☆RIM PRODUCTS INTELLIGENCE DAILY ★No.8334 Mar 3 2021 Copyright(C) 2021 Rim Intelligence Co. All rights reserved. --TOKYO, 18:30 JST Mar 3 2021

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◎Japan Domestic Waterborne Spot Market (Barges FOB Refinery/Primary Storage, in Yen/kl) Tokyo Bay (Keihin/Chiba) West Japan (Hanshin/Setouchi) Fixed Price Floating Fixed Price Floating Gasoline + 59,000 - 59,500 1,200 / 1,700 + 59,000 - 59,500 1,200 / 1,700 Kerosene +- 54,400 - 55,200 -700 / 100 +- 54,300 - 55,300 -800 / 200 Gasoil-0.001%S -+ 60,300 - 61,200 300 / 1,200 -+ 59,800 - 60,700 300 / 1,200 AFO-0.5%S ++ 58,500 - 59,500 1,100 / 2,100 ++ 59,000 - 59,500 1,600 / 2,100 AFO-0.1%S ++ 59,000 - 60,000 1,100 / 2,100 ++ 59,500 - 60,000 1,600 / 2,100 LSCFO-0.3%S + 47,500 - 48,500 -500 / 500 + 47,500 - 48,500 -500 / 500 HSCFO-3.0%S 42,000 - 43,000 -500 / 500 42,000 - 43,000 -500 / 500 Marine Fuel Oil VLSFO-0.5%S 50,500 - 51,500 50,500 - 51,500 HSCFO-3.0%S 42,000 - 43,000 42,000 - 43,000 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 Index- Gasoline 56,975 +125 Kerosene 59,275 +1,175 Gasoil-0.001%S# 59,500 +650 AFO-0.5%S 58,500 +1,450 LSAFO-0.1%S 59,000 +1,450 # before-tax gasoil -Japan Crude Cocktail or JCC(MOF CIF Japan Crude Prices, in Yen/kl)- 20/12/01-31 29,123r 21/01/01-31 32,625r 21/02/01-28 due out on Mar 17 20/12/01-10 28,890 21/01/01-10 31,169 21/02/01-10 35,866 20/12/11-20 28,973 21/01/11-20 32,753 21/02/11-20 due out on Mar 05 20/12/21-31 29,378 21/01/21-31 33,516 21/02/21-28 due out on Mar 17

◎Japan Product Paper Swap Assessments (FOB Tokyo Bay in Yen/kl) Mar Apr May Gasoline + 59,000 - 59,500 + + 55,400 - 56,400 + + 54,900 - 55,900 + Kerosene - 54,400 - 55,200 - + 55,800 - 56,800 + 55,300 - 56,300 Gasoil + 60,300 - 61,200 + + 59,700 - 60,700 + + 59,200 - 60,200 + AFO-0.5%S + 58,500 - 59,500 + + 57,900 - 58,900 + + 57,500 - 58,500 + AFO-0.1%S + 59,000 - 60,000 + + 58,400 - 59,400 + + 58,000 - 59,000 + LSCFO 47,500 - 48,500 - 46,900 - 47,900 - - 46,500 - 47,500 - HSCFO 42,000 - 43,000 - 41,400 - 42,400 - - 41,000 - 42,000 -

◎TOCOM Energy Futures (FOB Tokyo Bay Refinery/Primary Storage in Yen/kl) Open High Low Settle Change Volume Gasoline Apr 53,750 54,350 53,750 54,350 +270 36 May 53,890 53,890 53,650 53,860 +130 50 Jun 53,050 53,500 53,050 53,460 +310 44 Jul 52,580 53,020 52,580 52,950 +300 22 Aug 52,250 52,450 52,150 52,400 +170 155 Sep 51,680 52,180 51,680 52,020 +80 39 Total 346 Kerosene Apr 54,810 54,810 54,810 54,810 +70 1 May 53,570 54,490 53,570 54,280 -60 34 Jun 54,240 54,240 53,910 54,210 +150 53 Jul 53,540 53,710 53,540 53,710 +170 26 Aug 52,730 53,330 52,730 53,020 +140 21

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1 RIM INTELLIGENCE Products 3F Yaesudori Hata Bldg, 1 Chome 9 - 8 Hatchobori, Chuo - ku, Tokyo Japan T e l : 8 1 - 3 - 3552- 2411 F a x : 8 1 - 3 - 3552- 2415 e - mail:info@rim - intelligence.co.jp

Sep 52,750 53,330 52,750 53,160 +40 7 Total 142 Gasoil Apr - - - 58,700 +400 - May - - - 58,200 +200 - Jun - - - 57,900 +300 - Jul - - - 57,500 +300 - Aug - - - 57,100 +300 - Sep - - - 56,800 +300 - Total - Crude oil Mar 41,090 41,530 41,030 41,480 +130 51 Apr 40,700 41,050 40,520 40,930 -110 182 May 40,400 40,720 40,170 40,570 +90 57 Jun 39,840 40,300 39,790 40,210 +140 332 Jul 39,450 39,910 39,420 39,870 +230 1,998 Aug 39,150 39,600 39,100 39,550 +220 1,757 Total 4,377 In contracts of 50 kiloliters Open interest(03/02)(Short): Gasoline 1,542 Kerosene 1,072 Gasoil 0 Crude oil 113,019 Open interest(03/02)(Long) : Gasoline 1,542 Kerosene 1,072 Gasoil 0 Crude oil 113,019

◎CFR Japan MR Cargoes (Naphtha and FO in $/mt, Others in $/bbl) -Physical- -Premium- Import Cost(Yen/kl) Naphtha - 576.75 - 582.00 - 43,712 Apr 2nd-half ** - 586.25 - 586.75 - 9.25 / 9.75# May 1st-half - 581.50 - 582.00 - May 2nd-half - 576.75 - 577.25 - Jet/Kerosene + 67.70 - 67.80 + 1.60 / 1.70 49,076 Gasoil 0.001%S + 69.45 - 69.55 + 0.70 / 0.80 50,667 FO 0.3%S - 489.25 - 499.25 - 123.00 / 133.00* 54,988 FO 380cst 3.5%S - 356.75 - 357.75 - -4.50 / -3.50 40,591 --Exchange rate (TTS Yen/$ as of Mar 03) 107.78 (MUFG Bank) *Premium in density at 0.95 #Price gap between first half-month and third half-month is reference information. **Index price for reference The yen/kl price for jet/kerosene includes Yen 2,800/kl 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 and LSFO include Yen 2,800/kl petroleum tax and Yen 249/kl import duty.

◎FOB Japan MR Cargoes (HSFO in $/mt, Others in $/bbl) -Physical- -Premium- Export Cost(Yen/kl)* Jet/Kerosene + 65.95 - 66.05 + -0.15 / -0.05 47,129 Gasoil CARB DIESEL + 68.10 - 68.20 + -0.65 / -0.55 48,573 Gasoil 0.001%S + 67.85 - 67.95 + -0.90 / -0.80 48,405 FO 380cst 3.5%S - 344.75 - 345.75 - -16.50 / -15.50 38,744 --Exchange rate (TTM Yen/$ as of Mar 03) 106.78 (MUFG Bank) *Yen/kl prices include Yen 2,800/kl refund.

◎FOB Singapore Cargoes (FO in $/mt, Others in $/bbl) -Physical- -Premium- Mogas 97RON + 71.60 - 71.70 + 3.10 / 3.20* 95RON + 69.90 - 70.00 + 1.40 / 1.50* 92RON + 68.45 - 68.55 + -0.25 / -0.15* Naphtha - 63.60 - 63.70 - 0.80 / 0.90 Jet/Kerosene + 65.65 - 65.75 + -0.45 / -0.35

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Gasoil 0.001%S + 68.50 - 68.60 + -0.25 / -0.15 Gasoil 0.05%S + 67.30 - 67.40 + -1.45 / -1.35 FO 0.5%S + 477.50 - 487.50 + -2.50 / 7.50 FO 180cst 3.5%S - 366.25 - 367.25 - 0.00 / 1.00 FO 380cst 3.5%S - 361.75 - 362.75 - 0.50 / 1.50 * Premium to FOB Singapore Mogas 92RON. 92RON Physical price does not include Premiums.

◎FOB Indonesia LSWR Cargoes -Physical- -Premium- LSWR 0.45%S($/mt) - 411.75 - 413.75 - 45.50 / 47.50* LSWR 0.45%S($/bbl) - 62.40 - 62.70 - *Premium to Singapore HSFO 180cst paper swaps

◎Singapore Paper Swaps (FO in $/mt, Others in $/bbl) Mar Apr May Naphtha + 62.75 - 62.85 + + 62.15 - 62.25 + + 61.45 - 61.55 + Jet/Kerosene + 66.05 - 66.15 + + 66.10 - 66.20 + + 66.30 - 66.40 + Regrade -2.70 - -2.60 - -2.65 - -2.55 - - -2.35 - -2.25 - Gasoil 0.001%S + 68.70 - 68.80 + + 68.70 - 68.80 + + 68.60 - 68.70 + FO 0.5%S + 479.75 - 480.25 + + 479.25 - 479.75 + + 477.00 - 477.50 + FO 180cst 3.5%S - 366.00 - 366.50 - - 362.25 - 362.75 - - 360.25 - 360.75 - FO 380cst 3.5%S - 361.00 - 361.50 - 359.00 - 359.50 + 356.00 - 356.50 +

◎Singapore Crack Margins (Against Dubai Swaps, in $/bbl) Mar Apr May Naphtha 1.48 1.34 1.09 Jet/Kerosene 4.78 5.29 5.94 Gasoil 0.001%S 7.43 7.89 8.24 FO 0.5%S 12.53 12.91 13.01 FO 180cst 3.5%S -4.97 -5.09 -4.95 FO 380cst 3.5%S -5.74 -5.59 -5.60

◎FOB South Korea Cargoes (FO in $/mt, Others in $/bbl) MR Cargoes -Physical- -Premium- Mogas 91RON/0.001%S + 68.50 - 68.70 + 0.00 / 0.20* Mogas 92RON/0.005%S + 66.60 - 66.80 + -1.90 / -1.70* Jet/Kerosene + 66.10 - 66.20 + 0.00 / 0.10 Gasoil 0.001%S + 67.85 - 67.95 + -0.90 / -0.80 Gasoil 0.05%S + 67.20 - 67.30 + -1.55 / -1.45 Gasoil 0.25%S + 66.25 - 66.35 + -2.50 / -2.40 Gasoil 0.5%S + 65.70 - 65.80 + -3.05 / -2.95 FO 0.3%S - 474.25 - 484.25 - 108.00 / 118.00*** FO 0.5%S + 460.00 - 470.00 + -20.00 / -10.00 FO 380cst 3.5%S - 345.75 - 346.75 - -15.50 / -14.50

SR Cargoes -Physical- -Premium- Import Cost(Yen/kl)# Mogas 91RON + 70.70 - 70.80 + 2.20 / 2.30* 54,274 Kerosene + 68.85 - 69.35 + 2.75 / 3.25 52,568 Gasoil 0.001%S + 70.20 - 70.30 + 1.45 / 1.55 53,751 LSAFO 0.1%S + 66.60 - 66.80 + -2.15 / -1.95** 47,795 FO 0.3%S - 484.25 - 494.25 - 118.00 / 128.00*** 57,404 *Premium to FOB Singapore Mogas 92RON **Premium to Singapore Paper Swaps values (0.001%S gasoil) ***Premium in density at 0.95 # in Yen/kl, Basis Nagoya (Basis Keihin for LSFO 0.3%S)

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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 LSFO includes Yen 2,800/kl petroleum tax and Yen 249/kl import duty.

◎FOB Taiwan Cargoes (in $/bbl) MR Cargoes -Physical- -Premium- Mogas 93RON + 69.40 - 69.60 + 0.90 / 1.10 Jet/Kerosene + 66.10 - 66.20 + 0.00 / 0.10 Gasoil 0.001%S + 68.35 - 68.45 + -0.40 / -0.30 Gasoil 0.05%S + 67.40 - 67.50 + -1.35 / -1.25 Gasoil 0.25%S + 66.85 - 66.95 + -1.90 / -1.80 Gasoil 0.5%S + 66.40 - 66.50 + -2.35 / -2.25

◎FOB China Cargoes (in $/bbl) MR Cargoes -Physical- -Premium- Mogas 92RON + 68.05 - 68.25 + -0.45 / -0.25 Gasoil 0.001%S + 67.70 - 67.90 + -1.05 / -0.85 Gasoil 0.005%S + 67.75 - 67.95 + -1.00 / -0.80

◎CFR China Cargoes (FO in $/mt, Others in $/bbl) (Yuan/mt) (Yuan/mt) -Physical- -Premium- -Import Cost- -Domestic-### North China Mogas 92RON*** + 68.20 - 68.40 + -0.30 / -0.10 6,631 6,900 - 6,950 Gasoil 0.001%S* + 69.45 - 69.55 + 0.70 / 0.80 5,455 5,850 - 5,900 East China Mogas 92RON*** + 68.10 - 68.30 + -0.40 / -0.20 6,624 - 6,850 - 6,900 - Gasoil 0.001%S* + 69.35 - 69.45 + 0.60 / 0.70 5,449 - 5,800 - 5,850 - South China Mogas 92RON*** + 68.30 - 68.50 + -0.20 / 0.00 6,637 6,900 - 6,950 Gasoil 0.001%S* + 69.55 - 69.65 + 0.80 / 0.90 5,460 5,850 - 5,900 FO 380cst 3.5%S** - 380.75 - 381.75 - 19.50 / 20.50 4,186 + 4,400 - 4,450 +## --Exchange rate (MIDDLE Yuan/$ as of Mar 03) 6.4565 ***Yuan/mt prices for Mogas include 1% duty, 13% value added tax and Yuan 2,082/mt consumption tax. *Yuan/mt prices for Gasoil include 1% duty, 13% value added tax and Yuan 1,428/mt consumption tax. **Yuan/mt prices for FO include 1% duty, 13% value added tax and Yuan 1,218/mt consumption tax. ## China FO 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) -Physical- -Premium- Naphtha - 567.75 - 568.25 - 21.00 / 23.00 Jet/Kerosene + 63.65 - 63.75 + 0.50 / 0.70 Gasoil 0.001%S + 66.50 - 66.60 + 0.60 / 0.80 FO 380cst 3.5%S - 346.75 - 347.75 -

◎Freights rates SR Clean Tanker Freight Rates ($/bbl) Korea to Tomakomai 4.70 - 4.90 Korea to Keihin 4.00 - 4.20 Korea to Nagoya 3.70 - 3.90 Korea to Kanmon 3.30 - 3.50 SR Dirty Tanker Freight Rates ($/mt) Korea to Tomakomai 29.00 - 31.00 Korea to Keihin 27.00 - 29.00 MR Tanker Freight Rates ($/bbl for clean $/mt for dirty) Korea to N.China 1.50 - 1.70 Korea to E.China 1.40 - 1.60

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Korea to S.China 1.60 - 1.80 Korea to Japan clean 1.50 - 1.70 Korea to Japan dirty 10.00 - 12.00 LR Tanker Freight Rates ($/bbl for clean $/mt for dirty) ME to Singapore clean 1.90 - 2.10 ME to Singapore dirty 14.00 - 16.00

◎Asia Bunker Prices ($/mt) --- 03Mar21 Closing Quotes ---

Port/Location 380cst VLSFO LSMGO(LSMDO:Japan)## Low - High Change Low - High Change Low - High Change Tokyo Bay 407.00 - 410.00 -10.00 512.00 - 515.00 +5.00 669.00 - 679.00 +18.00 West Japan 413.00 - 416.00 -10.00 518.00 - 521.00 +5.00 679.00 - 689.00 +18.00 Ise Bay 412.00 - 415.00 -10.00 517.00 - 520.00 +5.00 669.00 - 679.00 +18.00 #Rim Average-Mar 409.72 -9.13 514.07 +4.57 672.52 +16.43 S. Korea 395.00 - 398.00 +3.00 505.00 - 508.00 +8.00 530.00 - 540.00 +13.00 F.E.Russia* 357.00 - 360.00 0.00 522.00 - 525.00 -3.00 520.00 - 530.00 0.00 Taiwan Kaohsiung PP** 435.00 - 438.00 -5.00 519.00 - 522.00 -18.00 572.00 - 575.00 -15.00 Taiwan Keelung PP** NA - NA - 519.00 - 522.00 -18.00 572.00 - 575.00 -15.00 Taiwan Taichung PP** NA - NA - 519.00 - 522.00 -18.00 572.00 - 575.00 -15.00 Taiwan Others PP** NA - NA - 519.00 - 522.00 -18.00 572.00 - 575.00 -15.00 Shanghai 405.00 - 408.00 -2.00 511.00 - 514.00 +7.00 550.00 - 560.00 +17.00 Zhoushan 395.00 - 398.00 -2.00 496.00 - 499.00 +6.00 535.00 - 545.00 +12.00 Hong Kong 372.00 - 375.00 -2.00 493.00 - 496.00 +3.00 503.00 - 513.00 +2.00 Singapore 368.00 - 371.00 -1.00 495.00 - 498.00 +7.00 509.00 - 519.00 +2.00 --Note: *Nakhodka, Vostochny, Vladivostok, **Posting Price #Rim Tokyo Bay monthly average, ## F.E Russia and Taiwan PP (MGO)

Port/Location 380cst VLSFO LSMGO Low - High Change Low - High Change Low - High Change Bangkok 417.00 - 420.00 0.00 527.00 - 530.00 -3.00 555.00 - 565.00 0.00 Colombo NA - NA - 552.00 - 555.00 0.00 555.00 - 565.00 0.00 --Prices at three ports listed above are reference numbers.

◎ASIA PRODUCTS MARKET COMMENTARY ○ Crude Summary

Mar 3 crude oil prices (As of the evening time in Tokyo) NYMEX・WTI APR $59.88/bbl (down $0.07/bbl versus a day before) ICE・BRENT MAY: $62.85/bbl (down $0.04/bbl versus a day before) DUBAI PAPER MAR $61.32/bbl (up $0.06/bbl versus a day before)

○Singapore Crack Margins

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5

In the Singapore paper swap market, the crack spread of naphtha over oil for March was at $1.48/bbl, down 1ct/bbl from a day before. The crack spread of jet fuel was at $4.78/bbl, up 24cts/bbl, that of 0.001% sulfur gasoil at $7.43/bbl, up 24cts/bbl, that of 0.5% suflur fuel oil was at $12.53/bbl, up 40cts/bbl, that of 180cst fuel oil at minus $4.97/bbl, down 25cts/bbl and that of 380cst fuel oil at minus $5.74/bbl, down 18cts/bbl.

○Gasoline

The differential for MR-size cargoes of 92RON of gasoline were possibly going to decline as the gasoline on an FOB China basis was at a discount in the summer demand season was winding down. range of 25-45cts/bbl to Singapore quotations, while the differential for MR-size cargoes of 91RON gasoline CFR East MR-size cargoes of 92RON gasoline were at on an FOB South Korea basis was at flat to a premium a discount of 20-40cts/bbl to Singapore quotations, of 20cts/bbl to the quotations, both unchanged from a unchanged from a day before. In East China, domestic day before. Talks on the spot cargoes were quiet at the prices for 92RON gasoline on an ex-primary storage beginning of the month. Refiners in Northeast Asia basis were in the range of Yuan 6,850-6,900/mt, down were working to fix export schedules in April, and no Yuan 50/mt from a day before. The price was above spot sales were reported to date. In Taiwan, Formosa the import cost by Yuan 251/mt or $4.57/mt. Petrochemicals Co (FPCC) shut down the 84,000barrels-per-day residue fluid catalytic cracker FOB Singapore prices for 92RON gasoline edged up (RFCC) at its 540,000b/d Mailaio refinery for regular by 10cts/bbl from a day earlier to $68.45-68.55/bbl on maintenance since mid-February which was scheduled the impact of rises in crude prices in and the to continue until late April. Therefore, the company’s US. 50,000bbl 92RON gasoline loading on Mar 22-26 spot availability of gasoline in April was limited. was traded at $68.50/bbl. Further, two cargoes of Meanwhile, some traders were showing their buying 50,000bbl 95RON gasoline loading in second-half ideas in the discount level to Singapore quotations March were concluded at $69.90/bbl and $70.00/bbl. (92RON) for 91RON gasoline (0.001%S) loading in Buying and selling ideas for 92RON gasoline were April from South Korea. In Australia, one of the main indicated at a discount of 15-25cts/bbl to Singapore outlets of 91RON gasoline from South Korea, imports quotations, holding at the same value as a day earlier.

○Naphtha

Open-spec naphtha prices in Asia were in the range said that many tenders to buy naphtha by Chinese and of $576.75-582.00/mt, down $6.25/mt from a day South Korean end-users were observed, and the deal earlier as prices moved down. levels were at a premium in the mid-$10’s/mt to Japan quotations. In the Northeast Asia spot markets, buying interests for second-half April delivery by Chinese and South The differential for LR-size cargoes of naphtha on an Korean buyers were vibrant. A trader in Northeast Asia FOB Middle East basis was at a premium in the range 6 RIM INTELLIGENCE Products 3F Yaesudori Hata Bldg, 1 Chome 9 - 8 Hatchobori, Chuo - ku, Tokyo Japan T e l : 8 1 - 3 - 3552- 2411 F a x : 8 1 - 3 - 3552- 2415 e - mail:info@rim - intelligence.co.jp

of $21.00-23.00/mt to Middle East quotations, keeping day earlier. A May Brent/H1 May naphtha spread was steady from the previous day. Although offers were at $110/mt in favor of naphtha, narrowing $6/mt from heard from oil companies in the Middle East, deals a day earlier. were not done. Meanwhile, discussions for the term contracts conducted by (QP) were Early in the evening in Asia, Apr NWE naphtha expected to be settled in this week. prices were at $552.50-554.50/mt, down $6.75/mt from a day earlier. Prices for May and Jun were at $543.50- In India, Co (BPCL) seemed to have 545.50/mt and $534.50-536.50/mt. A H1 May sold naphtha loading in March at a premium of $38/mt Asia/Apr NWE spread was at $28/mt in favor of Asia, to Middle East quotations. However, a market source staying intact from a day earlier. informed that the deal was a prompt cargo so that it was not proper to judge the market values, and prices for forward cargoes loading from India were at a premium of around $20/mt to Middle East quotations.

In Brent crude oil futures trades on the Intercontinental Exchange (ICE) early in the evening in Asia, the Apr contract was at $62.85/bbl, down 4cts/bbl from a day earlier. Open-spec naphtha prices for H2 Apr arrival were at $586.25-586.75/mt, down $6.25/mt from a day earlier. Prices for H1 May and H2 May arrival were at $581.50-582.00/mt and $576.75- 577.25/mt.

On a timing spread, a H2 Apr/H2 May spread was in backwardation of $9.50/mt, remaining steady from a

○Jet/Kerosene

The differentials for MR-size cargoes of jet fuel on an expected to cap the market. In Northeast Asia, as the FOB South Korea basis and on an FOB Taiwan basis kerosene demand season was winding down, were both at flat to a premium of 10cts/bbl to purchases for cargoes to be brought into Japan were Singapore quotations, while the differential for MR-size possibly going to decrease. In addition, the arbitrage cargoes of jet fuel on an FOB Japan basis was at a window for cargoes to flow into the US West Coast was discount in the range of 5-15cts/bbl to the quotations, unlikely to open due to surging freight rates. all unchanged from a day before. Talks were shifting to cargoes loading in April. However, as jet fuel refining FOB Singapore prices for jet fuel oil rallied by margins remained poor, refiners in Northeast Asia 30cts/bbl from a day earlier to $65.65-65.75/bbl after were reluctant to produce jet fuel. The margins hovered paper swap values firmed up. The Mar paper swaps at around $5.00/bbl over Dubai crude oil prices. contract was valued at $66.10/bbl, up 30cts/bbl. Meanwhile, two refiners in Taiwan were planning to Buying and selling ideas were indicated at a discount of skip spot sales of jet fuel loading in April. In Asia, some 35-45cts/bbl to Singapore quotations, keeping flat from resale cargoes by traders were expected to be seen in a day earlier. the market. On the other hand, declining demand was

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○Gasoil

The differentials for MR-size cargoes of 0.001% sulfur Petroleum Co Dalian in China was conducting a sell gasoil on an FOB Japan basis and on an FOB South tender for an MR-size cargo of 0.005% sulfur gasoil Korea basis were both at a discount in the range of 80- loading on Apr 10-12. The tender was scheduled to 90cts/bbl to Singapore quotations, the differential for close on Thursday. MR-size cargoes of 0.001% sulfur gasoil on an FOB Taiwan basis was at a discount in the range of 30- CFR East China MR-size cargoes of 0.001% sulfur 40cts/bbl to the quotations, and the differential for MR- gasoil were at a premium of 60-70cts/bbl to Singapore size cargoes of 0.001% sulfur gasoil on an FOB China quotations, unchanged from a day before. In East basis was at a discount in the range of $0.85-1.05/bbl to China, domestic prices for 0.001% sulfur gasoil on an the quotations, all unchanged from a day before. ex-primary storage basis were in the range of Yuan Several market sources perceived that the spot market 5,800-5,850/mt, down Yuan 100/mt from a day before. had already bottomed out. Some traders seemed to be The price was above the import cost by Yuan 376/mt keen on procurement of cargoes loading in late March or $7.76/mt. onwards as prices were expected to increase. Until now, more cargoes from China were expected to flow FOB Singapore prices for 0.001% sulfur gasoil were into the market, but it was expected that supply in lifted by 30cts/bbl from a day earlier to $68.50- April could be lower than that in March. In April 68.60/bbl. The Mar paper swaps contract increased to onwards, imports of crude oil in China seemed to be $68.75/bbl. Buying and selling ideas were indicated at declining. Refiners in the country were expected to a discount of 15-25cts/bbl to Singapore quotations, lower operation rates at their refineries on the back of staying flat from a day earlier. Two cargoes of weaker demand at home, and some refineries were 165,000bbl 0.001% sulfur gasoil loading in late March scheduled to be shut down in April onwards for were dealt at a discount of 20cts/bbl to Singapore regular maintenance. In the meantime, West Pacific quotations.

○Fuel Oil

【Northeast Asia LSFO Cargoes】 【Northeast HSFO Cargoes】 The differential for MR-size cargoes of 0.5% sulfur The differential for MR-size cargoes of 3.5% sulfur fuel oil on an FOB South Korea basis was at a discount fuel oil on an FOB South Korea basis was at a discount of $10.00-20.00/mt to Singapore quotations (0.5%S), of $14.50-15.50/mt to Singapore quotations (380cst), staying steady from a day earlier. S-Oil has shut down hovering from a day earlier. its residue hydro-desulfurization unit (RHDS) at Onsan refinery due to turnaround during March. Further, the 【Indonesia LSWR Cargoes】 condition for their residue fluid catalytic cracking unit The differential for MR-size cargoes of LSWR on an (RFCC) which stopped because of failure was unclear. FOB Indonesia basis was at a premium in the range of Instead, the company was supplying VLSFO securely. $45.50-47.50/mt to Singapore quotations (180cst), In South Korea, prices for VLSFO for bunker were showing no change from a day earlier. settling down to the same level as the other ports. One of South Korean oil companies reported that prices for 【Singapore Cargoes】 0.5% sulfur fuel oil as the feedstock of VLSFO did not FOB Singapore prices for 0.5% sulfur fuel oil rise, as well. rebounded by $3.00/mt from a day earlier to $477.50- 487.50/mt along with a hike in paper swap values. The

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Mar 0.5% sulfur fuel oil swaps contract was valued at indicated at a discount of $2.50/mt to a premium of $480.00/mt, up $3.00/mt from a day earlier as prices $7.50/mt to Singapore quotations (0.5%S), keeping for March went up. Buying and selling ideas were from a day earlier.

◎ASIA BUNKER MARKET COMMENTARY ○Japan

The price for 380cst in Tokyo Bay, Japan was in the Cosmo Oil Chiba Refinery had no plans for shipping range of $407.00-410.00/mt, declining by $10.00/mt restrictions within the month. Nonetheless, supply from the previous day reflecting weak Singapore fuel volume would be limited since the capacity of the oil paper swap values. Offers were heard in the range shipping berth was not big enough. Suppliers were of $410.00-413.00/mt. hard to offer at the time as it was difficult to guarantee the delivery date in advance, whether to refrain from The price for VLSFO with a sulfur content of less than offering or to offer it when the timing matches. 0.5% was in the range of $512.00-515.00/mt, up $5.00/mt from the previous day following strong The price for LSMDO was in the range of $669.00- Singapore 0.5%S fuel oil paper swap values. Offers 679.00/mt, increasing by $18.00/mt from the previous were heard at $515.00-520.00/mt. As reported earlier, day as and raised their ENEOS planned to restrict loading operation at the wholesale prices which would be applied from Chiba Refinery and Negishi Refinery between Mar 13 Thursday by 2,000yen/kl. Offers were heard in the to 16 and Mar 17 to 31, respectively. Idemitsu Kosan range of $679.00-689.00/mt. The March average price used to offer for delivery Mar 8 onwards. However, the for VLSFO in Tokyo Bay was estimated at $514.07/mt, schedule was filled until the middle of the month up $16.57/mt from a month earlier. owing to concentrated orders.

○South Korea

The price for 380cst in South Korea was in the 508.00/mt and the conglomerate company at range of $395.00-398.00/mt, up $3.00/mt from a $512.00-515.00/mt. A joint enterprise and a former day before as selling pressures retreated. A joint zaibatsu company both suspended to show their enterprise offered at $395.00-398.00/mt and a offers in the spot market. conglomerate company at $400.00-405.00/mt. The price for LSMGO was in the range of $530.00- The price for VLSFO with a sulfur content of less 540.00/mt, up $13.00/mt from a day before with a than 0.5% was in the range of $505.00-508.00/mt, rise in the gasoil paper swaps value in Singapore. up $8.00/mt from a day before with a rise in the The conglomerate company offered at $540.00- gasoil paper swaps value in Singapore. A 550.00/mt. petroleum processing company offered at $505.00-

○F.E.Russia

The price for 380cst in Far East Russia was in the The price for VLSFO with a sulfur content of less range of $357.00-360.00/mt, showing no change than 0.5% was in the range of $522.00-525.00/mt, from a day earlier. Offers were heard in the range losing by $3.00/mt from a day earlier on grown of $360.00-363.00/mt. selling pressure. Selling ideas were shown in the range of $525.00-530.00/mt. No orders and price

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inquiries left talks subdued on Wednesday. Few in particular was seen to be less and less inquiries were seen during the day since regional active to get involved in bunker sales like it did in prices were still higher than those in Japan and the past and chose exports which had brought them South Korea although inventories were gradually more profit. As a result, there were concerns that increasing. the local ports would lose its status as a bunker supply point by major suppliers shifting their The Russian government planned to bring an business more to exports. export tax rate to zero eventually by lowering it step by step by 2022. The rate used to set high on The price for MGO was in the range of $520.00- exports of petroleum products to promote domestic 530.00/mt, showing no change from a day earlier. consumption. However, the rate has been revised Offers were posted in the range of $530.00- down by roughly 10% every year since 2018 and 540.00/mt. For LSMGO with a sulfur content of less more suppliers shifted to exports. However, major than 0.1%, no offers were quoted amid thin suppliers such as state-run Rosneft and inventories. However, suppliers were expected to independent NNK were the only ones to export. post offers depending on the inquiries.

○China

The price for 380cst in Zhoushan, China was in the Demand of fuel oil seemed to be sluggish as range of $395.00-398.00/mt, edging down by demand for power generation at factories were $2.00/mt from Tuesday tracking weak Singapore declining. In addition, sales of bunker fuel oil had fuel oil paper swap values. Offers were heard in the been declining due to delays in vessels carrying range of $395.00-413.00/mt. natural resources and containers. There was no prospect of a recovery in demand. China’s state- The price for VLSFO with a sulfur content of less owned oil companies seemed to have plans to than 0.5% was in the range of $496.00-499.00/mt, export fuel oil to Singapore and other countries. rising by $6.00/mt from Tuesday reflecting firm The current sales prices fluctuated following crude Singapore 0.5%S fuel oil paper swap values. Offers oil prices. were shown in the range of $496.00-528.00/mt. Parcels with a total volume of more than 1,200 mt The price for LSMGO was in the range of $535.00- for delivery on Mar 6 onwards were traded at a 545.00/mt, increasing by $12.00/mt from Tuesday discount of $16/mt to flat to Singapore gasoil with a rise in Singapore gasoil paper swap values. futures prices on Wednesday, showing no change Offers were posted in the range of $535.00- from the previous day. 565.00/mt.

○Hong Kong

The price for 380cst in Hong Kong was in the Tuesday tracking firm Singapore 0.5%S fuel oil range of $372.00-375.00/mt, falling by $2.00/mt paper swap values. Offers were cast in the range of from Tuesday following weak Singapore fuel oil $493.00-513.00/mt. The price for LSMGO was in the paper swap values. Offers were posted in the range range of $503.00-513.00/mt, edging up by $2.00/mt of $372.00-393.00/mt. The price for VLSFO with a from Tuesday reflecting strong Singapore gasoil sulfur content of less than 0.5% was in the range of paper swap values. Offers were heard in the range $493.00-496.00/mt, rising by $3.00/mt from of $513.00-524.00/mt.

○Singapore

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The price for 380cst in Singapore was in the range of $368.00-371.00/mt, down $1.00/mt from VLSFO and its feedstock, which arrived from Tuesday following bearish Singapore fuel oil paper Europe and the US were piling up. In addition, swap values. Offers were heard in the range of VLSFO and its feedstock would be exported from $371.00-378.00/mt. China to Singapore which was also perceived to be a bearish factor. On the other hand, supply surplus The price for VLSFO with a sulfur content of less was strengthening. Sales prices in Singapore were than 0.5% was in the range of $495.00-498.00/mt, on a downward trend from views that demand increasing by $7.00/mt from Tuesday in reaction to would decline towards the second-half of March stronger Singapore 0.5%S fuel oil paper swap delivery. Sales volume in the spot market in March values. Offers were heard in the range of $495.00- delivery had been sluggish owing to the fulfillment 512.00/mt. Parcels with a total of more than 1,100 of long-term contracts. The current sales prices mt for delivery on Mar 9 onwards were traded at a seemed to be fluctuated reflecting crude oil prices. discount of $9-19/mt to Singapore gasoil futures prices on Wednesday. Meanwhile, parcels with a The price for LSMGO was in the range of $509.00- total of more than 1,100 mt for delivery on Mar 9 519.00/mt, edging up by $2.00/mt from Tuesday onwards were traded at a premium of $13-19/mt to reflecting firm Singapore gasoil paper swap values. Singapore 0.5%S fuel oil future prices on Offers were posted in the range of $519.00- Wednesday. Both unchanged from a day before. 532.00/mt.

◎PRODCUTS TRANSACTIONS

-NAPHTHA 3/3 BPCL⇒TRADER ME+$38.00 FOB INDIA MARCH

◎MARKET NEWS ○China early March crude throughput, down 6.2% from late Feb Combined crude throughput at 35 refineries run by China Petroleum and Chemical Corp (), China National Offshore Oil Corp (CNOOC), PetroChina and Sinochem Corp for first-half March is expected to be about 6.66 mil barrels per day (b/d), down 6.2% from second-half February (7.10 mil b/d). Sinopec Changling (220,000b/d ) and Jinan (160,000b/d ) shut down wholly due to turnaround. Further, Sinopec Jinling (360,000b/d) and CNOOC Huizhou (440,000b/d) would conduct regular maintenance for a part of units from early March. The figure equates to a utilization rate of 79.2% for first-half March against a total capacity of 8.40 mil b/d.

Refinery Location Capacity (b/d) early-Mar21 late-Feb21 SINOPEC Zhenhai Ningbo, Zhejiang 460,000 95.2 95.2 Shanghai Shanghai 320,000 93.5 93.5 Jinling Nanjing, Jiangsu 360,000 87.2 99.4 Gaoqiao Shanghai 250,000 84.7 87.6 Yangzi Nanjing, Jiangsu 250,000 81.8 81.8 Fujian Quanzhou, Fujian 280,000 78.2 78.2 Wuhan Wuhan, Hebei 170,000 64.4 64.4 Jiujiang Jiujiang, Jiangxi 200,000 76.7 76.7 Changling Yueyang, Hunan 220,000 0.0 69.7 Yanshan Beijing 270,000 70.3 70.3

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Qingdao Qingdao, Shandong 200,000 105.9 111.0 Luoyang Luoyang, Henan 200,000 73.0 73.0 Tianjin Tianjin 310,000 78.2 79.1 Jinan Jinan, Shandong 160,000 0.0 91.3 Shijiazhuang Shijiazhuang, Hebei 160,000 91.3 91.3 Qilu Zibo, Shandong 280,000 87.9 87.9 Qingdao Petchem Qingdao, Shandong 100,000 62.8 62.8 Guangzhou Guangzhou, Guangdong 270,000 91.9 91.9 Maoming Maoming, Guangdong 470,000 91.5 91.5 Hainan Hainan 160,000 95.8 95.8 Beihai Petchem GuangXi, Beihai 100,000 103.7 103.7

CNOOC Huizhou Huizhou, Guangdong 440,000 66.0 90.9

SINOCHEM QUANZHOU Quanzhou, Fujian 300,000 107.1 108.0

PETROCHINA Dalian Dalian, Liaoning 410,000 80.1 74.7 Fushun Fushun, Liaoning 230,000 76.2 76.2 Dailan Wepec Dalian, Liaoning 200,000 84.0 81.2 Jinzhou Jinzhou, Liaoning 150,000 69.6 69.6 Jinxi Huludao, Liaoning 140,000 75.6 75.6 JiLin Petchem JiLin 200,000 88.3 88.3 Daqing Petchem Daqing, Heilongjiang 200,000 84.0 84.0 Daqing Daqing, Heilongjiang 110,000 86.3 86.3 Lanzhou Lanzhou, Gansu 210,000 88.3 88.3 Dagang Tianjin 100,000 80.3 80.3 Dushanzi Xinjiang 320,000 57.0 57.0 Urumqi Xinjiang 200,000 73.0 73.0

Total 8,400,000 79.2 84.6 Total(Capacity (b/d)) 8,400,000 8,400,000

○Total Marine Fuel to start LNG bunkering in Singapore from 2022 The Maritime and Port Authority of Singapore (MPA) announced on Feb 26 that it would give an LNG bunkering license to Total Marine Fuels Private Limited on Jan 1, 2022 which would be valid for five year. The company would be the third company to supply LNG for bunkering at the port. MPA aimed to provide stable supply of LNG bunkering at the largest port in Asia and to establish a market where intensive price competition would take place. However, sales prices and volumes of LNG as marine fuel were fixed through long-term contracts on a yearly basis, so that it was difficult to discuss in the spot market at least until the middle of 2022. On the other hand, there were growing hopes that if LNG bunkering transactions would proceed extensively at the largest port of Singapore, talks on spot volumes were expected to prevail all over Asia. MPA had already given an LNG bunkering license to FueLNG Pte Ltd and Pavilion Energy Singapore Pte Ltd. Singapore currently had an LNG bunker supply capacity up to 1.0 million tons per year.

◎STATISTICS ○Japan refinery throughput, up 8.06% on week: PAJ Oil refiners in Japan processed a combined 2.84 mil kiloliters (kl) of crude oil and condensate during the week to Feb 27, up 8.06% from the previous week, according to statistics released by the Petroleum Association of Japan (PAJ) on Wednesday. The figure equates to roughly 2.55 mil barrels per day (b/d) against a combined refining capacity of 3.46 mil b/d.

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Refinery Operations Current Week Last Week Change from Last Week

21/Feb/2021-27/Feb 14/Feb/2021-20/Feb

Crude Input(KL) 2,835,373 2,623,919 211,454 Weekly Average Capacity(BPSD) 2,934,800 2,904,086 30,714 Utilization Rate against BPSD 86.8% 81.2% 5.6% Designed Capacity(BPCD) 3,457,800 3,457,800 0 Utilization Rate against BPCD 73.7% 68.2% 5.5%

"Weekly Capacity(BPSD)"is operable capacity for the week and is determined by deducting suspended capacity (by accident/maintenance) from "Designed Capacity(BPCD)".

Products Stocks Current Week Last Week Change from Last Week

21/Feb/2021-27/Feb 14/Feb/2021-20/Feb

Gasoline 1,945,190 1,964,018 -18,828 Naphtha 1,513,020 1,505,459 7,561 Jet 758,013 731,628 26,385 Kerosene 1,602,314 1,666,572 -64,258 Gasoil (Diesel) 1,466,856 1,556,690 -89,834 LSA 274,733 272,664 2,069 HSA 409,350 434,703 -25,353 AFO 684,083 707,367 -23,284 LSC 673,921 709,432 -35,511 HSC 1,148,932 1,126,384 22,548 CFO 1,822,853 1,835,816 -12,963 Total 9,792,329 9,967,550 -175,221 Unit: kl

Crude, Unfinished Oil and Feed Stocks Current Week Last Week Change from Last Week 21/Feb/2021-27/Feb 14/Feb/2021-20/Feb

Crude Oil 10,034,350 9,741,208 293,142 Gasoline 2,138,217 2,337,049 -198,832 Kerosene 427,834 522,216 -94,382

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Gasoil 809,058 767,039 42,019 AFO 556,528 565,617 -9,089 Feed Stocks 2,927,446 2,816,629 110,817 Total 6,859,083 7,008,550 -149,467

Unit: kl Not include stocks on the territorial ocean.

Refinery Production Current Week Last Week Change from

Last Week 21/Feb/2021-27/Feb 14/Feb/2021-20/Feb

Gasoline 899,114 889,595 9,519 Naphtha 267,416 214,533 52,883 Jet 155,335 90,011 65,324 Kerosene 290,558 250,906 39,652 Gasoil (Diesel) 521,565 564,647 -43,082 LSA 111,691 98,557 13,134 HSA 154,315 125,347 28,968 AFO 266,006 223,904 42,102 LSC 118,657 105,335 13,322 HSC 189,400 183,609 5,791 CFO 308,057 288,944 19,113 Total 2,708,051 2,522,540 185,511 Unit: kl

Imports Current Week Last Week Change from

Last Week 21/Feb/2021-27/Feb 14/Feb/2021-20/Feb

Gasoline n.a. n.a. n.a. Naphtha n.a. n.a. n.a. Jet n.a. n.a. n.a. Kerosene n.a. n.a. n.a. Gasoil (Diesel) n.a. n.a. n.a. LSA n.a. n.a. n.a. HSA n.a. n.a. n.a. AFO n.a. n.a. n.a. LSC 0 0 0 HSC 33,125 0 33,125

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CFO 33,125 0 33,125 Total n.a. n.a. n.a. Unit:kl

Exports Current Week Last Week Change from

Last Week 21/Feb/2021-27/Feb 14/Feb/2021-20/Feb

Gasoline 101,805 47,165 54,640 Naphtha 0 0 0 Jet 50,815 37,805 13,010 Kerosene 25,724 0 25,724 Gasoil (Diesel) 89,561 0 89,561 LSA 1,188 1,288 -100 HSA 37,910 15,825 22,085 AFO 39,098 17,113 21,985 LSC 84,611 38,773 45,838 HSC 109,416 51,926 57,490 CFO 194,027 90,699 103,328 Total 501,030 192,782 308,248 Unit: kl

Weekly Average Imports (Past 3 years)

Average Imports Jan-Mar Gasoline 32,812 Naphtha 514,174 Jet 6,635 Kerosene 74,649 Gasoil (Diesel) 17,410 AFO 1,668 CFO n.a. Unit: kl * From: Energy Statistics Monthly & Annual/METI * The numbers on the table are calculated from daily imports of past 3 years. Source: Petroleum Association of Japan "n.a." means too small sample to announce.

◇

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