Platts invites feedback on merchantability of Russian material in Asia fuel oil, bunker assessments

Platts, part of S&P Global Commodity Insights, is seeking feedback on the merchantability of Russian material in the Asia fuel oil cargo and bunker markets.

This consultation follows announcement of a price cap on seaborne Russian petroleum products by a G7-led coalition. In a subscriber note published Feb. 6, Platts announced that it would consider for publication bids, offers and indications to trade that include restrictions on origin effective immediately.

Since the announcement of the price cap, Platts has received interest from several market participants seeking to either restrict Russian-origin material in their spot trading activity or requiring compliance with the price cap to avoid disruptions to their trading operations.

Platts understands that oil market participants in Singapore typically use European, British and US shipping, insurance and credit institutions to facilitate their daily trading operations.

Platts is therefore seeking immediate feedback on whether Platts Asian high- and low-sulfur fuel oil cargo and bunker assessments should continue to include Russian-origin material. Platts is also seeking feedback on the timeline for implementing any changes to the origin of oil reflected in its assessments.

Unless otherwise stated, Platts benchmark assessments in these markets currently reflect open-origin material, which may potentially include Russia-origin oil. All Platts assessments reflect merchantable commodities.

Russian-origin product has already been excluded from Platts benchmark cargo price assessments for naphtha, gasoil and jet fuel in Asia, as well as from all refined product assessments in Europe.

In a subscriber note published June 23, 2022, Platts clarified the origin standards reflected in assessments that exclude Russian-origin material. In the note, Platts stated that its assessments that exclude Russian-origin material reflect oil that is not wholly, or in part, produced, manufactured or processed in Russia, or exported from Russia. These assessments also reflect transactions where the performing vessels are not Russian-flagged/registered or Russian-owned. The subscriber note is available at

Platts high-sulfur and low-sulfur cargo assessments in Asia include:

FOB Singapore:

HSFO 180 CST ($/mt) PUADV00

HSFO 380 CST ($/mt) PPXDK00

Marine Fuel 0.5% ($/mt) AMFSA00

Ex-Wharf 380 CST ($/mt) AAFER00

Ex-Wharf 500 CST ($/mt)

FO 180 CST 2% ($/mt) PUAXS00

FOB Arab Gulf/Fujairah:

HSFO 180 CST ($/mt) PUABE00

HSFO 380 CST ($/mt) AAIDC00

HSFO 380/180 spread ($/mt) PPXDM00

HSFO 380 CST ($/mt) AFUJQ00

Ex-Wharf 380 CST ($/mt) AAYBF00

Marine Fuel 0.5% ($/mt) AMFFA00

Any changes would also impact Platts assessments of Marine Fuel 0.5% bunker, 380 CST high sulfur bunker, 500 CST high sulfur bunker, Marine Diesel 0.5%, Marine Gasoil 0.5%, Marine Diesel 0.1% and Marine Gasoil 0.1% in Singapore, UAE, Japan, South Korea, Hong Kong, China, Australia, India, Sri Lanka and Kuwait. The relevant assessments and their publication symbols can be found in the specification guide for global bunker fuels available here:

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