☆RIM PRODUCTS INTELLIGENCE DAILY★No.9177 Aug 29 2024
Copyright(C) 2024 Rim Intelligence Co. All rights reserved.
--TOKYO, 18:30 JST Aug 29 2024<Assessment Closing Time>◎Notice○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 the year 2023
version of power tender data, which is highly regarded by the industry since the first issue for the fiscal
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-year comparisons for 2,058 tenders(1,000 tenders in the 2022 CD). For overseas customers outside of Japan, data in the CD is emailed andpayment can be made in US dollars.
For application, please click:https://eng.rim-intelligence.co.jp/contents/info/powerDataCd2021eng.pdf◎RECX-22 index
RECX-22 index for Thursday was 165.22, down 2.95 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.c.o.jp/report/
Lineup:Bunker Oil
Crude/Condensate
Products
LPG
Petrochemicals
Polyolefins
Biomass (Weekly)
LNG
Power
Daily Data
Rim Data File
For inquiries on the above, please contact: Tel: +81-3-3552-2411
Email: info@rim-intelligence.co.jp

Rim Products Intelligence Daily

year 2014. The latest version is released only in Japanese and covers the tender results by public.

RIM INTELLIGENCE

Products

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◎Japan Domestic Waterborne Spot Market (Barges FOB Refinery/Primary Storage, in Yen/kl)

Gasoline
Kerosene
Gasoil-0.001%S
AFO-0.5%S
AFO-0.1%S
LSCFO-0.3%S
HSCFO-3.0%S

Tokyo Bay (Keihin/Chiba)
Fixed Price
Floating
80,000 - 81,000-500 /
500
78,500 - 79,000-500 /
500
79,000 - 80,000-500 /
500
77,500 - 77,900-500 /
500
78,000 - 78,400-500 /
500
102,500 - 103,500-500 /
500
89,500 - 90,500-500 /
500

West Japan (Hanshin/Setouchi)
Fixed Price
Floating
80,000 - 81,000-500 /
500
78,500 - 79,000-500 /
500
78,000 - 79,000-500 /
500
77,500 - 77,900-500 /
500
78,000 - 78,400-500 /
500
102,500 - 103,500-500 /
500
89,500 - 90,500-500 /
500

103,500 - 104,500
89,500 - 90,500

103,500 - 104,500
89,500 - 90,500

Marine Fuel Oil

VLSFO-0.5%S
HSCFO-3.0%S

Floating price assessments in premiums or discounts against Rim monthly average
On the 26th of the current month (or the next business day in case the 26th is a holiday) when the price assessments
shift to trades for lifting in the next month, the comparison of the price with that of the day before is not indicated.

-Tokyo Bay Refinery Rack IndexGasoline
81,100 unch.
Kerosene
78,750 -150
Gasoil-0.001%S#
77,500 unch.
AFO-0.5%S
76,400 -150
LSAFO-0.1%S
76,900 -150
# before-tax gasoil-Japan Crude Cocktail or JCC(MOF CIF Japan Crude Prices, in Yen/kl)24/06/01-30 86,628r
24/07/01-31 88,326r
24/08/01-31 due out on Sep 18
24/06/01-10 86,912
24/06/11-20 86,659
24/06/21-30 85,914

24/07/01-10 87,919
24/07/11-20 89,028
24/07/21-31 87,872

24/08/01-10
85,87524/08/11-20 due out on Sep 06
24/08/21-31 due out on Sep 18◎Japan Product Paper Swap Assessments (FOB Tokyo Bay in Yen/kl)

Sep
80,000 - 81,000
78,500 - 79,000
79,000 - 80,000
77,500 - 77,900
78,000 - 78,400
102,500 - 103,500
89,500 - 90,500

Gasoline
Kerosene
Gasoil
AFO-0.5%S
AFO-0.1%S
LSCFO
HSCFO

Oct
82,000 - 83,000
81,000 - 82,000- 81,700 - 82,700 - 76,200 - 76,600 - 76,700 - 77,100 - 101,200 - 102,200 - 88,200 - 89,200 -Nov
82,000 - 83,000
81,000 - 82,000- 81,300 - 82,300 - 75,200 - 75,600 - 75,700 - 76,100 - 100,200 - 101,200 - 87,200 - 88,200 -◎TOCOM Energy Futures (FOB Tokyo Bay Refinery/Primary Storage in Yen/kl)

Open
Gasoline
Oct
Nov
Dec
Jan
Feb
Mar
Total
Kerosene
Oct
Nov
Dec
Jan
Feb

High

Low

SettleChangeVolume---81,00081,00081,00081,00081,00081,000

-

-

-

-

-

80,00080,00080,00080,00080,000--Rim reports are copyrighted publications.

RIM INTELLIGENCE

Products

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

Mar
Total
Gasoil
Oct
Nov
Dec
Jan
Feb
Mar
Total
Crude oil
Aug
Sep
Oct
Nov
Dec
Jan
Total

-

-

-

80,000

-

-

-

-

-

80,70080,30079,90079,50079,10078,600

-200
-200
-200
-200
-100
-200

-

70,03068,53067,71066,72066,20070,03068,70067,72067,21066,68069,96068,53067,71066,69066,18071,41069,96068,70067,72067,00066,410

-40
-600
-670
-830
-790
-810

2
14
59
279
1,438
1,792

In contracts of 50 kiloliters

Open interest(08/28)(Short):
Open interest(08/28)(Long) :Gasoline
Gasoline

00Kerosene
Kerosene

00

GasoilGasoil00

Crude oil
Crude oil

33,09033,090◎CFR Japan MR Cargoes (Naphtha and FO in $/mt, Others in $/bbl)-PhysicalNaphtha- 663.25 - 666.75 - **Oct 1st-half Open Spec- 668.75 - 669.25 Oct 2nd-half Open Spec- 666.25 - 666.75 Nov 1st-half Open Spec
- 663.25 - 663.75 Light- 668.75 - 669.25 Heavy- 729.75 - 730.25 Jet/Kerosene- 89.55 - 89.65 Gasoil 0.001%S- 88.70 - 88.80 FO 0.3%S- 576.25 - 586.25 FO 380cst 3.5%S- 431.50 - 432.50 --Exchange rate (TTS Yen/$ as of Aug 29) 145.53 (MUFG Bank)-Premium-

Import Cost(Yen/kl)

3.50 /

4.50

68,1523.50 /
60.00 /
0.75 /-0.05 /
0.00 /-3.00 /

4.50
70.00
0.85
0.05
10.00*-2.00

68,15274,36685,16484,79085,52464,346*Premium in density at 0.95**Index price for Naphtha
The yen/kl price for jet/kerosene includes Yen 2,800/kl petroleum tax and Yen 346/kl import duty.
The yen/kl price for gasoil 0.001%S includes Yen 2,800/kl petroleum tax and Yen 750/kl import duty.
The yen/kl prices for FO 380cst 3.5%S and FO 0.3%S include Yen 2,800/kl petroleum tax and Yen 249/kl import duty.
◎FOB Japan MR Cargoes (HSFO in $/mt, Others in $/bbl)-PhysicalMogas 92RON- 84.65 - 84.85 Jet/Kerosene- 88.20 - 88.30 Gasoil CARB DIESEL- 87.55 - 87.65 Gasoil 0.001%S- 87.30 - 87.40 FO 380cst 3.5%S- 412.50 - 413.50 --Exchange rate (TTM Yen/$ as of Aug 29) 144.53 (MUFG Bank)-Premium2.15 /2.35-0.60 / -0.50-1.20 / -1.10-1.45 / -1.35-22.00 / -21.00*Yen/kl prices include Yen 2,800/kl refund.
◎FOB Singapore Cargoes (FO in $/mt, Others in $/bbl)

Mogas 97RON
95RON
92RON

-

-Physical88.30 - 88.40 86.00 - 86.10 82.45 - 82.55 --Premium5.80 / 5.90*
3.50 / 3.60*
0.65 / 0.75*

Rim reports are copyrighted publications.

Export Cost(Yen/kl)*
79,84683,02882,437
82,20960,999

RIM INTELLIGENCE

Products

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

NaphthaJet/Kerosene
Gasoil 0.001%S
Gasoil 0.05%S
FO 0.5%S
FO 180cst 3.5%S
FO 380cst 3.5%S- 70.00 - 70.10 - 88.65 - 88.75 - 88.30 - 88.40 - 86.65 - 86.75 - 586.25 - 596.25 - 443.25 - 444.25 - 438.50 - 439.50 -0.80 / 0.90
-0.15 / -0.05-0.45 / -0.35-2.10 / -2.00
10.00 / 20.00
3.50 / 4.50
4.00 / 5.00

* Premium to FOB Singapore Mogas 92RON. 92RON Physical price does not include Premiums.
◎FOB Indonesia LSWR Cargoes

LSWR 0.45%S($/mt)
LSWR 0.45%S($/bbl)-Physical- 473.75 - 483.75 - 71.80 - 72.10 --Premium-102.50 / -92.50**Premium to Singapore FO 0.5%S paper swaps◎Singapore Paper Swaps (FO in $/mt, Others in $/bbl)

NaphthaJet/Kerosene
RegradeGasoil 0.001%S
FO 0.5%S
FO 180cst 3.5%S
FO 380cst 3.5%S

Sep- 69.15 - 69.25 - 88.75 - 88.85 + 0.00 - 0.10 +- 88.70 - 88.80 - 576.00 - 576.50 - 439.50 - 440.00 - 434.25 - 434.75 -Oct- 68.90 - 69.00 - 88.85 - 88.95 + -0.30 - -0.20 +- 89.10 - 89.20 - 557.75 - 558.25 - 429.75 - 430.25 - 422.50 - 423.00 -Nov- 68.60 - 68.70 - 88.95 - 89.05 + -0.80 - -0.70 +- 89.70 - 89.80 - 546.25 - 546.75 - 423.75 - 424.25 - 414.75 - 415.25 -

Oct
-6.49
13.46
13.71
10.41
-9.29
-10.40

Nov
-6.18
14.17
14.92
9.25
-9.60
-10.98◎Singapore Crack Margins (Against Dubai Swaps, in $/bbl)

Sep
-7.39
12.21
12.16
12.06
-8.94
-9.74

NaphthaJet/Kerosene
Gasoil 0.001%S
FO 0.5%S
FO 180cst 3.5%S
FO 380cst 3.5%S◎FOB South Korea Cargoes (FO in $/mt, Others in $/bbl)

MR Cargoes
Mogas 91RON/0.001%S
Mogas 92RON/0.005%S
Jet/Kerosene
Gasoil 0.001%S
Gasoil 0.05%S
Gasoil 0.25%S
Gasoil 0.5%S
FO 0.3%S
FO 0.5%S
FO 380cst 3.5%S-Physical- 83.65 - 83.85 - 80.80 - 81.00 - 88.05 - 88.15 - 87.20 - 87.30 - 84.95 - 85.05 - 77.75 - 77.85 - 77.25 - 77.35 - 556.25 - 566.25 - 526.25 - 536.25 - 413.50 - 414.50 --Premium1.15 / 1.35*-1.70 / -1.50*-0.75 / -0.65-1.55 / -1.45-3.80 / -3.70-11.00 / -10.90-11.50 / -11.40-20.00 / -10.00***-50.00 / -40.00-21.00 / -20.00

SR Cargoes
Mogas 91RON
Kerosene
Gasoil 0.001%S
LSAFO 0.1%S
FO 0.3%S-Physical- 85.00 - 85.10 - 89.80 - 90.30 - 89.25 - 89.35 - 84.35 - 84.55 - 566.25 - 576.25 --Premium2.50 / 2.60*
1.00 / 1.50
0.50 / 0.60
-4.40 / -4.20**-10.00 / 0.00****Premium to FOB Singapore Mogas 92RON**Premium to Singapore Paper Swaps values (0.001%S gasoil)

Rim reports are copyrighted publications.

Import Cost(Yen/kl)#
85,24989,23888,95580,966
87,794

RIM INTELLIGENCE

Products

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***Premium in density at 0.95
# in Yen/kl, Basis Nagoya (Basis Keihin for FO 0.3%S)
The yen/kl price for Mogas includes Yen 2,800/kl petroleum tax and Yen 934/kl import duty.
The yen/kl price for kerosene includes Yen 2,800/kl petroleum tax and Yen 346/kl import duty.
The yen/kl price for gasoil 0.001%S includes Yen 2,800/kl petroleum tax and Yen 750/kl import duty.
The yen/kl price for FO 0.3%S includes Yen 2,800/kl petroleum tax and Yen 249/kl import duty.
◎FOB Taiwan Cargoes (in $/bbl)

MR Cargoes
Mogas 93RON
Jet/Kerosene
Gasoil 0.001%S
Gasoil 0.05%S
Gasoil 0.25%S
Gasoil 0.5%S--Physical85.45 - 85.65 88.65 - 88.75 87.70 - 87.80 84.85 - 84.95 77.90 - 78.00 77.50 - 77.60 --Premium2.95 / 3.15
-0.15 / -0.05-1.05 / -0.95-3.90 / -3.80-10.85 / -10.75-11.25 / -11.15--Physical83.15 - 83.35 87.95 - 88.15 87.20 - 87.40 86.80 - 87.00 --Premium0.65 / 0.85
-0.85 / -0.65-1.55 / -1.35-1.95 / -1.75◎FOB China Cargoes (in $/bbl)

MR Cargoes
Mogas 92RON
Jet/Kerosene
Gasoil 0.001%S
Gasoil 0.005%S◎CFR China Cargoes(FO in $/mt, Others in $/bbl)-Physical-PremiumNorth China
Mogas 92RON***- 82.30 - 82.50 Gasoil 0.001%S*- 88.70 - 88.80 East China
Mogas 92RON***- 82.20 - 82.40 Gasoil 0.001%S*- 88.60 - 88.70 South China
Mogas 92RON***- 82.40 - 82.60 Gasoil 0.001%S*- 88.80 - 88.90 FO 380cst 3.5%S**- 413.50 - 414.50 --Exchange rate (MIDDLE Yuan/$ as of Aug 29)-0.20 /
-0.05 /

(Yuan/mt)-Import Cost-(Yuan/mt)-Domestic-###

0.00
0.05

8,052
7,030

8,610 - 8,660- 7,170 - 7,220 --0.30 / -0.10-0.15 / -0.05

8,045
7,024

8,300 - 8,350
7,100 - 7,150-0.10 / 0.10
0.05 / 0.15
-21.00 / -20.00
7.1299

8,059
7,036
4,745

8,300 - 8,350
7,100 - 7,150
5,250 - 5,300 ##***Yuan/mt prices for Mogas 92RON include 1% duty, 13% value added tax and Yuan 2,082/mt consumption tax.
*Yuan/mt prices for Gasoil 0.001%S include 1% duty, 13% value added tax and Yuan 1,428/mt consumption tax.
**Yuan/mt prices for FO 380cst 3.5%S include 1% duty, 13% value added tax and Yuan 1,218/mt consumption tax.
## China FO 380cst 3.5%S Domestic prices are of bunker use grade.
### China Domestic prices are reference information provided by Rim Beijing office.
◎FOB Middle East Cargoes (Naphtha and HSFO in $/mt, Others in $/bbl)

NaphthaJet/Kerosene
Gasoil 0.001%S
FO 380cst 3.5%S-Physical- 631.25 - 631.75 - 85.25 - 85.35 - 84.90 - 85.00 - 409.50 - 410.50 --Premium18.00 / 20.00
1.90 / 2.10
1.70 / 1.90

◎Freights rates

SR Clean Tanker Freight Rates ($/bbl)
Korea to Tomakomai
4.90 - 5.10
Korea to Nagoya
3.90 - 4.10
SR Dirty Tanker Freight Rates ($/mt)

Korea to Keihin
Korea to Kanmon

Rim reports are copyrighted publications.

4.20 - 4.40
3.50 - 3.70

RIM INTELLIGENCE

Products

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

Korea to Tomakomai
29.00 - 31.00
MR Tanker Freight Rates ($/bbl for clean $/mt for dirty)
Korea to N.China
1.40 - 1.60
Korea to S.China
1.50 - 1.70
Korea to Japan dirty
17.00 - 19.00
LR Tanker Freight Rates ($/bbl for clean $/mt for dirty)
ME to Singapore clean
3.30 - 3.50

Korea to Keihin

25.00 - 27.00

Korea to E.China
Korea to Japan clean
N.E.Asia to US West Coast

1.30 - 1.50
1.40 - 1.60
9.40 - 9.60

ME to Singapore dirty

28.00 - 30.00◎Asia Bunker Prices ($/mt)--- 29Aug24 Closing Quotes --Port/Location
Tokyo BayWest JapanIse Bay#Rim Ave-Aug
S. Korea
TW Kaohsiung
PP**
TW
Keelung PP**TW Taichung PP**TW Others PP**
Shanghai

ZhoushanHong Kong
Singapore380cstLow - High517.00 - 520.00
532.00 - 535.00
527.00 - 530.00
543.73477.00 - 480.00
524.00 - 527.00
NA - NA
NA - NA
NA - NA
536.00 - 539.00
469.00 - 472.00
476.00 - 479.00
458.00 - 461.00

Change
-3.00
-3.00
-3.00
-0.27
-9.00
-10.00
-4.00
-4.00
-2.00
-4.00

VLSFO
Low - High
630.00 - 633.00
655.00 - 658.00
650.00 - 653.00
644.18617.00 - 620.00
628.00 - 631.00
628.00 - 631.00
628.00 - 631.00
628.00 - 631.00
629.00 - 632.00
611.00 - 614.00
640.00 - 643.00
619.00 - 622.00

Change
-5.00
-5.00
-5.00
-0.46
-2.00
-10.00-10.00-10.00-10.00
-7.00
-5.00
+6.00
-12.00LSMGO(LSMDO:Japan)
Low - High
Change797.00 - 807.00-1.00
807.00 - 817.00-1.00
797.00 - 807.00-1.00
823.82-0.09
642.00 - 652.00-19.00750.00 - 753.00-20.00750.00 - 753.00-20.00750.00 - 753.00-20.00750.00 - 753.00-20.00715.00 - 725.00-14.00685.00 - 695.00-10.00660.00 - 670.00-5.00
655.00 - 665.00-3.00--Note: *Nakhodka, Vostochny, Vladivostok, **Posting Price, TW=Taiwan#Rim Tokyo Bay monthly average

Port/Location
Bangkok
Colombo

380cstLow - High524.00 - 527.00
NA - NA

Change
-6.00
-

VLSFO
Low - High646.00 - 649.00
674.00 - 677.00

Change-7.00-8.00--Prices at three ports listed above are reference numbers.

Rim reports are copyrighted publications.

LSMGO
Low - High738.00 - 748.00
765.00 - 775.00

Change-16.00-19.00RIM INTELLIGENCE

Products

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◎ASIA PRODUCTS MARKET COMMENTARY○Benchmark Crude Summary
Aug 29 crude oil prices (As of the evening time in Tokyo)
NYMEX・WTI OCT $74.77/bbl (down 63cts/bbl from a day before)
ICE・BRENT OCT $78.79/bbl (down 60cts/bbl from a day before)
DUBAI PAPER SEP $76.59/bbl (down 51cts/bbl from a day before)○Singapore Crack Margins

In the Singapore paper swap market, the crack spreadof 92RON gasoline over Dubai crude oil for Sep was at$5.91/bbl, down 9cts/bbl from the previous day. The
crack spread of naphtha was at minus $7.39/bbl, down
9cts/bbl, that of jet fuel was at $12.21/bbl, down
4cts/bbl, that of 0.001% sulfur gasoil was at $12.16/bbl,
down 24cts/bbl, that of 0.5% sulfur fuel oil was at$12.06/bbl, down 87cts/bbl, that of 180cst fuel oil was at
minus $8.94/bbl, up 5cts/bbl and that of 380cst fuel oil
was at minus $9.74/bbl, up 1ct/bbl.

○Gasoline
Sales from China start

Petroleum Co Dalian (WEPEC) closed a tender to sell an

The differential for MR-size cargos of 92RON gasoline

MR-size cargo of 92RON gasoline loading on Sep 6-10 onon an FOB South Korea basis was at discount in theThursday, but the results of it remained to be seen.

range of $1.50-1.70/bbl to Singapore quotations, while

However, PetroChina, one of the main exporters of thethe differential of 92RON gasoline on an FOB China

fuel in the country, was planning to export 170,000mt inbasis was at a premium in the range of 65-85cts/bbl to

September and the total export volumes in the country inthe quotations, both unchanged from a day before.

the month could be less than 500,000mt. China National

Refiners in Chian started sales of cargoes loading in

Offshore Oil Co (CNOOC) would skip any sales of

September. PetroChina’s subsidiary West Pacificgasoline from its 440,000b/d Huizhou refinery in

Rim reports are copyrighted publications.

RIM INTELLIGENCE

Products

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

September. Meanwhile, demand in Southeast Asia

quotations, unchanged from the previous day. In Northremained sluggish and gasoline crack margins over

China, domestic prices for 92RON gasoline on an ex-

Dubai crude il were sharply narrowing to aroundprimary storage basis were in the range of Yuan 8,610-$6.00/bbl.

8,660/mt, unchanged from the previous day. The price
was above the import cost by Yuan 583/mt or $9.62/bbl.

The differential for SR-size cargoes of 91RON gasoline
on an FOB South Korea basis was at a premium in the

FOB Singapore prices for 92RON gasoline were at

range of $2.50-2.60/bbl to Singapore quotations,$82.45-82.55/bbl, down 60cts/bbl from a day before. The

unchanged from a day before.

weakening crude oil prices pushed down the market.
Buying and selling ideas were indicated at a premium in

CFR North China MR-size cargoes of 92RON gasoline

the range of 65-75cts/bbl to the quotations, unchanged

were at a discount of 20cts/bbl to flat to the Singapore

from the previous day.

○Naphtha
Open-spec naphtha benchmark prices in Japan (Japanas petrochemical raw materials were not heard due toquotations) were in the range of $663.25-666.75/mt,

rising prices.

down by $13.25/mt from the previous day. Weaker
Brent crude oil futures pushed down the benchmark

The first half October light grade naphtha prices on aprices.

CFR Japan basis were at a premium of $3.50-4.50/mt toJapan quotations to be assessed 45 days before delivery,

Movements to procure cargoes appear in Japan andunchanged from a day before.

TaiwanThe first half October open-spec naphtha prices on a

The first half October heavy grade naphtha prices on a

CFR Japan basis were at a premium in the range of $3.50-

CFR Japan basis were at a premium in the range of

4.50/mt to Japan quotations to be assessed 45 days

$60.00-70.00/mt to Japan quotations to be assessed 45

before delivery, unchanged from a day before. The prices

days before delivery, unchanged from the previous day.

on a CFR Japan basis were at a premium of $7.00-

However, the market prices were pointed out to be

8.00/mt to the quotations to be assessed 30 days before.

capped due to weak gasoline market sentiment.

Demand was expected to increase and the expectation
supported the market prices. In Japan and Southeast

The differential for LR-size cargoes of naphtha on anAsia, several troubles at naphtha crackers were being

FOB Middle East basis was at a premium in the range ofeased, and demand was prospected to recover. In China,$18.00-20.00/mt to Middle East quotations, unchanged

at least one naphtha cracker was said to start operations.

from a day earlier.

In this situation, Resonac in Japan moved on a
procurement of a cargo in the spot market on Thursday.

In Brent crude oil futures trades on the Intercontinental

In the meantime, on Tuesday, CPC Co in Taiwan

Exchange (ICE) early in the evening in Asia, the Octreportedly conducted a buy tender for 35,000mt of fullcontract was at $78.79/bbl, down 60cts/bbl from a day

range and 35,000mt of light grade for delivery in the first

before. Open-spec naphtha prices for H1 Oct arrival werehalf October.

at $668.75-669.25/mt, down $13.25/mt. Prices for H2 Oct

LPG prices on a CFR Northeast Asia basis tended toand H1 Nov arrivals were at $666.25-666.75/mt andincrease because freight rates recently rose and a part of$663.25-663.75/mt. Prices for light grade naphtha pricetraders secured cargoes for short-covering. Some market

for H1 Oct arrival were at $668.75-669.25/mt, down byparticipants who handle LPG said that inquiries for LPG$13.25/mt and prices for heavy grade naphtha for H1

Rim reports are copyrighted publications.

RIM INTELLIGENCE

Products

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

Oct arrival were at $729.75-730.25/mt, down by$13.25/mt.
On a timing spread, an H1 Oct/H1 Nov spread wasstable in backwardation of $5.50/mt. An Oct Brent/H1
Oct naphtha spread was at $78.00/mt in favor ofnaphtha, narrowing by $9.00/mt.
Early in the evening in Asia, Sep NWE naphtha prices
were at $642.25-644.25/mt, down $11.75/mt. Prices for
Oct and Nov were at $637.75-639.75/mt and $631.00633.00/mt. An H1 Oct Asia/Sep NWE spread was at$26.00/mt in favor of Asia, shrinking by $1.00/mt.
○Jet/Kerosene
Korea GS Caltex sells end Sep cargomonth. The other refiners in the country also planned to

The differential for MR-size cargoes of jet fuel on ansell less gasoil and gasoline than jet fuel considering

FOB South Korea basis was at a discount in the range ofrecent profitability.

65-75cts/bbl to Singapore quotations, while thedifferential on an FOB China basis was at a discount in

The differential for SR-size cargoes of kerosene on an

the range of 65-85cts/bbl to the quotations, both up

FOB South Korea basis was at a premium in the range of

35cts/bbl from a day before.

$1.00-1.50/bbl to Singapore quotations, unchanged from

Strong buying interest pushed up the market. GS

the previous day.

Caltex in South Korea sold an MR-size cargo loading on
Sep 26-30 via a tender closed on Wednesday at a

The differential for LR-size cargoes of jet fuel on an FOB

discount of around 70cts/bbl to the quotations on an

Middle East basis was at a premium in the range of

FOB basis. It was pointed out that continuous buying$1.90-2.10/bbl to Middle East quotations, unchanged

interest by Japanese refiners might be a bullish factor forfrom the previous day.

the market, but details were unknown. Meanwhile, SK
Energy was not moving to sell any additional cargoes

FOB Singapore prices for jet fuel were at $88.65-

loading in September. The company had earlier old a

88.75/bbl, down 55cts/bbl from a day before. The

cargo loading on Sep 17-19 and stayed in a wait-and-see

weaker paper swaps values pushed down the market.

stance since then. S-Oil Co and Hyundai Oilbank were

The September paper swaps contract was valued at

not planning to sell any cargoes loading in the month$88.80/bbl, down 55cts/bbl. Buying and selling ideas

and were scheduled to sell some in October onward.

were indicated at a discount in the range of 5-15cts/bbl

PetroChina set its export plans in September at aroundto the quotations, unchanged from a day before.

400,000mt and was not planning to sell any gasoil in the○GasoilRefining volumes forecast to decline with poor

the range of $1.45-1.55/bbl to Singapore quotations

profitability(0.001%S), while the differential for MR-size cargoes on

The differential for MR-size cargoes of 0.001% sulfur

an FOB Taiwan basis was at a discount in the range of

gasoil on an FOB South Korea basis was at a discount in$0.95-1.05/bbl to the quotations, both unchanged from

Rim reports are copyrighted publications.

RIM INTELLIGENCE

Products

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 previous day. No fresh sales for cargoes were heard
in Northeast Asia. In the Singapore paper swaps market,

The differential for LR-size cargoes of 0.001% sulfur

regrade, the price gap between jet fuel and 0.001%S

gasoil on an FOB Middle East basis was at a premium in

gasoil, was narrowing, and market players were

the range of $1.70-1.90/bbl to Middle East quotations,

reluctant to refine and sell gasoil due to its lower

unchanged from a day before.

profitability. A market source mentioned that refiners in
the region were expected to focus on productions of jet

CFR North China MR-size cargoes of 0.001% sulfur

fuel instead of gasoil. As previously reported, ENEOS

gasoil were at a discount of 5cts/bbl to a premium ofin Japan had already sold an MR-size cargo loading on

5cts/bbl to the Singapore quotations, unchanged from

Sep 9-13. It was viewed that the volume would be loaded

the previous day. In North China, domestic prices forat its Marifu and Mizushima refinery. In Europe,

0.001% sulfur gasoil on an ex-primary storage basis were

whereas operation rates of refineries were maintained atin the range of Yuan 7,170-7,220/mt, up Yuan 10/mt

the high level, demand of gasoil was slowing down due

from the previous day. The price was above the import

to poor economy and market sentiment was weak.

cost by Yuan 165/mt or $3.08/bbl.

However, demand of gasoil toward winter was likely topick up as a heating oil and some refineries were

FOB Singapore prices for 0.001% sulfur gasoil were atscheduled to be shut down for turnaround. Thus, some$88.30-88.40/bbl, down 75cts/bbl from a day before. The

expected that the market would recover.

falling paper swaps values pushed down the market.
The September paper swaps contract was valued at

The differential for SR-size cargoes of 0.001% sulfur$88.75/bbl, down 75cts/mt. Buying and selling ideas

gasoil on an FOB South Korea basis was at a premium inwere indicated at a discount in the range of 35-45cts/bbl

the range of 50-60cts/bbl to Singapore quotations

to Singapore quotations, flat from the previous day.

(0.001%S), unchanged from the previous day.
○Fuel OilThe differential for MR-size cargoes of 0.5% sulfur fuelsince bunker fuel prices were hovering at higher levels

oil on an FOB South Korea basis was at a discount in thethan prices of exporting HSFO by cargoes.

range of $40.00-50.00/mt to Singapore quotations(0.5%S), unchanged from a day before.

The differential for MR-size cargoes of low sulfur waxy
residue (LSWR) on an FOB Indonesia basis was at a

HSFO supply anticipated to tighten somewhat

discount in the range of $92.50-102.50/mt to Singapore

The differential for MR-size cargoes of 3.5% sulfur fuelquotations (0.5%S), unchanged from the previous day.

oil (380cst) on an FOB South Korea basis was at a
discount in the range of $20.00-21.00 /mt to Singapore

FOB Singapore prices for 0.5% sulfur fuel oil were atquotations (380cst), stuck in the same level as Aug 28.

$586.25-596.25/mt, extended losses by $9.00/mt from a

Despite the quiet situation on the market surface, theday before. The declining paper swaps values pushed

underlying note appeared to tighten modestly on

down the market. The September 0.5%S fuel oil paper

expectations of a decrease in selling pressure. Like low

swaps were valued at $576.25/mt, down $9.00/mt.

sulfur fuel oil (LSFO) cargoes, Asia’s high sulfur fuel oil

Buying and selling ideas were indicated at a premium in(HSFO) cargoes shipped from non-Asia regions seemed

the range of $10.00-20.00/mt to the quotations, flat fromto be decreasing slightly, according to an industry source.

the previous day.

Furthermore, in Northeast Asia, oil companies were
believed to give priority to selling HSFO for marine oil

Rim reports are copyrighted publications.

RIM INTELLIGENCE

Products

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【Prices for VLSFO and 0.5%S fuel oil in Tokyo Bay】

across the country. Due to its slow speed, theThe price for VLSFO in Tokyo Bay was at $636.50/mt

precautionary measures that suppliers had delayed theiras of Wednesday, down $17.00/mt on week with a fall indelivery date were now backfired and the typhoon was

the 0.5% sulfur fuel oil paper swaps values in Singapore.

possibly going to hit the ports on the rescheduled date.

Inquiries shifted to September delivery. With strong
selling interest in the market, aggressive selling ideas
were posted. However, as the route of the incoming
typhoon had varied and its speed was extremely low
from its initial forecast, the impact of the typhoon was
spreading out in the wide area Japan. ENEOS wascautious of receiving fresh orders for delivery before Sep
6 and volumes for prompt delivery in the early month
seemed to be limited.
The price for 0.5% sulfur fuel oil on Wednesday was at
104,000yen/kl, down 3,000yen/kl from the previous
week. As with the case of the bonded bunker market, thetyphoon was causing to disrupt delivery of the fuel
◎ASIA BUNKER MARKET COMMENTARY○JapanThe price for 380cst in Tokyo Bay, Japan, was in thethe typhoon that was just hitting in Japan. On the otherrange of $517.00-520.00/mt, down $3.00/mt from a day

hand, for inquiries in mid-September or later, active

before with a fall in the fuel oil paper swaps values inmovements to lower offers to promote sales wereSingapore. Offers were heard at $520.00-523.00/mt.

observed.

The price for VLSFO in Tokyo Bay, Japan, was in the

The price for LSMDO in Tokyo Bay, Japan, was at

range of $630.00-633.00/mt, down $5.00/mt from a day$797.00-807.00/mt, down $1.00/mt from a day before

before with a fall in the 0.5% sulfur fuel oil paper swaps

with a fall in the gasoil paper swaps values in Singapore.

values in Singapore. Offers were heard at $630.00-

Offers were heard at $807.00-817.00/mt. The monthly

641.00/mt. An offer was heard at $640.00/mt for a 400-

average of VLSFO of Rim Intelligence for August was at

600mt lot for delivery on Sep 3-5. Offers for prompt$644.18/mt, down $28.71/mt from the previous month.

inquiries stood high by taking account of the impacts of○South Korea
The price for 380cst in South Korea was in therange of $477.00-480.00/mt, down $9.00/mt from a
day before with a fall in the fuel oil paper swaps
values in Singapore. A joint enterprise and a former
zaibatsu company both offered at $480.00-483.00/mt.
The price for VLSFO with a sulfur content of lessthan 0.5% was in the range of $617.00-620.00/mt,
down $2.00/mt from a day before with a fall in the
0.5% sulfur fuel oil paper swaps values in Singapore.

A conglomerate company offered for delivery on Sep
2 onward at $620.00-623.00/mt while the former
zaibatsu company also showed its offers for delivery
on Sep 6 onward at $620.00-623.00/mt. The earliest
delivery of a petroleum processing company was set
on Sep 9.
The price for LSMGO with a sulfur content of lessthan 0.1% was in the range of $642.00-652.00/mt,
down $19.00/mt from a day before with a fall in the

Rim reports are copyrighted publications.

RIM INTELLIGENCE

Products

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

gasoil paper swaps values in Singapore. The former
zaibatsu company offered at $652.00-662.00/mt while

the conglomerate company set its offers at $662.00672.00/mt for delivery on Sep 2 onward.

○ChinaThe price for 380cst in Zhoushan, China was in therange of $469.00-472.00/mt, edging down by$4.00/mt from a day before tracking weak Singapore
fuel oil paper swap values. Offers were posted in therange of $469.00-510.00/mt.
The price for VLSFO with a sulfur content of lessthan 0.5% was in the range of $611.00-614.00/mt,
declining by $5.00/mt from the previous day inreaction to weaker Singapore 0.5%S fuel oil paper
swap values. Offers were cast at $611.00-638.00/mt.
Parcel with a total of more than 500 mt for delivery
on Sep 6 onwards were traded at a premium of $2347/mt to Singapore 0.5%S fuel oil future prices on
Thursday, showing no changes from the previous
day.

Despite a decline in the export quota for low sulfur
fuel oil, Zhoushan’s bunker fuel oil prices were on
the fall, reflecting ample inventories. Growing
import volumes from the Middle East, the Far Eastand South Asia contributed to a rise in inventory.
Since the Chinese government has not announced thethird export quota for low sulfur fuel oil for 2024 asyet, supply volumes became thin. Nevertheless,market sentiment was bearish, reflecting a rise ininventory and retreating buying interest in the spot
market.
The price for LSMGO with a sulfur content of lessthan 0.1% was in the range of $685.00-695.00/mt,
dropping by $10.00/mt from a day before with a fallin Singapore gasoil paper swap values. Offers were
heard in the range of $685.00-738.00/mt.

○Hong Kong
The price for 380cst in Hong Kong was in the range
of $476.00-479.00/mt, easing by $2.00/mt from a day
before with a fall in Singapore fuel oil paper swap
values. Offers were posted at $476.00-487.00/mt.
The price for VLSFO with a sulfur content of lessthan 0.5% was in the range of $640.00-643.00/mt,
increasing by $6.00/mt from the previous day inreaction to supply tightness. Offers were cast in therange of $640.00-655.00/mt.
A major supplier in Hong Kong refrained fromposting offers for first-half September delivery,reflecting low inventories. Demand was attracted tosellers who could supply for first-half September
delivery and barge operation had been tightening.
The earliest delivery would be within four days after
inquiries. On the other hand, some sellers posted
offers in the mid-$620’s/mt by showing the earliest
delivery date around Sep 15.
The price for LSMGO with a sulfur content of lessthan 0.1% was in the range of $660.00-670.00/mt,
easing by $5.00/mt from a day before tracking weak
Singapore gasoil paper swap values. Offers were
heard in the range of $670.00-685.00/mt.

○Singapore
The price for 380cst in Singapore was in the range
of $458.00-461.00/mt, easing by $4.00/mt from a
day before reflecting weak Singapore fuel oil paper
swap values. Offers were heard at $458.00470.00/mt.
The price for VLSFO with a sulfur content of lessthan 0.5% was in the range of $619.00-622.00/mt,
declining by $12.00/mt from the previous day inreaction to weaker Singapore 0.5%S fuel oil paper
swap values. Offers were quoted in the range of$619.00-639.00/mt. Parcels with a total of more than
450 mt for delivery on Sep 13 onwards were tradedat a premium of $34-48/mt to Singapore 0.5%S fueloil future prices on Thursday. The premium
narrowed by $1/mt from a day before.

Rim reports are copyrighted publications.

RIM INTELLIGENCE

Products

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

Due to extremely low inventories, VLSFO prices
hardly declined. Some sellers who could deliver by
Sep 10 showed offers at a premium of $48/mt toSingapore 0.5%S fuel oil future prices. On the other
hand, most sellers set the earliest delivery on Sep 13
onwards and deal levels were said to be at apremium of $34/mt to the quotations. Other sellers

refrained from posting offers in the spot market toprioritize bunker delivery based on term contracts.
The price for LSMGO with a sulfur content of lessthan 0.1% was in the range of $655.00-665.00/mt,
edging down by $3.00/mt from a day before with afall in Singapore gasoil paper swap values. Offers
were heard at $655.00-675.00/mt.

◎PRODUCTS TRANSACTIONS--JET
8/29 JET MRGSCALTEX⇒TRADER SPR–about 70cts FOB KOREA SEP 26-30◎MARKET NEWS
○Taiwan crude run rates at 69.7%, down 1.4% points on week
Combined crude throughput at oil refineries in Taiwan was at 760,000 barrels per day (b/d) as of Aug 29,
down 1.9% from a week before, according to a survey conducted by Rim Intelligence. Formosa Petrochemicals
Co (FPCC) lowered the operation rates of its 540,000b/d to 430,000b/d and the company is targeting its
monthly average crude throughput in September at 345,000b/d. The company is scheduled to shut down someunits including one of the 180,000b/d crude distillation units and the 80,500b/d residue fluid catalytic cracker
at the refinery for regular maintenance activities from Sep 18 until the end of October or early November. CPC
lowered its crude throughput to 330,000b/d. The company was initially scheduled to resume the operations of
the 80,000b/d residue fluid catalytic cracker (RFCC) at its 350,000b/d Talian refinery that had been shut down
for a trouble in late July st the end of August, but postponed the date to Sep 5. The current figure equates to autilization rate of 71.1% of its total refining capacity of 1.09 mil b/d.

Capacity
Aug 29, 2024
Aug 22, 2024
Aug 15, 2024
Aug 08, 2024

CPC
550,000
60.0
330,000
60.0
330,000
69.1
380,000
69.1
380,000

Formosa
540,000
79.6
430,000
82.4
445,000
79.6
430,000
79.6
430,000

b/d
%
b/d
%
b/d
%
b/d
%
b/d

Total
1,090,000
69.7
760,000
71.1
775,000
74.3
810,000
74.3
810,000

b/d
%
b/d
%
b/d
%
b/d
%
b/d

b/d
%
b/d
%
b/d
%
b/d
%
b/d

○ Idemitsu shuts down Tokuyama plant in early Aug
Idemitsu Kosan shut down its Tokuyama plant for maintenance activities of the whole units in early Augustand is schedule to finish them in early December. A market source said that some parts of the 623,000mt/year
ethylene production units would be shut down in early September. The remaining parts had been already shot
down for troubles that occurred on Jul 15 and remained closed till now.
◎STATISTICS○MOF TRADE Jul, 2024 Petroleum imports into Japan

MOF TRADE:

Jul,24 Petroleum imports into Japan
24/Jul-Provisional Data-

Oil type

Volume (KL)Yen/KL

24/Jun-Revised DataDlrs/bbl

Rim reports are copyrighted publications.

Volume (KL)Yen/KLRIM INTELLIGENCE

Products

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

Crude Oil
Reformate
Gasoline
Naphtha--Petchem use
Kerosene--Jet Fuel--Petchem use--Others
Gasoil--Petchem use--Others
AFO--(1)--0.3%S or less--more than 0.3%S
CFO--for Refining--0.3%S or less--more than 0.3%S
Exchange rate (Yen/$)

10,335,772
679,191
1,350,553
125,155
138,749
114,5882,150
4,250
24/Jul

88,32696,15578,273
112,598
106,407102,270
105,235
116,852
159.70

87.94
95.74
77.93
112.11105.95101.83104.78116.35-

9,101,993
393,914
1,578,756
96,893
1,527
27,473
122,682
18
5,951
29,31986,62893,337
77,685
101,146
251,703
112,016
97,0581,644,278
100,096
97,857*Reformate:Unit･MT,$/MT*A fuel oil (1) is for use in the Agriculture, Fishery and Forestry only.
○MOF TRADE Juｌ, 2024 Petroleum exports from Japan

Jul,24 Petroleum exports from Japan

MOF TRADE:
Oil type

Petroleum spirits-mogas
others
Kerosene
GasoilHeavy Fuels-Exchangerate(Yen/$)(24 Jul)

24/7-Provisional DataVolume (KL)Yen/KL

Dlrs/bbl

24 Jun-Revised DataVolume (KL)Yen/KL

99,732

90,171

89.73

227,034

93,381

8,817
92,506333,082
143,803

144,077
96,65095,15886,130143.38
96.18
94.70
85.71

10,60033,143
441,546
133,616

145,776
2,067
94,03084,433159.76NOTICE○Introduction of Rim Trading Board (RTB)
Rim Intelligence Co is operating "Rim Trading Board (RTB)", in which market players are able submit tooffers/bids/deal prices by themselves to Rim Intelligence. RTB is managed on Rim's website. Rim considers theinformation on RTB when we make assessments of each oil product in our Rim Products Report. The
information on RTB is open to all market participants for free. Please go to the link below to see how to use andregister to RTB.
https://www.rim-intelligence.co.jp/rtb/oil/index.html
You can also see the VIDEO clip for RTB.
https://www.youtube.com/watch?v=JXygTjDxypA○Report on adherence to PRA principles
Rim Intelligence uploaded the report of the governance, processes and controls relating to the adherence tothe PRA principles outlined by International Organization of Securities Commissions (IOSCO) based onreasonable 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.
Rim reports are copyrighted publications.

RIM INTELLIGENCE

Products

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<Reports>
Bunker Oil, Crude/Condensate, Asia Products (Products), LPG, Lorry Rack, Japan Products, Petrochemicals,
LNG, Powerhttps://www.rim-intelligence.co.jp/contents/info/pramenuEng4/◇
Editorial and Subscription Inquiry:[Tokyo office] Tel:(81) 3-3552-2411, Fax:(81)3-3552-2415,
e-mail:info@rim-intelligence.co.jp[Singapore office]Tel:(65)-6912-7359
e-mail: lim@rim-intelligence.co.jp[Beijing office] Tel:(86)10-6498-0455, Fax:(86)10-6428-1725,
e-mail: ma@rim-intelligence.co.jp, huo@rim-intelligence.co.jp[Shanghai office]Tel:(86)21-6760-6330/6331
e-mail:rim_sh@rim-intelligence.co.jp
Rim reports are available via internet e-mail:Rim reports are copyrighted publications. No portion of the reports may be photocopied,
reproduced, retransmitted, put into a computer system or otherwise redistributed not only toparties outside the organization of the subscriber but also to other departments or branch offices
within the same organization as the subscriber. If a breach of copyright is found, penalty may be
imposed. While information in the reports is expected to be accurate, RIM bears no responsibility
for any consequences arising from the subscriber's use of such information. Further, if events
beyond our control such as natural disasters or unforeseen circumstances are to occur or likely tooccur, giving rise to operational problems, publications may be halted temporarily.
(C) 2024 RIM INTELLIGENCE CO.

Rim reports are copyrighted publications.