73.02 URACM00 29.02

© 2023 by S&P Global Inc. All rights reserved. 25

Crude Oil Marketwire August 8, 2023

Commodity Insights Analytics European Yields & Netbacks Effective August 8, 2023 ($/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 108.28 2.02 AGNCN00 106.26
AGNFA00 AAQZB00 84.13 AGNCM00 22.13 Agbami AGMCY00 107.28 AGMFA00 1.94 AGMCN00 105.34 AAQZB00 84.13 AGMCM00 21.21
Arab Berri BENCY00 107.73 BENFA00 1.32 BENCN00 106.42 AAXDU00 90.57 BENCM00 15.85
Arab Heavy AHNCY00 99.34 TDDAN00 1.39 AHNCN00 97.95 AAXDH00 87.07 AHNCM00 10.88 Arab Heavy AHMCY00 97.15 1.39 AHMCN00 95.77
TDDAI00 AAXDH00 87.07 AHMCM00 9.20
Arab Light LINCY00 105.07 TDDAV00 1.35 LINCN00 103.72 AAXDK00 89.97 LINCM00 13.75 Arab Light LIMCY00 103.69 1.35 LIMCN00 102.34
TDDAQ00 AAXDK00 89.97 LIMCM00 12.67
Arab Medium MENCY00 101.36 TDDBD00 1.36 MENCN00 99.99 AAXDM00 89.47 MENCM00 10.52 Arab Medium MEMCY00 99.27 TDDAY00 1.37 MEMCN00 97.90 AAXDM00 89.47 MEMCM00 8.53
Azeri Light ZLNCY00 108.85 TDDBI00 2.09 ZLNCN00 106.77 AATHM00 87.69 ZLNCM00 18.27 Azeri Light* ZLMCY00 107.99 AAGZX00 89.45 ZLMCM00 18.55
Basrah Medium BLNCY00 101.04 TDDBU00 2.75 BLNCN00 98.29 BSMAM01 86.95 BLNCM00 13.90 Basrah Medium BLMCY00 97.91 TDDBR00 2.06 BLMCN00 95.86 BSMAM01 86.95 BLMCM00 11.46
Bonny Light YLNCY00 109.90 YLNFA00 2.21 YLNCN00 107.70 PCAIC00 86.53 YLNCM00 21.17 Bonny Light YLMCY00 108.94 YLMFA00 2.11 YLMCN00 106.83 PCAIC00 86.53 YLMCM00 20.30
Brent BRNCY00 106.45 TDDCD00 1.97 BRNCN00 104.48 AAVJA00 86.67 BRNCM00 17.81
Cabinda CBNCY00 103.45 TDDQR00 2.40 CBNCN00 101.04 PCAFD00 87.68 CBNCM00 13.36 Cabinda CBMCY00 102.75 CBMFA00 2.31 CBMCN00 100.44 PCAFD00 87.68 CBMCM00 12.76
CPC Blend CPNCY00 107.39 CPNFA00 2.46 CPNCN00 104.93 AALVX00 82.37 CPNCM00 22.57 CPC Blend* CPMCY00 106.13 AAGZU00 84.70 CPMCM00 21.43
Dubai DBNCY00 104.63 DBNFA00 2.59 DBNCN00 102.04 PCAAT00 87.10 DBNCM00 14.45
Eagle Ford EANCY00 107.50 EANFA00 3.94 EANCN00 103.56 AAYAT00 84.09 EANCM00 20.69 Eagle Ford EAMCY00 106.67 TNEIF00 4.21 EAMCN00 102.46 AAYAT00 84.09 EAMCM00 19.59
Ekofisk EKNCY00 107.52 TDDCT00 1.29 EKNCN00 106.23 PCADI00 88.09 EKNCM00 18.15
Forties FTNCY00 106.81 TDDEZ00 1.49 FTNCN00 105.32 PCADJ00 86.71 FTNCM00 18.61 Forties FTMCY00 105.66 FTMFA00 2.08 FTMCN00 103.58 PCADJ00 86.71 FTMCM00 16.87
Iran Heavy BHNCY00 103.62 TDDDG00 2.71 BHNCN00 100.90 AIHKA00 84.74 BHNCM00 15.27 Iran Heavy BHMCY00 102.21 TDDDF00 2.02 BHMCN00 100.20 AIHKA00 84.74 BHMCM00 14.57
Johan Sverdrup JSNCY00 104.72 JSNFA00 1.58 JSNCN00 103.15 AJSVA00 86.67 JSNCM00 16.48 Johan Sverdrup JSMCY00 104.13 JSMFA00 2.21 JSMCN00 101.92 AJSVA00 86.67 JSMCM00 15.25
Kirkuk KRNCY00 104.27 TDDGH00 2.44 KRNCN00 101.83 AAEJD00 84.52 KRNCM00 14.72 Kirkuk KRMCY00 102.65 TDDFF00 1.43 KRMCN00 101.22 AAEJD00 84.52 KRMCM00 14.12
LLS LLNCY00 111.09 LLNFA00 4.13 LLNCN00 106.97 AAQBB00 83.91 LLNCM00 22.89 LLS LLMCY00 110.10 LLMFA00 4.41 LLMCN00 105.68 AAQBB00 83.91 LLMCM00 21.60
Maya MYNCY00 95.11 MYNFA00 4.23 MYNCN00 90.88 AAYXE00 76.47 MYNCM00 14.41
Oman OMNCY00 103.25 OMNFA00 2.55 OMNCN00 100.70 PCABS00 87.10 OMNCM00 13.13 Oman OMMCY00 102.55 1.85 OMMCN00 100.70
OMMFA00 PCABS00 87.10 OMMCM00 13.12
Saharan Blend SHNCY00 108.95 TDDGI00 1.58 SHNCN00 107.36 AAGZY00 85.90 SHNCM00 21.47 Saharan Blend SHMCY00 107.31 1.23 SHMCN00 106.08
TDDFG00 AAGZY00 85.90 SHMCM00 20.19
Urals* URNCY00 105.79 PCAFW00 75.49 URNCM00 30.30 Urals* URMCY00 103.59 PCACE00 75.20 URMCM00 28.39
WTI MEH WTNCY00 107.57 WTNFA00 4.00 WTNCN00 103.57 AAYRZ00 83.01 WTNCM00 20.39
*Indicates the crude price is a CIF value

Commodity Insights Analytics Asian yields & netbacks effective August 8, 2023 ($/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 98.45 AGSFA00 2.42 AGSCN00 96.03 AAQZB00 84.13 AGSCM00 11.49 Forties FTSCY00 96.53 TNEFD00 3.40 FTSCN00 93.12 PCADJ00 86.71 FTSCM00 6.00
Arab Berri BESCY00 97.74 BESFA00 1.45 BESCN00 96.29 AAXDV00 89.65 BESCM00 6.64 Kimanis KISCY00 107.89 KISFA00 1.24 KISCN00 106.65 AASCL00 94.42 KISCM00 12.23
Arab Heavy AHSCY00 90.89 TDDAO00 1.50 AHSCN00 89.39 AAXDG00 88.10 AHSCM00 1.29 LLS LLSCY00 100.83 LLSFA00 3.94 LLSCN00 96.89 AAZDC00 84.32 LLSCM00 12.40
Arab Light LISCY00 96.24 TDDAW00 1.48 LISCN00 94.76 AAXDJ00 90.30 LISCM00 4.46 Mars MRSCY00 94.75 MRSFA00 4.08 MRSCN00 90.67 AAMBR00 84.10 MRSCM00 7.38
Arab Medium MESCY00 91.92 TDDBE00 1.49 MESCN00 90.43 AAXDL00 89.75 MESCM00 0.68 Maya MYSCY00 89.48 MYSFA00 4.28 MYSCN00 85.20 AAYXG00 80.10 MYSCM00 5.10
Basrah Medium BHSCY00 92.31 BHSFA00 1.56 BHSCN00 90.74 BSMAM01 86.95 BHSCM00 3.24 Minas MNSCY00 99.02 TDDDX00 1.24 MNSCN00 97.78 PCABO00 81.61 MNSCM00 16.17
Bonny Light YLSCY00 101.04 YLSFA00 2.61 YLSCN00 98.44 PCAIC00 86.53 YLSCM00 11.50 Oman OMSCY00 93.38 TDDEB00 1.33 OMSCN00 92.05 PCABS00 87.10 OMSCM00 4.95
Cabinda CBSCY00 97.91 TDDQS00 2.52 CBSCN00 95.39 PCAFD00 87.68 CBSCM00 7.30 Qua lboe QBSCY00 101.67 QBSFA00 2.61 QBSCN00 99.06 PCAID00 87.83 QBSCM00 10.82
Castilla CSSCY00 85.39 CSSFA00 4.37 CSSCN00 81.02 AAVEQ00 79.60 CSSCM00 2.23 Saharan Blend SHSCY00 95.66 SHSFA00 2.26 SHSCN00 93.40 AAGZY00 85.90 SHSCM00 6.28
Dalia DLSCY00 100.33 DLSFA00 2.61 DLSCN00 97.72 AAQYX00 86.13 DLSCM00 11.18 Tapis TPSCY00 99.10 TDDEO00 1.22 TPSCN00 97.88 PCACB00 90.07 TPSCM00 7.81
Dubai DBSCY00 96.18 TDDCQ00 1.40 DBSCN00 94.79 PCAAT00 87.10 DBSCM00 7.69 Tupi* LUSCY00 98.13 LUQDA00 89.26 LUSCM00 10.22
Duri DRSCY00 96.33 TDDCR00 1.35 DRSCN00 94.98 PCABA00 88.22 DRSCM00 6.76 Urals URSCY00 96.24 URSFA00 2.35 URSCN00 93.89 AAGZS00 73.02 URSCM00 20.47
Eagle Ford EASCY00 97.92 EASFA00 3.78 EASCN00 94.13 AAYAT00 84.09 EASCM00 10.85 WTI MEH WTSCY00 97.64 WTSFA00 3.84 WTSCN00 93.79 AAZDF00 83.42 WTSCM00 10.20
ESPO ESSCY00 98.14 ESSFA00 1.23 ESSCN00 96.91 AARWF00 78.97 ESSCM00 17.94
*Indicates the crude price is a CIF value

© 2023 by S&P Global Inc. All rights reserved. 26

Crude Carbon Intensity
A daily supplement to Crude Oil Marketwire

Platts crude carbon intensity assessments - grades, August 8, 2023 (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 0.36 AGINO40 Jun-23 26.05

North America (PGA/PCR page 4206)

WTI Midland WXTIC00 0.55 WXTIC40 Jun-23 39.34

Europe (PGA/PCR page 4206)

Brent BXREC00 0.84 BXREC40 Jun-23 60.39
Ekofisk EXKOC00 0.31 EXKOC40 Jun-23 22.41
Forties FXORC00 0.31 FXORC40 Jun-23 22.13
Oseberg OXSEC00 1.28 OXSEC40 Jun-23 92.20
Troll TXROC00 3.59 TXROC40 Jun-23 258.24

Middle East (PGA/PCR page 4206)

Al-Shaheen AGINC00 0.13 AGINK40 Jun-23 9.58
Arab Light AGINF00 0.26 AGINN40 Jun-23 18.95
Das Blend AGINE00 0.34 AGINM40 Jun-23 24.24
Dubai AGINA00 0.37 AGINI40 Jun-23 26.47
Murban AGINH00 0.33 AGINP40 Jun-23 23.70
Oman AGINB00 0.27 AGINJ40 Jun-23 19.19
UpperZakum AGIND00 0.18 AGINL40 Jun-23 12.90
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, August 8, 2023 (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 0.46 BOZHC40 Jun-23 32.76 Bohai Pengbo-Singapore BOZHC10 0.06 BOZHC50 Jun-23 4.24
India
Bombay High MUMBC00 0.36 MUMBC40 Jun-23 25.55 Bombay High-Qingdao MUMBC10 0.10 MUMBC50 Jun-23 6.80
Iran
Marun MARUC00 0.49 MARUC40 Jun-23 35.54 Kharg Island-Qingdao MARUC10 0.13 MARUC50 Jun-23 8.96
Iraq
Kirkuk KIRKC00 0.52 KIRKC40 Jun-23 37.43 Ceyhan-R’dam KIRKC10 0.06 KIRKC50 Jun-23 4.55
Rumaila RUMAC00 0.30 RUMAC40 Jun-23 21.56 Al Basrah-Sikka RUMAC10 0.03 RUMAC50 Jun-23 2.09

www.spglobal.com/commodityinsights
Crude Oil Marketwire August 8, 2023

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 0.62 WESTC40 Jun-23 44.22 Al Basrah-Sikka WESTC10 0.03 WESTC50 Jun-23 2.22
Zubair ZUBAC00 0.57 ZUBAC40 Jun-23 40.68 Al Basrah-Sikka ZUBAC10 0.03 ZUBAC50 Jun-23 2.09
Kuwait
Burgan BURGC00 0.23 BURGC40 Jun-23 16.76 Mina-Ulsan BURGC10 0.13 BURGC50 Jun-23 9.31
Oman
Oman Basin AMRGF00 0.25 AMRGS40 Jun-23 18.21 Salalah-Tranmere ASITF10 0.12 ASITS50 Jun-23 8.59
Qatar
Al-Shaheen AMRGE00 0.12 AMRGR40 Jun-23 8.73 Al-Shaheen-Singapore ASITE10 0.08 ASITR50 Jun-23 5.63
Dukhan DUKHC00 1.61 DUKHC40 Jun-23 115.63 Mesaieed-Singapore DUKHC10 0.07 DUKHC50 Jun-23 5.03
Saudi Arabia
Abu Hadriya AMRGI00 0.26 AMRGV40 Jun-23 18.86 Ras Tanura-Ain Sukhna ASITI10 0.02 ASITV50 Jun-23 1.27
Ghawar GHWRC00 0.25 GHWRC40 Jun-23 17.68 Ras Tanura-Qingdao GHWRC10 0.12 GHWRC50 Jun-23 8.33
Khurais AMRGH00 0.25 AMRGU40 Jun-23 18.13 Ras Tanura-Ain Sukhna ASITH10 0.02 ASITU50 Jun-23 1.20
Safaniya SAFAC00 0.22 SAFAC40 Jun-23 15.53 Ras Tanura-Changxing SAFAC10 0.13 SAFAC50 Jun-23 9.53
Zuluf ZULUC00 0.32 ZULUC40 Jun-23 23.14 Ras Tanura-Changxing ZULUC10 0.13 ZULUC50 Jun-23 9.24
UAE
Abu Al Bukhoosh AMRGM00 0.16 AMRGZ40 Jun-23 11.24 Zirku-Sikka ASITM10 0.02 ASITZ50 Jun-23 1.65
El Bunduq AMRGL00 0.52 AMRGY40 Jun-23 37.02 Zirku-Sikka ASITL10 0.02 ASITY50 Jun-23 1.57
Falah AMRGA00 0.14 AMRGN40 Jun-23 10.33 Falah-Kiire ASITA10 0.14 ASITN50 Jun-23 10.36
Fateh FATEC00 0.24 FATEC40 Jun-23 17.10 Fateh-Kiire FATEC10 0.12 FATEC50 Jun-23 8.56
Lower Zakum AMRGD00 0.16 AMRGQ40 Jun-23 11.60 Zirku-Sikka ASITD10 0.02 ASITQ50 Jun-23 1.70
Murban MURBC00 0.27 MURBC40 Jun-23 19.71 Fujairah-Chiba MURBC10 0.12 MURBC50 Jun-23 8.55
Nasr AMRGK00 0.21 AMRGX40 Jun-23 14.91 Zirku-Sikka ASITK10 0.02 ASITX50 Jun-23 1.62
Rashid AMRGB00 0.38 AMRGO40 Jun-23 27.30 Mina-Kiire ASITB10 0.14 ASITO50 Jun-23 10.17
Umm Shaif AMRGJ00 0.32 AMRGW40 Jun-23 22.68 Zirku-Sikka ASITJ10 0.02 ASITW50 Jun-23 1.60
Upper Zakum AMRGC00 0.16 AMRGP40 Jun-23 11.60 Zirku-Zhoushan ASITC10 0.13 ASITP50 Jun-23 9.05

Africa Fields (PGA/PCR page 4202)

Algeria
Hassi Messaoud AMRGG00 0.31 AMRGT40 Jun-23 22.17 Skikda-Tranmere ASITG10 0.03 ASITT50 Jun-23 2.07
Angola
Girassol GRSLC00 0.16 GRSLC40 Jun-23 11.81 Girassol-Qingdao GRSLC10 0.18 GRSLC50 Jun-23 13.18
Libya
Waha WAHAC00 0.48 WAHAC40 Jun-23 34.29 Zawia-Augusta WAHAC10 0.01 WAHAC50 Jun-23 0.44
Nigeria
Agbami AGBAC00 0.36 AGBAC40 Jun-23 26.03 Agbami-Paradip AGBAC10 0.14 AGBAC50 Jun-23 10.25
Bonga BONGC00 0.17 BONGC40 Jun-23 12.35 Bonga-R’dam BONGC10 0.09 BONGC50 Jun-23 6.26

Europe Fields (PGA/PCR page 4202)

Azerbaijan
Azeri AZERC00 0.25 AZERC40 Jun-23 17.96 Ceyhan-Sarroch AZERC10 0.03 AZERC50 Jun-23 1.93
Kazakhstan
Tengiz TNGZC00 0.28 TNGZC40 Jun-23 20.32 Novo-R’dam TNGZC10 0.06 TNGZC50 Jun-23 4.62
Norway
Alvheim ALVHC00 0.11 ALVHC40 Jun-23 7.91 Alvheim-Le Havre ALVHC10 0.01 ALVHC50 Jun-23 0.85

© 2023 by S&P Global Inc. All rights reserved. 28

Crude Oil Marketwire August 8, 2023

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 1.06 BRAGC40 Jun-23 76.53 Sture - Brofjorden BRAGC10 0.01 BRAGC50 Jun-23 0.48
Edvard-Grieg EDVAC00 0.06 EDVAC40 Jun-23 4.31 Edvard Grieg-Sarroch EDVAC10 0.04 EDVAC50 Jun-23 2.97
Ekofisk EKFSC00 0.39 EKFSC40 Jun-23 27.99 Teesside-R’dam EKFSC10 0.01 EKFSC50 Jun-23 0.36
Embla EMBLC00 0.07 EMBLC40 Jun-23 5.35 Teesside-R’dam EMBLC10 0.01 EMBLC50 Jun-23 0.36
Fram FRAMC00 0.34 FRAMC40 Jun-23 24.73 Mongstad-R’dam FORTD10 0.01 FORTD50 Jun-23 0.84
Goliat GOLIC00 0.03 GOLIC40 Jun-23 2.09 Goliat-R’dam GOLIC10 0.02 GOLIC50 Jun-23 1.73
Grane GRANC00 0.06 GRANC40 Jun-23 4.41 Sture-Immingham GRANC10 0.01 GRANC50 Jun-23 0.63
Gullfaks GULLC00 0.23 GULLC40 Jun-23 16.20 Gullfaks-Brofjorden GULLC10 0.01 GULLC50 Jun-23 0.46
Heidrun HEIDC00 0.17 HEIDC40 Jun-23 12.39 Heidrun-R’dam HEIDC10 0.02 HEIDC50 Jun-23 1.22
Ivar-Aasen IVARC00 0.03 IVARC40 Jun-23 2.43 Ivar Aasen-R’dam IVARC10 0.01 IVARC50 Jun-23 0.80
Johan Sverdrup JSVRC00 0.02 JSVRC40 Jun-23 1.58 Mongstad-R’dam JSVRC10 0.01 JSVRC50 Jun-23 0.79
Oseberg OSEBC00 0.28 OSEBC40 Jun-23 19.91 Sture-R’dam OSEBC10 0.01 OSEBC50 Jun-23 0.69
Snorre SNORC00 0.19 SNORC40 Jun-23 13.85 Snorre-Statfjord SNORC10 0.00 SNORC50 Jun-23 0.14
Statfjord STATC00 5.60 STATC40 Jun-23 403.16 Statfjord-R’dam STATC10 0.01 STATC50 Jun-23 0.75
Troll TROLC00 0.27 TROLC40 Jun-23 19.72 Mongstad-R’dam TROLC10 0.01 TROLC50 Jun-23 0.79
Ula ULACC00 0.70 ULACC40 Jun-23 50.38 Teesside-R’dam ULACC10 0.01 ULACC50 Jun-23 0.37
Valhall VALHC00 0.07 VALHC40 Jun-23 5.15 Valhall-R’dam VALHC10 0.01 VALHC50 Jun-23 0.35
United Kingdom
Alwyn North ALWYC00 0.06 ALWYC40 Jun-23 4.43 Sullom Voe-R’dam ALWYC10 0.01 ALWYC50 Jun-23 0.81
Arbroath ARBRC00 0.12 ARBRC40 Jun-23 8.74 Houndpoint-R’dam ARBRC10 0.01 ARBRC50 Jun-23 0.55
Auk AUKCD00 0.29 AUKCC40 Jun-23 20.64 Teesside-R’dam AUKCC10 0.01 AUKCC50 Jun-23 0.37
Brae BRAEC00 0.15 BRAEC40 Jun-23 10.40 Houndpoint-R’dam BRAEC10 0.01 BRAEC50 Jun-23 0.56
Bruce BRUCC00 0.76 BRUCC40 Jun-23 54.84 Houndpoint-R’dam BRUCC10 0.01 BRUCC50 Jun-23 0.56
Buzzard BZRDC00 0.26 BZRDC40 Jun-23 18.49 Houndpoint-R’dam BZRDC10 0.01 BZRDC50 Jun-23 0.53
Captain CAPTC00 0.38 CAPTC40 Jun-23 27.02 Captain-Hamburg CAPTC10 0.01 CAPTC50 Jun-23 0.72
Catcher CATCC00 0.21 CATCC40 Jun-23 14.89 Catcher-R’dam CATCC10 0.01 CATCC50 Jun-23 0.48
Clair CLAIC00 0.14 CLAIC40 Jun-23 10.01 Clair-Stanlow CLAIC10 0.01 CLAIC50 Jun-23 0.91
Clyde CLYDC00 0.16 CLYDC40 Jun-23 11.72 Teesside-R’dam CLYDC10 0.01 CLYDC50 Jun-23 0.37
Cormorant CORMC00 0.74 CORMC40 Jun-23 53.02 Sullom Voe-R’dam CORMC10 0.01 CORMC50 Jun-23 0.82
Everest EVERC00 0.20 EVERC40 Jun-23 14.03 Houndpoint-R’dam EVERC10 0.01 EVERC50 Jun-23 0.55
Forties FORTC00 0.22 FORTC40 Jun-23 15.98 Houndpoint-R’dam FORTC10 0.01 FORTC50 Jun-23 0.56
Gannet GANNC00 0.25 GANNC40 Jun-23 17.75 Teesside-R’dam GANNC10 0.01 GANNC50 Jun-23 0.38
Golden-Eagle GOLDC00 0.31 GOLDC40 Jun-23 22.38 Golden Eagle-Grangemouth GOLDC10 0.00 GOLDC50 Jun-23 0.14
Joanne JOANC00 0.08 JOANC40 Jun-23 6.03 Teesside-R’dam JOANC10 0.01 JOANC50 Jun-23 0.37
Judy JUDYC00 0.37 JUDYC40 Jun-23 26.43 Teesside-R’dam JUDYC10 0.01 JUDYC50 Jun-23 0.38
Kraken KRAKC00 0.26 KRAKC40 Jun-23 18.45 Kraken-R’dam KRAKC10 0.01 KRAKC50 Jun-23 0.80
Magnus MAGNC00 0.15 MAGNC40 Jun-23 10.58 Sullom Voe-R’dam MAGNC10 0.01 MAGNC50 Jun-23 0.81
Mariner MARIC00 0.23 MARIC40 Jun-23 16.22 Mariner-Pascagoula MARIC10 0.10 MARIC50 Jun-23 6.85
Nelson NELSC00 0.13 NELSC40 Jun-23 9.58 Houndpoint-R’dam NELSC10 0.01 NELSC50 Jun-23 0.55
Ninian NINIC00 2.14 NINIC40 Jun-23 153.59 Sullom Voe-R’dam NINIC10 0.01 NINIC50 Jun-23 0.83
Schiehallion SCHIC00 0.25 SCHIC40 Jun-23 17.61 Schiellhallion-R’dam SCHIC10 0.01 SCHIC50 Jun-23 0.85
Scott SCOTC00 0.14 SCOTC40 Jun-23 10.10 Houndpoint-R’dam SCOTC10 0.01 SCOTC50 Jun-23 0.55
Tiffany TIFFC00 0.21 TIFFC40 Jun-23 15.23 Houndpoint-R’dam TIFFC10 0.01 TIFFC50 Jun-23 0.55
Toni TONIC00 0.21 TONIC40 Jun-23 15.03 Houndpoint-R’dam TONIC10 0.01 TONIC50 Jun-23 0.55
Russia
Samotlor SAMOC00 0.40 SAMOC40 Jun-23 28.77 Primorsk-R’dam SAMOC10 0.03 SAMOC50 Jun-23 1.97

© 2023 by S&P Global Inc. All rights reserved. 29

Crude Oil Marketwire August 8, 2023

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 0.52 BAKKC40 Jun-23 37.30 Canada-USMW BAKKC10 0.05 BAKKC50 Jun-23 3.91
Cold Lake CDLKC00 1.20 CDLKC40 Jun-23 86.44 W Canada-USMW CDLKC10 0.07 CDLKC50 Jun-23 4.86
CVE Christina Lake CVECC00 0.62 CVECC40 Jun-23 44.34 Canada-USMW CVECC10 0.07 CVECC50 Jun-23 4.86
Foster Creek FOSTC00 0.82 FOSTC40 Jun-23 58.66 Canada-USGC FOSTC10 0.08 FOSTC50 Jun-23 5.69
Hebron HEBRC00 0.13 HEBRC40 Jun-23 9.65 Hebron-Canada HEBRC10 0.12 HEBRC50 Jun-23 8.89
Hibernia HIBEC00 0.39 HIBEC40 Jun-23 28.08 Hibernia-Canada HIBEC10 0.14 HIBEC50 Jun-23 9.82
Jackfish JACKC00 0.93 JACKC40 Jun-23 67.13 Canada-USMW JACKC10 0.06 JACKC50 Jun-23 4.37
MEG Christina Lake MEGCC00 0.81 MEGCC40 Jun-23 57.97 Canada-USGC MEGCC10 0.08 MEGCC50 Jun-23 5.99
Montney Shale MONTC00 0.38 MONTC40 Jun-23 27.44 Montney-Canada MONTC10 0.01 MONTC50 Jun-23 0.81
Surmont SURMC00 0.88 SURMC40 Jun-23 63.36 Canada-USGC SURMC10 0.08 SURMC50 Jun-23 5.54
United States (PGA/PCR page 4205)
Bakken BAKNC00 0.28 BAKNC40 Jun-23 20.39 Beaumont-R’dam BAKNC10 0.09 BAKNC50 Jun-23 6.46
Denver-Julesburg DENVC00 0.39 DENVC40 Jun-23 28.36 Denver-USGC DENVC10 0.03 DENVC50 Jun-23 2.47
Eagle Ford EGFDC00 0.24 EGFDC40 Jun-23 17.31 Houston-Qingdao EGFDC10 0.18 EGFDC50 Jun-23 12.85
Mars-Ursa MRURC00 0.19 MRURC40 Jun-23 13.73 Mars-Qingdao MRURC10 0.20 MRURC50 Jun-23 14.04
Permian Delaware PRDLC00 0.24 PRDLC40 Jun-23 17.48 Corpus Christi-R’dam PRDLC10 0.09 PRDLC50 Jun-23 6.51
Permian Midland PRMDC00 0.28 PRMDC40 Jun-23 20.38 Corpus Christi-R’dam PRMDC10 0.09 PRMDC50 Jun-23 6.70
Prudhoe-Bay PRUDC00 0.45 PRUDC40 Jun-23 32.02 Alaska-USWC PRUDC10 0.04 PRUDC50 Jun-23 2.86
San-Joaquin SANMC00 2.44 SANMC40 Jun-23 175.85 San Joaquin-SoCal SANAC10 0.01 SANAC50 Jun-23 0.77
SCOOP-STACK SCOOC00 0.45 SCOOC40 Jun-23 32.37 Oklahoma-USGC SCOOC10 0.01 SCOOC50 Jun-23 1.01
Tahiti TAHIC00 0.23 TAHIC40 Jun-23 16.60 Tahiti-Yeosu TAHIC10 0.18 TAHIC50 Jun-23 13.15

Latin America Fields (PGA/PCR page 4203)

Brazil
Tupi TUPIC00 0.18 TUPIC40 Jun-23 12.67 Rio-Qingdao TUPIC10 0.22 TUPIC50 Jun-23 15.64
Colombia
Cusiana CUSIC00 0.30 CUSIC40 Jun-23 21.52 Tolu-Houston CUSIC10 0.03 CUSIC50 Jun-23 2.28
Ecuador
Sacha SACHC00 0.28 SACHC40 Jun-23 20.27 Esmeraldas-Long Beach SACHC10 0.06 SACHC50 Jun-23 4.57
Mexico
Cantarell CNTLC00 0.21 CNTLC40 Jun-23 14.89 Cantarell-Bilbao CNTLC10 0.10 CNTLC50 Jun-23 7.22
Venezuela
Orinoco Oil Belt ORINC00 4.89 ORINC40 Jun-23 351.66 Jose-Sikka ORINC10 0.20 ORINC50 Jun-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/.

© 2023 by S&P Global Inc. All rights reserved. 30

APPEC 2023 September 4-6, 2023
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The energy trilemma: Affordability,

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