Houston Ship Canal. File image/Pixabay.
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.