◎Notice○Changes in RIM assessments
RIM will change the name of the Dubai Mercantile Exchange (DME) to the Gulf Mercantile
Exchange (GME) in line with a change in the official name, effective from Sep 2. For any
questions, please contact Rim Crude Condensate Team. Tel 81-3-3552-2411 Mail: info@rimintelligence.co.jp○Rim selling power tender data CD for fiscal year 2023
Rim Intelligence is selling the CD on power tender data for the fiscal year 2023. The CD is theyear 2023 version of power tender data, which is highly regarded by the industry since the firstissue for the fiscal year 2014. The latest version is released only in Japanese and covers the tenderresults by public institutions across Japan between April 2023 and March 2024. The 2023 CD
elaborates on a combined 4,071 tenders (4,168 tenders in the 2022 CD) and makes year-on-yearcomparisons for 2,058 tenders (1,000 tenders in the 2022 CD). For overseas customers outside ofJapan, data in the CD is emailed and payment can be made in US dollars.
○Report on adherence to PRA principles
Rim Intelligence uploaded the report of the governance, processes and controls relating to theadherence to the PRA principles outlined by International Organization of Securities
Commissions (IOSCO) based on reasonable assurance on Dec 20, 2023. All of the daily reports of
Rim Intelligence are subject to the principles. Please visit the following website for perusal.
https://www.rim-intelligence.co.jp/contents/info/pramenuEng4/◎RECX-22 index
RECX-22 index for Wednesday was 168.15, up 1.75 points from the previous day------------------------------------------Introduction of Rim reports-----------------------------------------Please access the URL below for a lineup of Rim reports. You can view sample reports as well
as detailed explanations on the contents:
https://eng.rim-intelligence.co.jp/report/
Lineup:Bunker Oil
Crude/Condensate
Products
LPG
Petrochemicals
Polyolefins
Biomass (Weekly)
LNG
Power
Daily Data
Rim Data File

RIM Crude/Condensate Intelligence Dail

☆RIM CRUDE/CONDENSATE INTELLIGENCE DAILY★No.7190 Aug 28 2024
Copyright(C) 2024 Rim Intelligence Co. All rights reserved.
--TOKYO, 15:30 JST Aug 28 2024<Assessment Closing Time>RIM INTELLIGENCE

Crude/Condensate

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp◎Tokyo Spot Crude/Condensate Assessments (28Aug24)○Cash Crude
WTI
BFO
JPN DTD**
Dubai
MurbanSpreads
WTI/BFO
BFO/Dubai
Oman/Dubai
Murban/Dubai***Intermonth Spreads
BFO
Dubai
Oman*

Sep
79.92 - 79.97-

Oct75.60 - 75.65
79.64 - 79.69
78.41 - 78.46
78.13 - 78.18
78.83 - 78.88

Nov
74.54 - 74.59
78.72 - 78.77
77.70 - 77.75
77.98 - 78.03
78.07 - 78.12

Dec
73.70 - 73.75
77.95 - 78.00
77.19 - 77.24
76.89 - 76.94
77.09 - 77.14

Jan
73.08 - 73.13
77.37 - 77.42
76.75 - 76.80
76.25 - 76.30
76.49 - 76.54

Sep
/
/
/
/

Oct
-4.07 / -4.02
1.48 / 1.53
-0.08 / -0.03
1.92 / 1.97

Nov
-4.21 / -4.16
0.71 / 0.76
0.00 / 0.05
1.80 / 1.85

Dec
-4.28 / -4.23
1.03 / 1.08
0.41 / 0.46
1.27 / 1.32

Jan
-4.32 / -4.27
1.09 / 1.14
0.58 / 0.63
0.98 / 1.03

Sep/Oct///

Oct/Nov
0.89 / 0.94
0.12 / 0.17
-0.02 / 0.02

Nov/Dec
0.74 / 0.79
1.06 / 1.11
-0.02 / 0.02

Dec/Jan
0.55 / 0.60
0.61 / 0.66
-0.02 / 0.02

Jan/Feb
0.37 / 0.42
0.42 / 0.47
-0.02 / 0.02

*Intermonth spreads of Oman are premiums/discounts to OSP.
**JPN DTD refers to JPN Dated Brent, or Dated Brent assessed by RIM at 15:30 Tokyo time.
***Murban/Dubai is the spread between Murban and Dubai swaps.

○Paper Crude
Dubai Swaps
DME/Dubai
JPN DTD/Dubai

Aug
78.13 - 78.17-0.09 / -0.01/

Sep77.98 - 78.02-0.01 / 0.07
1.92 / 1.96

Oct76.89 - 76.93
0.40 / 0.48
1.50 / 1.54

Nov
76.25 - 76.29
0.57 / 0.65
1.43 / 1.47

*DME/Dubai is the spread between DME Oman swaps and Dubai swaps.

○Singapore Crack Margins (Against Dubai Swaps, in $/bbl) (27Aug24)
Sep
Oct
Naphtha-7.99-7.13
Jet/Kerosene
13.61
14.67
Gasoil 0.001%S
14.11
15.32
FO 0.5%S
12.55
10.82
FO 180cst 3.5%S
-8.79
-9.15
FO 380cst 3.5%S-9.68-10.57○Singapore Crack Margins (Against DTD Brent, in $/bbl) (27Aug24)
Sep
Oct
Naphtha-9.89-8.76
Jet/Kerosene
11.71
13.04
Gasoil 0.001%S
12.21
13.69
FO 0.5%S
10.65
9.19
FO 180cst 3.5%S-10.69-10.78FO 380cst 3.5%S-11.58-12.20○Physical Crude/Condensate (Middle East)--October-Outright Values
Dubai*- 78.13 - 78.18 Oman
- 78.08 - 78.13 Oman*- 78.08 - 78.13 Murban- 78.83 - 78.88 -Premiums+ 1.22 / 1.27 +0.03 / 0.08
1.17 / 1.22
0.15 / 0.20

Rim reports are copyrighted publications.

Nov
-6.81
15.24
15.84
10.13
-9.33
-10.91

Nov
-8.33
13.72
14.32
8.61
-10.85-12.43Dec
75.80 - 75.84
0.59 / 0.67
1.37 / 1.41

RIM INTELLIGENCE

Crude/Condensate

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp

Murban*Umm Lulu
Umm Lulu*
Das
Das*
Upper Zakum
Upper Zakum*
Qatar Land
Qatar Land*
Qatar Marine
Qatar Marine*
Al Shaheen*
Banoco Arab Medium**
Basrah Medium
Basrah Heavy
D.F.Condensate*
L.S.Condensate*South Pars*
Masila***Marib Light***--November-Dubai*
Oman
Oman*

- 78.83 - 78.88 - 79.03 - 79.08 - 79.03 - 79.08 - 78.03 - 78.08 - 78.03 - 78.08 - 78.13 - 78.18 - 78.13 - 78.18 - 77.86 - 77.91 - 77.86 - 77.91 - 77.41 - 77.46 - 77.41 - 77.46 - 78.13 - 78.18 - 77.58 - 77.63 - 77.16 - 77.21 - 74.16 - 74.21 - 78.34 - 78.39 - 77.69 - 77.74 - 77.69 - 77.74 - 77.85 - 77.90 - 78.05 - 78.10 Outright Values- 77.98 - 78.03 - 78.01 - 78.06 - 78.01 - 78.06 -+ 1.92 / 1.97 +0.19 / 0.24
+ 2.12 / 2.17 +0.01 / 0.06
+ 1.12 / 1.17 +-0.11 / -0.06+ 1.22 / 1.27 +-0.04 / 0.01
+ 0.95 / 1.00 +0.01 / 0.06
+ 0.50 / 0.55 ++ 1.22 / 1.27 +-0.80 / -0.75
0.03 / 0.08
0.03 / 0.08
- 1.43 / 1.48 - 0.78 / 0.83 - 0.78 / 0.83 -0.56 / -0.46-0.36 / -0.26
Premiums
1.71 / 1.76
0.03 / 0.08
+ 1.74 / 1.79 +*Premiums for Dubai, Oman, Murban, Umm Lulu, Das, Upper Zakum, Qatar Land, Qatar Marine, Al Shaheen and D.F.Condensate,
L.S.Condensate, South Pars are over Dubai quotes.
**Premium for Banoco Arab Medium is over Saudi Aramco formula for Arab Medium.
***Premiums for Masila and Marib Light are over JPN DTD.
-Premiums for all other grades are over each OSP.
-D.F.Condensate is Deodrised Field condensate.

○OSP Calculations (Middle East)--September-Outright Values
Arab Super Light- 80.95 - 81.00 Arab Extra Light- 79.70 - 79.75 Arab Light- 80.00 - 80.05 Arab Medium- 79.25 - 79.30 Arab Heavy- 78.50 - 78.55 Basrah Medium- 78.00 - 78.05 Basrah Heavy- 75.00 - 75.05 Kuwait Super Light- 79.25 - 79.30 Kuwait Export Blend- 79.25 - 79.30 Iranian Light- 80.35 - 80.40 Iranian Heavy- 78.15 - 78.20 OSP Calculations are expected values of OSPs to be applied in the following month and are calculated based on thelatest available price formulas set by oil producers and prices of Dubai and Oman crudes.

○Physical Crude/Condensate (Africa)--October-Outright Values
Bonny Light*- 81.01 - 81.11 Brass River*- 81.21 - 81.31 Qua Iboe*- 81.21 - 81.31 Agbami*- 78.41 - 78.51 Cabinda*- 79.81 - 79.91 Djeno*- 76.31 - 76.41 -Premiums
2.60 / 2.70
2.80 / 2.90
2.80 / 2.90
0.00 / 0.10
+ 1.40 / 1.50 +-2.10 / -2.00

Rim reports are copyrighted publications.

RIM INTELLIGENCE

Crude/Condensate

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp

Girassol*
Hungo*
Nemba*
Dalia*
Pazflor*
Zafiro*Doba*
Nile Blend*
Dar Blend*- 81.36 - 81.46 - 77.11 - 77.21 - 78.16 - 78.26 - 78.31 - 78.41 - 78.31 - 78.41 - 81.86 - 81.96 - 75.86 - 75.96 - 77.51 - 77.61 - 77.11 - 77.21 -+ 2.95 / 3.05 ++ -1.30 / -1.20 ++ -0.25 / -0.15 ++ -0.10 / 0.00 ++ -0.10 / 0.00 +3.45 / 3.55
-2.55 / -2.45-0.90 / -0.80-1.30 / -1.20* All premiums are over JPN DTD.

○Physical Crude/Condensate (Other)--October-Outright Values
Sokol*- 71.74 - 71.84 Sakhalin B*- 67.84 - 67.94 ESPO**- 72.29 - 72.39 Azeri***- 88.11 - 88.21 Urals****- 76.36 - 76.46 Forties****- 79.71 - 79.81 CPC Blend****- 80.56 - 80.66 Castilla B*****- 76.59 - 76.69 WTI*****- 81.49 - 81.59 Mars*****- 79.49 - 79.59 -Premiums-5.15 / -5.05-9.05 / -8.95-4.60 / -4.50
9.70 / 9.80
-2.05 / -1.95
1.30 / 1.40
2.15 / 2.25
-0.30 / -0.20
4.60 / 4.70
2.60 / 2.70

*Premiums for Sokol and Sakhalin B are over Dubai quotes on CFR Yosu.
**Premium for ESPO is over Dubai quotes on FOB Kozmino.
***Premium for Azeri is over JPN DTD on CFR South East Asia.
****Premiums for Urals, Forties and CPC Blend are over JPN DTD on CFR North East Asia.
*****Premiums for Castilla B, WTI and Mars are over Dubai quotes on CFR North East Asia.

○Physical Crude/Condensate (DES Shandong)--October-Outright Values
Tupi*- 78.80 - 78.90 Dalia*- 78.25 - 78.35 Djeno*- 76.75 - 76.85 ESPO*- 77.90 - 78.00 Oman*- 74.95 - 75.05 -Premiums
0.85 / 0.95
0.30 / 0.40
-1.20 / -1.10-0.05 / 0.05
-3.00 / -2.90* All premiums are over ICE Brent on DES Shandong in China.

○Physical Crude/Condensate (Asia)--October-Outright Values
Minas- 82.90 - 83.00 Cinta- 82.05 - 82.15 Widuri- 83.25 - 83.35 Duri
- 82.35 - 82.45 Lalang- 81.70 - 81.80 Handil Mix- 88.09 - 88.19 Attaka- 81.80 - 81.90 Belida- 82.15 - 82.25 Ardjuna- 84.00 - 84.10 Arun Con- 71.75 - 71.85 Walio- 78.37 - 78.47 Senipah Con- 71.75 - 71.85 Grissik Mix Con- 70.00 - 70.10 Banyu Urip
- 86.10 - 86.20 -Prem.(vs ICP)*-0.05 / 0.05
-0.05 / 0.05
-0.05 / 0.05
-0.05 / 0.05
-0.05 / 0.05
-0.05 / 0.05
-0.05 / 0.05
-0.05 / 0.05
-0.05 / 0.05
-0.05 / 0.05
-0.05 / 0.05
-0.05 / 0.05
-0.05 / 0.05
-0.10 / 0.00

*Prem. is an abbreviation for Premiums.
Rim reports are copyrighted publications.

Prem.(vs JPN DTD)*+ 4.45 / 4.55 ++ 3.60 / 3.70 +4.80 / 4.90
3.90 / 4.00
+ 3.25 / 3.35 ++ 9.64 / 9.74 ++ 3.35 / 3.45 ++ 3.70 / 3.80 +5.55 / 5.65
- -6.70 / -6.60 + -0.08 / 0.02 +- -6.70 / -6.60 - -8.45 / -8.35 7.65 / 7.75

RIM INTELLIGENCE

Crude/Condensate

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp--October-Tapis*
Labuan*Kikeh*
Miri*
Kimanis*
Cendor*Gippsland*
Cossack*
NWS Con*Ichthys Con*
Varanus*
Kutubu*Daqing**Vincent*
Pyrenees*
Van Gogh*
Bach Ho Light*
Bach Ho Heavy*
Rang Dong*
Su Tu Den*
T.G.T.*
Chim Sao*

Outright Values- 82.71 - 82.81 - 86.16 - 86.26 - 85.06 - 85.16 - 84.86 - 84.96 - 86.66 - 86.76 - 88.61 - 88.71 - 74.41 - 74.51 - 77.16 - 77.26 - 75.16 - 75.26 - 82.21 - 82.31 - 75.66 - 75.76 - 76.66 - 76.76 - 82.93 - 83.03 - 87.86 - 87.96 - 88.56 - 88.66 - 86.41 - 86.51 - 85.16 - 85.26 - 84.86 - 84.96 - 83.86 - 83.96 - 82.46 - 82.56 - 85.21 - 85.31 - 85.16 - 85.26 -Premiums
4.30 / 4.40
7.75 / 7.85
6.65 / 6.75
6.45 / 6.55
8.25 / 8.35
10.20 / 10.30-4.00 / -3.90-1.25 / -1.15- -3.25 / -3.15 3.80 / 3.90
-2.75 / -2.65-1.75 / -1.65-0.05 / 0.05
9.45 / 9.55
10.15 / 10.25
8.00 / 8.10
6.75 / 6.85
6.45 / 6.55
5.45 / 5.55
4.05 / 4.15
6.80 / 6.90
6.75 / 6.85

*Premiums are over JPN DTD.
**Premium for Daqing is over OSP.

○OSP Calculations (Asia)--August-Seria Light
Champion

Outright Values- 83.38 - 83.48 - 83.98 - 84.08 -OSP Calculations are expected values of OSPs to be applied in the current month and are calculated based on the latest
available price formulas set by oil producers and prices of JPN DTD.
◎Rim Crude Index--Indonesian Crude Basket Prices-Indonesian Light Crude Basket Price
Indonesian Medium Crude Basket Price
Indonesian Medium-Heavy Crude Basket Price- 84.01 - 84.11 - 82.73 - 82.83 - 82.64 - 82.74 ---Rim Special Crude Basket Prices-Crude Basket Price for China Products*- 80.03 - 80.13 -*The average price of Dubai, JPN DTD, Cinta, to which the Chinese government refers when adjusting domestic retail prices
for refined products.

--Shanghai Crude Futures Index-$/bbl- 79.56 - 79.66 -Shanghai Medium Sour Crude Index

Yuan/bbl- 566.91 - 567.01 -*The index is based on delivered prices of Dubai, Oman, Murban, Upper Zakum, Qatar Marine, Masila and Shengli.
**Exchange rate: 7.1216 (Yuan/$)◎Shanghai INE Crude Futures(28Aug24) (Yuan/bbl)

Rim reports are copyrighted publications.

RIM INTELLIGENCE

Crude/Condensate

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp

Sep
SettleChange
Open
High
Low
Volume: 120,256

Oct

558.1
-7.9
565.2
565.2
554.1
Open Interest(Aug 28): 46,426

Nov
562.1
-7.0
566.6
567.6
557.7

Dec
558.6
-6.7
561.4
563.6
554.0

554.4
-7.5
558.4
559.8
550.4

◎TOCOM Mideast Crude Futures/Day Session (28Aug24)(Yen/kl)

Aug

Sep
Change-430-1,670Volume129Open71,51070,840High
71,51070,840Low
71,45070,560
Settle71,45070,560Open Interest(Aug 27) Short=33,305/Long=33,305
Exchange rate: 144.27

Oct-1,60073
69,55069,55069,32069,3701lot = 50kl

Nov
-1,630138
68,68068,68068,45068,550

Nov
75.53
74.46
-1.89
-1.71
77.20
75.93
77.48
76.21
75.40
74.34
Open Interest(Aug 26): 1,740,068

Dec

Dec
-1,640256
67,89068,05067,73067,790Jan-1,6101,486
67,25067,52067,15067,220◎NYMEX WTI Crude Futures (27Aug24)

Oct
SettleChange
Open
High
Low
Estimated Volume: 900,257

Jan
73.62
-1.59
74.95
75.22
73.50

73.01
-1.50
74.24
74.51
72.90

◎ICE Brent Crude Futures (27Aug24)

Oct
SettleChange
Open
High
Low
Weighted avg
Estimated Volume: 1,343,676

Nov
79.55
78.66
-1.88
-1.70
81.26
80.16
81.59
80.46
79.47
78.56
80.41
79.53
Open Interest(Aug 26): 2,276,505

Dec

Jan
77.92
-1.59
79.30
79.58
77.80
78.66

77.36
-1.51
78.66
78.94
77.25
78.12

◎IFAD Murban Crude Futures (27Aug24)

Oct
ChangeVolume
Open
High
Low
SettleEstimated Volume: 35,379

Nov
-1.55
-1.70
8,058
5,459
80.09
79.47
80.57
79.71
80.09
77.96
78.68
78.05
Open Interest(Aug 26): 48,979

Dec

Jan
-1.66
7,020
78.46
78.70
76.99
77.09

-1.63
8,126
77.96
78.01
77.39
76.48

◎IFAD Murban Futures Singapore Marker Price (28Aug24)

Oct
Marker Price
ChangeExpected Average

Nov
77.49
-2.92
77.89

Dec
77.38
-1.95

Rim reports are copyrighted publications.

Jan
76.46
-1.80

75.85
-1.78

RIM INTELLIGENCE

Crude/Condensate

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp◎TRANSACTIONS REPORTED○NORTH SEA/AFRICA/AMERICA/RUSSIA CRUDE/CONDENSATE DEALS DONE
Volume(kb)

Price

Timing

GS CALTEX

2,000

DUBAI+MID$4S

Nov-24SHELL

PERTAMINA

1,000

DTD LINKED PRICE

OCT-NOV-24

TUPI

SHELL

PERTAMINA

1,000

DTD+LOW$2S

Nov-24

ARRIVAL

Aug 20

SAPINHOASHELLPERTAMINA

1,000

DTD+LOW$2S

Nov-24

ARRIVAL

Aug 21NILE BLENDSUDAN GOV'T

SUDAN LOCAL COMPANY

600

DTD LINKED PRICE

Sep-24

Aug 22WTI LIGHT

EQUINORGS CALTEX

2,000

DUBAI+MID$4S

Nov-24

ARRIVAL

Aug 23

WTI
MIDLAND

P&C

VITOL

2,000

UNKNOWN PRICE

OCT-NOV-24

ARRIVAL

Aug 23BU ATTIFEL

P&C

AMPOL

600-1,000

UNKNOWN PRICE

SEP-OCT-24

ARRIVAL

Aug 26URALS

P&C

INDIA USER

1,000

DTD-$4

OCT-NOV-24

ARRIVAL

Aug 26CPC BLEND

P&C

INDIA USER

1,000

DTD-$2.50

OCT-NOV-24

ARRIVAL

Aug 27

ALBA CONDYGLENCORE

HANWHA TOTAL

600

DTD-$3S

Oct-24

ARRIVAL

Aug 28DALIASONANGOL

EUROPEAN USER

950

CLOSE TO DTD FLAT

Oct-2417-18 LOADING

Aug 28CABINDASONANGOL

EUROPEAN USER

950

CLOSE TO DTD+$1.5

Oct-2420-21 LOADING

Aug 28BRAZILCRUDE

PETREOBRAS

GALP

1,000-2,000

SEP DTD+$1S

Oct-24

ARRIVAL

Volume(kb)

Price

Timing

Date

Grade

SellerAug 19WTI LIGHT

EQUINORAug 20RABI LIGHT

Aug 20

Buyer

Remarks
ARRIVALARRIVAL, SEP
13-14 LOADING○MIDDLE EAST CRUDE/CONDENSATE DEALS DONE
Date

Grade

SellerBuyer

Aug 22

AL SHAHEENGLENCOREPETROCHINA

500

UNKNOWN PRICE

Oct-24

Aug 22

AL SHAHEENVITOLHENGLI500

UNKNOWN PRICE

Oct-24

Aug 22

UPPER
ZAKUM

VITOL

CPC

1,000

DUBAI+$0.7

Oct-24

Aug 23

MURBANTOTALENERGIES

ENEOS

500

DUBAI+$1.3S

Oct-24

Aug 23BASRAHMEDIUM

LUKOIL

MOTOR OIL

1000

OSP LINKED PRICE

Sep-24

Aug 26

OMAN

VITOL

YULONG
P@ETROCHEMICAL

2,000

DUBAI LINKED PRICE

Oct-24

Aug 26

OMAN

VITOL

RAPID

2,000

DUBAI LINKED PRICE

Oct-24

Aug 26

UPPER
ZAKUM

VITOL

RAPID

2,000

DUBAI LINKED PRICE

Oct-24

Aug 26

AL SHAHEEN

VITOL

RAPID

500-1,000

DUBAI LINKED PRICE

Oct-24

Aug 27

AL SHAHEEN

VITOL

P&C

500

UNKNOWN PRICE

Oct-24

Aug 28

OMAN

VITOL

SINOCHEM

500

DUBAI+$1.1

Oct-24

Rim reports are copyrighted publications.

Remarks
SWAP WITH UPPERZAKUM
SWAP WITH UPPERZAKUMRIM INTELLIGENCE

Crude/Condensate

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp

Aug 28

MURBANVITOL

SINOCHEM

500-1,000

DUBAI+$1.7

Oct-24

Aug 28

MURBANTOTALENERGIES

ENEOS

500

DUBAI+$1.7S

Oct-24

Aug 28

MURBANP&C

CHEVRON

500

UNKNOWN PRICE

Oct-24

Volume(kb)

Price

TimingRemarks○ASIA-PACIFIC CRUDE/CONDENSATE DEALS DONE
Date

Grade

SellerBuyer

Aug 19VAN GOGH

SANTOS

P&C

350

DTD+$8S

Oct-242-6 LOADING

Aug 19LALANGTIS PETROLEUMPTT OR EXXONMONIL

120

DTD LINKED PRICE

Oct-2419-23 LOADING

Aug 19PANGKAH

TIS PETROLEUM

EXXONMONIL

170

DTD LINKED PRICE

Oct-2420-30 LOADING,BUYER UPDATED

Aug 19KETAPANGTIS PETROLEUM

EXXONMONIL

200

DTD LINKED PRICE

Oct-2425-30 LOADING,BUYER UPDATED

Aug 19ARUN
CONDENSATETIS PETROLEUMPTT OR EXXONMONIL

230

DTD LINKED PRICE

Oct-2418-23 LOADING

Aug 20ICHTYHS

INPEX

PTT

650

DTD+LOW$3S/$4S

Oct-2413-17 LOADING,BUYER AND PRICEUPDATEDAug 20

CHIM SAOPV OILUNIPEC300

DTD+HIGH$6S

Oct-24

SEP 29-3
LOADINGAug 20

CHIM SAOPV OIL

BSR

300

DTD+HIGH$6S

Oct-2422-26 LOADING

Aug 21COOPERBASIN

SANTOS

VITOL

575

DTD+$HIGH6S

Oct-248-14 LOADING,BUYER,VOLUME,PRICEUPDATEDAug 22NWSC

BP

HANWHATOTALENERGIES650

SMALL PREMIUM TO DTD

Oct-24

ARRIVAL, 10-14
LOADINGAug 22NWSC

P&C

HANWHATOTALENERGIES650

SMALL PREMIUM TO DTD

Oct-24

ARRIVAL

Aug 23MIRI

PETRONASPTT300

DTD LINKED PRICE

Oct-24

Aug 23RUBY

PV OILBANGCHAK

300

DTD+$4S

Oct-24

5-12 LOADING,
PRICE AND BUYERUPDATEDAug 27BERTAMPETRONAS

P&C

250

DTD LINKED PRICE

Oct-2422-26 LOADING◎MARKET COMMENTARY○Benchmark Crude Summary, Aug 28 2024
The front-month October-loading Brent crude oil
futures contract in electronic trade Intercontinental
Exchange (ICE) of at 15:30 Tokyo time on
Wednesday was at $79.66, down $1.81 from thesame time the previous day. Price gains until theprevious day raised a sense that the current prices
were overvalued, prompting market players to lock
into profits

The October DTD Brent price, the benchmark forregional and arbitrage grades, as of 15:30 Tokyo
time on Wednesday was at $78.43, down $1.58 fromthe same time the previous day. The Oct contractfor DFL (Dated to Front Line) was at 45cts, downfrom the previous day.

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RIM INTELLIGENCE

Crude/Condensate

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp

The October Dubai paper, the benchmark pricefor Middle Eastern crude grades and Far East
grades, was at $76.91, down $1.55 from the sametime the previous day. In the inter-month spreadtrade, the Oct/Nov spread was bid at 63cts. The
October WTI contract, the benchmark crude for
Latin and American grades, fell by $1.74 to $75.62.

Benchmark Crude Trends $/bbl
100

WTI

Brent

Dubai

90
80
70
60

◎MIDDLE EAST CRUDE/CONDENSATE○Market Summary
Flat prices for Middle East for October-loadingslipped on Wednesday. The benchmark Dubai
crude prices fell from the previous day.
In floating based trade linked to Dubai and OSPs,
the market for October-loading Murban surged.
Supply/demand fundamentals for Murban was
gradually tightening because demand was strong

as an alternative to US light grades. In trade for
October-loading medium-heavy grades, Sinochem
Holding was said to have bought Oman.
Meanwhile, the market for October-loading Dubai
remained at the same level as the market for Al
Shaheena and Upepr Zakum.

○Abu Dhabi
IFAD Oct Murban at Dubai+$1.94
In trade for Abu Dhabi crude, as of 15:30 Tokyo
time on Wednesday, the October contract ofMurban on the ICE futures Abu Dhabi (IFAD) was$1.94 above the paper swap values for Dubai, up
23cts from the previous day. The price for Octoberloading was $1.74 above the December level, thethird contract. In trade for the OTC market, themarket for October-loading Umm Lulu was at
premiums of 20cts to Murban and the market for
Das was at discounts of 80cts to Murban. The
market for Upper Zakum was at discounts of 70cts
to Murban.
Oct Murban surges on strong demand
Spot differentials for October-loading Murban
were quoted at premiums of $1.92-1.97 to Dubai
quotes, up 23cts from the previous day. The market
for October-loading Murban surged to premiums of
about $2.00 to Dubai quotes since demand wasconcentrated on Murban as an alternative to US

light grades. In the market from Monday to
Tuesday, some end-users, that had been cautious
about spot purchase, moved on buying.
Sinochem Holding bought 500,000-1mil barrels.
European Vitol seemed to have sold one cargo to
Sinochem Holding at premiums of $1.70 to Dubai
quotes. ENEOS procured one cargo from France’s
Total Energies at premiums in the $1.70’s to Dubai
quotes. Besides, US Chevron purchased one cargo.
ADNOC may raise Oct Das OSP slightly
Abu Dhabi National Oil Co (ADNOC) would
settle the OSPs for October-loading Abu Dhabi
grades in early September. As for Das, it was widelybelieved that ADNOC would slightly narrow
October-loading Das OSP’s discount to Murban. In
regard with October-loading, the market for WTI
Midland, a rival grade, had gained and thus buying
inquiries for Abu Dhabi grades had increased amid
a sense that the value was attractive. As for Das,
energy companies in Japan and Das had been keen

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Crude/Condensate

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp

on spot purchase. One energy company in Japanpredicted that ADNOC might settle the OSP for Das
at discounts of 70-80cts to the OSP for Murban.
ADNOC likely to raise Oct Umm Lulu OSPADNOC was expected to lift the OSP for Octoberloading Umm Lulu to premiums of 20-25cts toMurban. In regard with October-loading Umm Lulu
which held low yield of sulfur, spot cargoes had
been almost sold out at an early stage of talks sincedemand had been concentrated on Umm Lulu as analternative to WTI Midland.
ADNOC to lower Oct Upper Zakum’s OSP
ADNOC was expected to lower the OSP for
October-loading Upper Zakum. ADNOC had settled
the OSP for September-loading Upper Zakum at
premiums of 5cts to the OSP for Murban. It was
widely believed that ADNOC would reduce the OSP
for October-loading Upper Zakum to discount levels
to the OSP for Murban. In trade for October-loading
Upper Zakum, demand from Chinese companies,
major buyers, had been dull and supply/demand
fundamentals had been slightly slack. As a result,several cargoes of October-loading Upper Zakum
changed hands at the same level as October-loading
Dubai.
Meanwhile, the market for October-loading
Murban firmed in end-August as the arbitrage
window for US light grades such as WTI Midland
bound for Asia was closed. Thus, the spread
between Murban and Middle East medium-heavy
grades such as Upper Zakum and Dubai widened topremiums of 50-60cts in favor of Murban. One traderin Singapore reckoned that the OSP for Octoberloading Upper Zakum might be at discounts of 5060cts to Murban based on the prices of Murban andUpper Zakum. Nevertheless, the trader predictedthat ADNOC would settle the OSP for Octoberloading Upper Zakum at discounts of 20-30cts toMurban.

IFAD Murban spreadwith the month 2 months ahead
1st/3rd month

2nd/4th month

OCT/DEC

NOV/JAN

1.74

1.58

Rim posts inter-month spread for IFAD Murban

Differentials of Abu Dhabi Grades to Murban
Umm Lulu

+0.20

Das

-0.80

Upper Zakum-0.70

Differentials of Abu Dhabi grades to Murban○QatarOct L.S.C. drops on weak demand
Spot differentials for October-loading L.S.C. werequoted at premiums of $0.78-0.83 to Dubai quotes,
down 20cts from the previous day. The market for
October-loading L.S.C. dropped to premiums of
about $0.80 to Dubai quotes, according to one traderin Singapore. Crack spread for naphtha inched up in
Singapore but major end-users such as Hanwha
Total Energies and Emirates National Oil Co(ENOC) mostly covered demand for October-loading condensates and thus market sentiment wasslightly weak.
Spot differentials for October-loading D.F.C. werequoted at premiums of $1.43-1.48 to Dubai quotes,
down 20cts from the previous day along with a fallin the market for L.S.C. In regard with Octoberloading D.F.C., Qatar Energy (QE) had skipped spot
sales and spot cargoes did not change hands.

レポートに掲載の情報の著作権はリム情報開発(株)に帰属します。無断転送、転載は著作権法により禁止されています。

RIM INTELLIGENCE

Crude/Condensate

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp○Oman
Spot differentials for October-loading Oman
were quoted at premiums of $1.17-1.22 to Dubai
quotes, unchanged from the previous day. In theDubai Mercantile Exchange (DME), values for
October Oman were at premiums of $1.19 to Dubai
quotes as of Tuesday evening.

In trade for October-loading Oman, Sinochem
Holding seemed to have bought 500,000barrels
from Eurpean Vitol at premiums of $1.10 to Dubai
quotes on Tuesday. After the deal, Vitol apparently
held a cargo of October-loading Oman andEuropean Gunvor could sell several cargoes of
Oman.

Vitol and guvnor have Oct Oman
◎AFRICA/EUROPE/RUSSIA/AMERICA CRUDE/CONDENSATE○Market Summary
Flat prices for October loading cargoes in the
Angolan grades rebounded, buoyed by supply
Mediterranean Sea, Africa, US and European
fears for Libyan crudes. Meanwhile, in the trade ofgrades and Far East slipped on Wednesday as the
US grades bound for Asia, offers for December
benchmark Dubai and Dated Brent prices rose fromarrival surfaced but no fresh deals heard changed
the previous day.
hands. In tender related news, Uruguay’s state
owned Ancap issued a buy tender for November
In floating based trade linked to Dated Brent andarrival and closed it on Tuesday.
Dubai quotes, spot differentials for October-loading○Africa
Oct Angolan firms on Libya’s supply fears
Spot differentials for October-loading Angolan
Dalia were quoted at a discount of 10cts to flat toDated Brent, shrinking 40cts from the previous day.
Spot differentials for October-loading Cabinda
were assessed at premiums of $1.40-1.50 to Dated
Brent, up 40cts from the previous day. Amid
supply uncertainties over Libyan crude, demand
from the West appeared to have emerged. Angolan
producer Sonangol was said to have sold Octoberloading Cabinda and Dalia on the spot market. The
details were sketchy but the producer offered Dalia
for 17-18 loading at flat and Cabinda for 20-21

loading at a premium of $1.50 to Dated Brent asreported, and these deals were apparently done
close to the offer levels. The buyers for thesecargoes were believed to be end-users in Europe.
“The market for October loading West African
grades may not be weak as expected,” said a player
in South Asia. Market players had initially expected
October-loading cargoes to be lower than theprevious month, citing sluggish demand from
China and a sense that the benchmark Dated Brent
price was relatively expensive.

○LibyaEast Libya declares FM on supplies
In the trade of Libyan grades, the East Libyan
government reportedly declared force majeure on
Libyan supplies in East Libya. The force majeureapplied to all oil fields and terminals in Libya. The
move came as the East government was fightingwith the West government over the control of thecentral bank and oil revenues. In East Libya, mostof main grades such as Sarir, Bu Attifel, Brega,

Amna, Es Sider are produced. But Libya’s National
Oil Co (NOC) apparently did not issue any official
statement. For Asia, buyers such as Ampol inAustralia often procure Bu Attifel in 1.0 mil bbl sizeon the spot market. The company takes the Libyan
grade via the Cape of Good Hope in South Africa,
instead of the Red Sea. Overall production for
Libya is above 1.10 mil barrels per day (b/d).

レポートに掲載の情報の著作権はリム情報開発(株)に帰属します。無断転送、転載は著作権法により禁止されています。

RIM INTELLIGENCE

Crude/Condensate

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp○US
Dec arrival WTI offered at Dubai +$5.00s
In the trade of US grades bound for Asia for
December arrival, WTI Midlands was heard offeredat premiums of the $5.00s level to Dubai quotes on
a CFR Northeast Asia basis. But end-users in South
Korea such as GS Caltex with baseload demand for

US grades apparently did not move to buy thecrude. The arbitrage window for US grades for Asia
was seen closed for now as prices for Middle
Eastern light grades such as Abu Dhabi light grades
were sensed as more attractive.

○Condensates
Hanwha Total buys Oct arrival Escravos
In the trade of arbitrage condensates bound for
Asia, US Chevron earlier sold Nigerian Escravos for
October arrival to an end-user in South Korea asreported. It later turned out that the buyer was

Hanwha Total Energies. The price was at a discountof around $1.00 to Dated Brent on a CFR basis asreported.

○Brazil
Gulp buys Oct arrival Brazilian grades
In the trade of Brazilian grades, Portugal’s stateowned Gulp was said to have purchased 1.0 to 2.0
mil bbls of Brazilian crude for October arrival. The
seller was Brazil’s state-owned Petrobras and theprice was said to be at a premium of the $1.00s level

to September Dated Brent. Prices for Brazilian
grades were generally sensed as undervalued,
relative to overall West African grades, so that PTT
Public Co recently purchased 2.0 mil bbls of Tupi
and Sapinhoa as reported.

◎ASIA PACIFIC CRUDE/CONDENSATE○Market Summary
Flat prices for October-loading regional gradesslipped. The benchmark Dated Brent and ICP
declined from the previous day. In floating based
trade linked to Dated Brent and ICP benchmarks
for October-loading, spot differentials for NWSC
declined on slack supply/demand fundamentals.

In trade for October-loading condensates,
Woodside held NWSC while most end-users did
not show interest in buying amid a sense that thevalue of NWSC was expensive. In trade for
October-loading Australian grades, one cargo ofVincent would appear in the market.

○Condensates
Oct NWSC falls on slack supply/demand
Spot differentials for October-loading NWSC
were quoted at discounts of 3.15-3.25 to Dated
Brent, down 40cts from the previous day due toslack supply/demand fundamentals. Tradable
levels for October-loading NWSC were heard at
discounts in the low $3’s to Dated Brent. Most endusers in Korea and Southeast Asia had alreadyfinished spot purchase for this timing and retreatedto the sidelines. Further, some end-users apparently
held room to buy but they seemed reluctant to buy

NWSC because the current value of NWSC was
sensed as expensive and refinery margins for
petrochemical products remained low.
Woodside still has Oct NWSC
In trade for October-loading Australiancondensates, Australia’s Woodside NWSC still held
NWSC for Oct 24-28 loading. Nevertheless,Woodside was apparently waiting for Pertamina toissue an additional condensate buy tender for
November arrival to the country’s petrochemical
firm TPPI, and thus Woodside currently refrained

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Crude/Condensate

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp

from actively offering the cargo, according tosources. Woodside had offered NWSC into a buy
tender for November arrival to TPPI in mid-August

but Woodside had not won the tender, as reported
earlier.

○Australia
One cargo of Oct Vincent avail
In trade for October-loading Australian grades,
one spot cargo of Vincent was expected to appear in
the market although the seller was unknown atpresent. Meanwhile, with refinery margins for
LSFO improving, some end-users apparently
considered buying Vincent in order to blend with
fuel oil. Crack spread for fuel oil of 0.5% sulfur in

October was $10.82 in Singapore on August 27,
which was higher than that in September one
month ago by $1.50.
Mitsui Energy Trading Singapore (METS) had
sold September-loading Vincent at premiums in the$9’s to Dated Brent, as reported earlier.

◎NYMEX WTI/ICE Brent, Aug 27

WTI crude futures on the NYMEX slipped on
Tuesday, snapping a three-day winning streak. The
October contract ended at $75.53, down $1.89 fromthe previous day. The contract was $2.36 higher
than one week ago.
Crude futures slipped on profit-taking as pricegains until the previous day raised cautious
sentiment that the current prices were overvalued.
Uncertainties over the outlook of the Chinese
economy also sent the market lower. In China, theweak real estate market and shrinking personal
consumption had become serious, reinforcing
worries that energy demand would decline. The
Organization of the Petroleum Exporting Countries(OPEC) in its monthly report in August revised
down the forecasts of global oil demand in 2004
from the previous July outlook, citing a slowdown
in the Chinese economy.

North Sea Brent futures on the ICE declined. The
October contract was down $1.88 from the previous
day at $79.55. The contract was $2.35 higher than
one week ago.
In the product market, US heating futures retreated
while RBOB futures extended losses. The
September heating oil contract was down 6.18cts
from the previous day at 228.62cts/gallon and theSeptember RBOB gasoline ended down 3.30cts at
224.69cts.

◎MARKET NEWS
○South Korea crude run rates at 87.6%, up 2.0% points on week
Combined crude oil throughput for refineries in South Korea was at 2.64 mil barrels per day (b/d) as of
Aug 27, up 2.3% on week, according to a survey conducted by Rim Intelligence. GS Caltex raised the crude
throughput to 770,000b/d. The current figure in South Korea equates to a utilization rate of 87.6% of thenation's total refining capacity of 3.01 mil b/d.

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RIM INTELLIGENCE

Crude/Condensate

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp

Capacity
Aug 27, 2024
Aug 20, 2024
Aug 13, 2024
Aug 06, 2024

SK Energy
1,115,000 b/d73.5 %

GS Caltex
800,000 b/d96.3 %

S-Oil
580,000 b/d99.1 %

Hyundai
520,000 b/d91.3 %

Total
3,015,000b/d87.6 %

820,000b/d

770,000b/d

575,000b/d

475,000b/d

2,640,000

b/d

73.5

%

88.8

%

99.1

%

91.3

%

85.6

%

820,000b/d

710,000b/d

575,000b/d

475,000b/d

2,580,000

b/d

73.5

%

86.3

%

99.1

%

91.3

%

84.9

%

820,000b/d

690,000b/d

575,000b/d

475,000b/d

2,560,000

b/d

73.5

%

86.3

%

99.1

%

91.3

%

84.9

%

820,000b/d

690,000b/d

575,000b/d

475,000b/d

2,560,000

b/d○Mitsui Chemicals restart Ichihara ethylene facility
Mitsui Chemicals injected feedstock and restarted operations of its ethylene facility in Ichihara plant on
Monday. Production of on-spec ethylene was confirmed on Tuesday. This was reported by market sources.
Mitsui is scheduled to restart its ethylene facility in Osaka plant, that had been shut down due to troubles,in October.
◇

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