World News
DME Opens Singapore Office, Plans Fuel Oil Contract
Middle Eastern energy futures and commodities exchange Dubai Mercantile Exchange (DME) has opened its first regional office in Singapore, TradeArabia News Service reports.
The plan comes as DME prepares to propose a fuel oil contract, expanding its focus beyond the Oman and Dubai crude grades that it currently trades to refined products, according to Reuters.
The exchange plans to focus particularly on products that trade between the Middle East and Asia, with fuel oil high on that list, and CEO Christopher Fix said the company will consider such a contract at its December Board meeting.
"Singapore is the largest oil trading hub in Asia and the third largest in the world, making it an important strategic location for the DME," Fix said.
"It's also home to more than 800 professional oil traders, trading volumes of $375 billion in oil contracts annually."
DME said the office will help it provide region-wide support and services to its growing customer base in Asia.
The exchange said India's Reliance Industries Ltd. recently became its newest Asian member, further demonstrating the region's importance.
"We are targeting more trading activity from companies in China and India," Fix said.
"About 40 per cent of the DME's crude goes to China - they're the largest single national destination and in that there's definitely great room for expansion."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 502.00 | 7.00 | 617.00 | 6.00 |
| Rotterdam | 455.00 | 8.00 | 619.50 | 4.00 |
| Houston | 467.00 | 4.50 | 625.00 | 2.50 |
| Fujairah | 495.00 | 6.00 | 712.50 | 1.50 |
| Global 20 Ports Average | 524.50 | 4.50 | 710.50 | 4.00 |
| Global 4 Ports Average | 479.50 | 6.50 | 643.50 | 3.50 |
| Global Average Bunker Price | 570.50 | 2.00 | 747.50 | 5.50 |
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