Platts launches eWindow instrument for FOB Fujairah 380 CST HSFO MOC

S&P Global Platts has started publishing bids, offers and trade information for FOB Fujairah 380 CST high sulfur fuel oil using its eWindow technology, effective Nov. 19, 2020.

Participants in the Platts Market on Close assessment process can submit bids, offers and trades for publication directly through the eWindow communication tool or through an editor, who would then publish the information using the software.

Platts assessments for FOB Fujairah 380 CST HSFO reflect the value of 380 CST fuel oil cargoes, typically 20,000 mt to 40,000 mt, for loading 20-40 days forward from the date of publication.

Market participants should specify loading for a five-day date range at the time of submitting a bid or offer for publication. Platts will only publish offers where sellers specify at least one and no more than three representative load points and will only publish bids where buyers specify at least three representative load points.

All bids and offers have to be submitted by 4.00.00.000 Singapore time, and bids or offers can be improved by 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 minute of the MOC process, which ends at 4.30.00.999 Singapore time. A rebid/re-offer, following a trade, in last 60 seconds prior to the close of the MOC will trigger a 60-second extension from 4.30.01.000 to 4.31.00.999, 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 20,000 mt of 380 CST HSFO on a FOB Fujairah basis would take priority over an offer for 25,000 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: http://plts.co/s82p30rj8T3.

Full information relevant to these assessments can be found in the Asia Pacific and Middle East refined oil products specifications guide available here: http://plts.co/fwVz30rj8Sa.

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.