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SUBSCRIBER NOTE: Platts to amend minimum increments in Singapore HSFO, MF0.5% cargo MOC

S&P Global Platts will amend the increment in the Market on Close assessment process for Singapore high sulfur fuel oil and Marine Fuel 0.5% cargoes to a minimum of 5 cents/mt every minute from January 2, 2019.

Currently, the minimum price increment for physical bids and offers for HSFO and MF0.5% cargoes in the MOC is 25 cents/mt every minute. The maximum increment will remain unchanged at $1/mt per minute.

The change is aimed at bringing greater granularity to the MOC assessment process that is used to assess benchmark 380 CST HSFO, 180 CST HSFO and Marine Fuel 0.5% assessments and will apply to all fixed price and floating price bids and offers published during the process.

The change will align the minimum price increment guidelines for the physical cargo bids and offers to match those for the respective derivatives. Effective July 2017, Platts changed the minimum increment for fuel oil derivatives to 5 cents/mt every 10 seconds.

The faster increment timings for cargoes will allow market participants to adapt more quickly to volatility in the global crude oil, products and derivatives markets that may have a bearing on prices of HSFO and MF0.5% fuels.

Platts typically assesses fuel oil prices to the nearest 5 cents/mt. The decision to reflect smaller increments will allow market participants to demonstrate value to the same level of granularity.

Platts timing and increment guidelines are a key component of its MOC assessment methodology, essential to an orderly and transparent price discovery process. The Singapore fuel MOC process is facilitated by Platts Editorial Window or eWindow, an online data-entry and communications tool, which brings greater speed, transparency and efficiency to the price assessment processes.

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.