Internationally, fuel oil is predominantly priced based on a selection of
marine fuel varieties. Major fuel oil production and consumption regions
around the world widely adopt the pricing models that see the most
active trading.
(1) Rotterdam: Platts Rotterdam Barges
(2) U.S. Gulf Coast: Platts USGC 3.0% No. 6
(3) The Mediterranean Sea: MOP MED (Mean of Platts Mediterranean)
(4) The Middle East: MOP AG (Mean of Platts Arab Gulf)
(5) The Far East: MOPS (Mean of Platts Singapore)
In particular, MOPS is a pricing mechanism of Platts Singapore.
Published on Platts Asia Pacific/Arab Gulf Marketscan for market
reference, MOPS is a price independently produced and generally
determined by Platts based on quotes in the paper market and physical
market as well as trading results within the Platts assessment window.
This fixing process, occurring between 4:00-4:30 p.m. each day for
oil products, can be viewed on the open trading information platform
run by Platts, and the results from which will be displayed on the
Platts Global Alert (PGA) page 190. Fuel oil is one of many products
tracked on this platform, where admitted participants, including major
oil companies like Shell and BP and trading houses like Glencore
and Vitol, submit information on bids and offers. The platform is
not intended for physical delivery of fuel oil, but rather to create a
transparent market price.
It is important to note that the price published by Platts is not the spot
price for fuel oils being loaded on the current day, but the delivery price
15 days afterwards. This is because in light of the trading practices
in Asia, most companies tend to buy and sell fuel oil in advance,
therefore, most physical delivery takes place in 15–30 days following
the day of trade.
Starting from January 2019, Platts began publishing price assessments
for VLSFO with a sulfur content of 0.5% m/m.
The 2020 global sulfur limit imposed by IMO will have a significant
effect on both the output and the demand for middle distillates. Before
there is an active and effective benchmark price for low sulfur fuel oil,
the price for 10 ppm diesel will be used as the benchmark.
Singapore has an active paper market. It is an OTC market taking
shape around 1995, and adopts cash delivery rather than physical
delivery. Products traded on the market mainly include crude oil,
naphtha, gasoline, diesel, jet fuel, and fuel oil. Despite its OTC nature,
the market is widely recognized due to its transparent price formation
process (based on Platts benchmarks) and broad range of participants
in the Asia-Pacific region.
Exchanges including ICE and CME all list Singapore fuel oil contracts
which are OTC swaps cash-settled based on MOPS. Available
products cover 380 CST, 180 CST, 0.5% marine fuel oil, calendar
spread, viscosity spread, and crack spread, among others.
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