Platts launches eWindow instruments for Zhoushan 380 CST high sulfur bunker fuel

Platts, part of S&P Global Commodity Insights, launched eWindow instruments for 380 CST high sulfur bunker fuel delivered at Zhoushan, effective Sept. 22, 2023.

This follows the launch of the Zhoushan 380 CST high sulfur bunker fuel assessment on Sept. 4: https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes/090423-platts-launches-zhoushan-380-cst-high-sulfur-bunker-fuel-assessment

Participants in the Platts Market on Close process will be able to submit bids or offers for publication directly through the eWindow communication tool or do so through an editor who would then publish the bids and offers using the software.

Platts assessments for Zhoushan 380 CST high sulfur bunker fuel reflect parcel sizes between 500 mt and 1,500 mt for delivery 5-10 days forward from the date of publication. Market participants must specify a three-day date range, for delivery within the assessment laycan, at the time of submitting a bid or offer for publication.

Market participants may submit bids and offers for the following volume range: 500-600 mt, 600-700 mt, 700-800 mt, 800-900 mt, 900-1,000 mt, 1,000-1,200 mt, 1,100-1,300 mt, 1,200-1,400 mt and 1,300-1,500 mt. Buyers must declare the exact volume to the seller within one working day after the trade has been concluded. Seller should supply material that is merchantable.

All bids and offers have to be submitted by 5:00 pm Singapore time, and bids or offers can be improved by a minimum of $0.25/mt and a maximum of $1/mt per 60 seconds. Following any trade, there will be 60 seconds to rebid or reoffer. There can be no more price changes in the last 2 minutes of the MOC process, which ends at 5.30.00.999 pm Singapore time.

A rebid/re-offer, following a trade, in last 60 seconds prior to the close of the MOC will trigger a 3-minute extension from 5.30.01.000 pm to 5.33.00.999 pm, in order to adequately test that rebid or reoffer.

Bids, offers and trades for the smallest volume within the range takes precedence in the assessment process, if the prices demonstrably coexist in conflict at any moment in time. For example, a bid for 500 mt of Zhoushan delivered 380 CST HSFO would take priority over an offer for 1,500 mt, in cases where the bid and offer might cross due to volume differences.

Guidelines for the publication of bids and offers in the MOC are published in the Oil Timing and Increment Guide available here: /content/dam/spglobal/ci/en/documents/platts/en/our-methodology/methodology-specifications/oil-timing-increment-guidelines.pdf

Platts expects credit relationships that prevail inside its assessment environment to fully reflect relationships in the markets as a whole. eWindow provides direct entry and management of credit filters which should mirror those normally applied in the marketplaces.

Where Platts editors publish bids and offers on behalf of a company that submits data to an editor, counterparty credit settings are set to "open" for regular participants in the assessment process unless companies have notified Platts in advance of any restrictions.

If a counterparty submitting information through an editor has not already notified Platts of any counterparty credit restrictions, they should notify Platts at least one hour prior to the start of the MOC if any counterparty credit filters need to be modified.

Please send any questions or comments to asia_products@spglobal.com and pricegroup@spglobal.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.