US Capitol building. File image/Pixabay
The Intercontinental Exchange will launch its 0.5% sulfur marine fuel contracts on February 19.
The contract, which is to be settled against S&P Global Platts assessments of very low sulfur fuel oil (VLSFO), was delayed by the US government's shutdown.
Platts assessed the VLSFO grade at Rotterdam at $400 per metric tonne (mt) on February 7. The price-reporting agency began assessing the grade from last month.
Ship and Bunker posted marine gasoil at $537 pmt and high sulfur fuel oil at $386 pmt on February 7 at the Dutch bunkering hub.
VLSFO demand is expected to increase as IMO2020 approaches with VLSFO values also expected to rise.