World News
"Great Deal of Interest" in Bunker Fuel Swaps
Cleartrade Exchange (CLTX) has reported "a great deal of interest" in the trading of three fuel oil single swap contracts that it introduced at the beginning of November.
"The feedback we've had so far has been very positive. We've already seen an increase in traffic on the platform and we only expect this to grow further," says Bob Antell, CLTX's Global Business Development Director.
The firm says it has a unique solution, pioneered with lead broker member FIS, that allows market-makers to enter, adjust, remove, and trade multiple bunker fuel swap orders in real-time, resulting in a firm, two-way spread on two of CLTX's three bunker contracts for the whole trading day.
"The innovative technology developed by Cleartrade Exchange has enabled price discovery and trading of these contracts in a way that was not possible before in this market sector," said FIS Bunker Broker Ali Ersen.
"This market-leading initiative provides a unique service to our clients and is enabling us to continue bringing major developments to this important global market," he added.
CLTX first revealed it was listing the three fuel oil single swap contracts last month, saying it would allow traders to swap as little as one metric tonne of fuel oil.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 629.00 | 2.00 | 738.00 | 1.00 |
| Rotterdam | 572.50 | 6.50 | 740.00 | 13.50 |
| Houston | 593.50 | 6.00 | 753.50 | 11.00 |
| Fujairah | 626.50 | 4.50 | 885.00 | 3.50 |
| Global 20 Ports Average | 646.00 | 0.50 | 825.50 | 1.50 |
| Global 4 Ports Average | 604.00 | 2.50 | 784.00 | 4.50 |
| Global Average Bunker Price | 700.00 | 3.50 | 883.00 | 3.00 |
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