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First orders for Singapore 0.5%/380 CST marine fuel contract posted on ICE

Singapore — Futures contracts settling against S&P Global Platts' FOB Singapore 0.5% Marine Fuel assessments were seen bid and offered for the first time on the Intercontinental Exchange during the Asian trading session early Wednesday, following Tuesday's launch of ICE's futures contracts for Marine 0.5% Fuel oil contracts.

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One lot, equivalent to 1,000 mt, of the August 2020 spread contract between Marine 0.5% FOB Singapore (Platts) and the 380 CST FOB Singapore was seen bid at $160/mt on ICE.

Offers for the same spread contract was seen for Q3 2019, Q4 2019 and Q1 2020 at $135/mt, $180/mt and $190/mt, respectively, on ICE. Each contract was 1,000 mt in size.

Futures contracts settling against Platts FOB Rotterdam Marine Fuel 0.5% barge assessments were also seen offered and traded for the first time on ICE on Tuesday, after the launch of the contracts.

Three lots, equivalent to three 1,000 mt contracts, of ICE's Calendar 2020 Rotterdam FOB Marine Fuel 0.5%/3.5% FOB Rotterdam barges (Platts) were offered on the exchange at $170/mt, $175/mt and $195/mt on Tuesday, with one lot of the spread having traded at $160/mt.

"It's interesting to see orders for Marine 0.5% forward contracts on ICE. It's likely to get more volatile as we move towards 2020," a Singapore-based trading source said.

Derivative contracts settling against the Platts FOB Singapore Marine Fuel 0.5% assessments traded for the first time on January 31, according to block clearing data published on the CME Group website.

The first trade for ten lots of Mini Singapore FOB Marine Fuel 0.5% (Platts) Futures for December was reported at $500/mt. A second trade for another ten lots of FOB Singapore Marine Fuel 0.5% (Platts) futures was reported at $517/mt.

"Besides the spread between Marine 0.5 Singapore 380 CST contracts, market participants would also watch out for the spread between Singapore gasoil 10 ppm and the Marine 0.5%," the trader added.

Platts launched the Marine Fuel 0.5% cargo assessments at key ports globally January 2.

At the Asian close Tuesday, FOB Singapore 380 CST high sulfur fuel oil was assesed at $423.19/mt, down $1.31/mt day on day, while the FOB Singapore Marine Fuel 0.5% was assessed at $461.69/mt, down $1.16/mt day on day.

--Avantika Ramesh, avantika.ramesh@spglobal.com

--Edited by Norazlina Juma'at, norazlina.jumaat@spglobal.com