Platts Mulls Launching Middle East Oil Products Benchmarks
February 08 2016 - 6:57AM
Dow Jones News
By Miriam Malek
LONDON--Platts is considering launching a new assessment for oil
products trading in the Middle East, the U.S. price reporting
agency said on Monday.
The company told a forum in London that it was considering new
prices across the barrel--including heavy fuel oil, middle
distillates and light ends. Platts said that jet fuel, naphtha,
diesel, gasoline and fuel oil were at the forefront of discussions
on oil products benchmarks in the Middle East.
Platt's said the decision made sense given the volume of oil
products which are coming out of the region. At the moment, Middle
East oil products prices are typically assessed on a netback basis
to Singapore or Japan--the price of products in these areas,
adjusted for shipping from the Middle East.
The company will consider launching the price as a
free-on-board, known as FOB, assessment from the port of
Fujairah.
"[It is] not as divergent as Europe, but Fujairah is a key part
of how [consultations of new assessments are] going forward," said
Jonty Rushforth, the director of oil and shipping price group at
Platts.
Write to Miriam Malek at miriam.malek@wsj.com
(END) Dow Jones Newswires
February 08, 2016 07:42 ET (12:42 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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