Onyx adds fuel oil to its portfolio of traded products. File Image / Pixabay
London-based oil derivatives specialists Onyx Commodities has added fuel oil to its portfolio of traded products in response to the upcoming 0.50% global sulfur cap on marine fuel.
The fuel oil trading operation started on July 1, CO-CEO Omar Kayaam told Reuters.
The firm, whose also deals with crudes, light ends/Natural Gas Liquids, and middle distillates ,says it sees a lot of change and opportunities stemming from the upcoming IMO2020 rule.
Pricing for IMO2020 grade bunkers remains one of the biggest question marks ahead of the new cap, with real demand for the low sulfur products not expected until Q4.
Read More: IMO 2020: When Are We Going to See 0.50%S VLSFO Bunker Price Indications?