SUBSCRIBER NOTE: Platts cuts freeze time on Singapore middle distillates, HSFO MOC

Platts has reduced the freeze period to the final one minute of the Market on Close assessment process for FOB Singapore gasoil, jet fuel and high sulfur fuel oil, following feedback from market participants.

Platts proposed this change in a subscriber note published June 28, 2016.

Previously any changes to bids and offers had to be submitted for publication by 16:25:00 Singapore time (08:25:00 GMT).

Bids and offers stood for five minutes of the assessment process, and can be withdrawn at any time, so long as no trading counterparty has indicated that it has interest to buy or sell into the bid/offer.

As per the change, Platts will accept changes to bids and offers for FOB Singapore gasoil, jet fuel and HSFO up to the final one minute of the MOC, at 16:29:00 Singapore time.

Improvements to bids or offers would be maintained at a maximum of 10 cents/b price move per 60 seconds for gasoil and jet fuel or $1/mt price move per 60 seconds for fuel oil, and a 60-second extension will be triggered by any rebid/re-offer in the one minute prior to the close of the MOC at 16:30:00 Singapore time.

Platts will continue to review both increments and extensions timelines.

Please send comments and questions to asia_products@platts.com and pricegroup@platts.com.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing.

Platts will consider all comments received and will make comments not marked as confidential available upon request.