First 0.5% Physical Cargo Traded on SP Global Platts' MOC

Wednesday February 27, 2019

Price-reporting agency SP Global Platts has reported its first physical trade on the 0.5% fuel oil grade.

The trade happened in the USGC market and was executed via the company's market-on-close process, the company said.

The bid for the low sulfur product came in at $67.70 a barrel while high sulfur fuel oil traded at $63.95/b, according to Platts.

The low sulfur fuel oil takes the ISO 8217:2010 fuel oil but capped at 0.5% sulfur.

Platts started its 0.5% sulfur fuel oil price assessments in all the main bunker markets at the start of year in anticipation of the global switchover to the 0.5% from January 1, 2020.