What is the future of fuel oil. Fuel oil (also known as heavy oil, marine fuel or furnace oil) is a fraction obtained from petroleum distillation, either as a distillate or a residue. "While the SAF market evolves with the emergence of a spot market, our new cost-based assessment will add critical transparency, allowing market participants to compare the price of traditional jet fuel with the cost of new SAF," said Vera Blei, Platts' head of oil markets pricing. The rate shot up to $66.67/mt on March 17, according to Platts data, when Saudi Arabia actively chartered VLCCs. Overview Crude Oil Refined Products Bunker Fuel Analytics. The main problem the shipping industry has to address is how it will cope with an unfamiliar set of new fuels in 2020. CURRENT METHODOLOGY: Under current Platts methodology, Platts reflects bids, offers and trades for FOB cargoes of Brent Ninian Blend (BNB), Forties, Oseberg, Ekofisk, and Troll loading 10 days forward to one month ahead, and assesses each of these grades separately. Production has held at around 10.5 million b/d to 11 million b/d since late October, according to the US Energy Information Administration. The addition of the grade to the basket would provide additional volume and would further ensure the continued robustness of the Dated Brent FOB benchmark. The cargo markets followed shortly after in 1980.Over the years, the high and low suflur specifications Platts has reflected have changed a great deal. 6 Fuel Oil 3.0% (Platts) Futures futures price quote with latest real-time prices, charts, financials, latest news, technical analysis and opinions. Against this background, the OPEC+ group in April agreed to is deepest-ever production cuts. To access a complimentary sample of Market Data - Oil, simply submit your details below: * This assessment is published as both an outright price and as a differential to Dated Brent for 600,000 barrel cargoes loading FOB from the ship-to-ship [STS] area at Scapa Flow 10 days forward from date of publication to one month ahead. Refined products benchmark assessments for Northwest European and Mediterranean cargo markets and ARA barge markets. A monthly cash settled mini future based on the Platts daily assessment price for 1% CIF NWE Cargoes Fuel Oil. Despite a flurry of new green spending pledges this year and ambitious low-carbon investment targets, oil and gas absorb the biggest share of oil majors spending by some distance. CASH BFOE: Under this proposal, WTI Midland would also be included as a deliverable grade into Cash BFOE on an STS Scapa Flow basis and would thus be reflected across all Dated Brent assessments. With average production decline rates from existing fields of about 8% per year, the risk to them of large-scale stranded assets could be relatively small given that oil and gas is expected to remain a key part of the global energy mix for decades. Stick around after the interview for the Market Minute, a near-term look at oil market drivers. Please send all comments, feedback and questions to Europe_Crude@spglobal.com and pricegroup@spglobal.com. In respect of final settlement, the floating price will be a price in USD and cents per metric tonne based on the average of the mean of the high and low quotations appearing in the "Platts European Marketscan" under the heading "Northwest Europe Barges" subheading "FOB Rotterdam" for "Fuel Oil 1.0%" for each business day (as specified below) in the determination period. Receive daily email alerts, subscriber notes & personalize your experience. Platts invites feedback on whether it should only reflect bids and offers for 600,000 barrel cargoes or to also include larger cargoes. Platts Marine Fuel 0.5% assessment methodology underpinned by robust liquidity in the Market on Close assessment process; Platts Marine Fuel 0.5% assessment steadily gaining traction as the regional low sulfur benchmark ; Rajesh Nair, Managing Editor, Asia & Middle East Residual oil markets, S&P Global Platts. 1% FUEL OIL CARGOES CIF NWE (PLATTS) FUTURES - QUOTES Globex. This market sees upwards of 250 million mt demand a year, globally, and our assessments are used to benchmark a great deal of this exposure.Platts European fuel oil assessments are also used in electricity oil/gas indexed pricing and dark spread formations. “Shale is the paragon of short-cycle oil supply and can step in if there is a shortage of supply, so it is a reasonable risk-reward at this point.”. Platts assesses cargoes of WTI Midland for delivery DAP basis Rotterdam 20-60 days after date of publication. Platts Market Data – Oil helps you keep one step ahead of the competition with data and S&P Global Platts benchmark oil price assessments. The Europe and Africa Refined Oil Products Guide contains the primary specifications and methodologies for Platts European Products assessments. Fuel Oil Diff - New York 1% Fuel Oil (Platts) vs USGC HSFO (Platts) Future. Press release: S&P Global Platts Opens Consultation on Inclusion of WTI Midland Crude in Dated Brent, Related story: S&P Global Platts proposes inclusion of WTI crude in Dated Brent benchmark. [Yes] I would like to receive S&P Global Platts promotional emails. US crude output fell this year in response to low demand stemming from the coronavirus pandemic. S&P Global Platts is opening a formal consultation with the market for this US grade to join the traditionally North Sea basket, given it is already closely aligned in terms of price, quality and consumption with Brent, Forties, Oseberg, Ekofisk and Troll. European energy majors are prioritizing lower-carbon gas resources and this means their upstream spending is least at risk from weaker demand under the IEA’s “Beyond 2 Degrees Scenario” (B2DS). Platts has observed growing interest in renewable fuels across the transportation markets driven by the ongoing transition to lower carbon fuels. Install the mobile app version for easy access from anywhere. — Enjoy extra content—Get Platts market news, exclusive content, and more leading up to the event. Eni and BP are amongst the best-prepared companies under the B2DS scenario, although up 60% of their respective portfolios are still uncompetitive, the report finds. “The majors are focusing on the advantaged resources – high margin, low cost, low carbon risk,” said Luke Parker, the vice president of energy consultants Wood Mackenzie, noting this also means “getting rid of the barrels and molecules that don’t work — the resource that will be stranded in a 2-degree future.”. For further details about this gala and how to attend, please visit https://www.spglobal.com/platts/global-energy-awards/attend. Platts European fuel oil barge price assessments reflect the repeatable, transactable price of fuel oil at 16:30 London time, loading 3-15 or 5-15 days forward, Monday to Tuesday, Wednesday through Friday, respectively.Platts European fuel oil cargo assessments reflect the repeatable, transactable price of fuel oil for 10-25 days ahead, also assessed at 16:30 London time.Platts 1% fuel oil barge assessments reflect clips of 1,000 mt, while Platts 3.5% fuel oil barge assessments reflect clips of 2,000 mt. Platts Market-on-Close (MOC) is the process Platts editors use to assess prices for crude oil, petroleum products and related swaps. Gulf Coast No. This video was produced in collaboration with the 22nd annual S&P Global Platts Global Energy Awards which will be broadcast on Thursday, December 10th. Dated Brent could be opening its doors to US crude as it looks to evolve as a global oil benchmark. You’ll receive access to our online event tool in advance of the conference. The grade is a close fit to the existing North Sea basket in terms of quality, pricing and consumption. The agreement was largely successful in fostering a recovery in oil prices throughout the summer and fall, but oil demand outlooks […]. Cookie Settings | +1-800-PLATTS-8 / +1-800-752-8878 | support@platts.com | sales@platts.com: Copyright © 2020 S&P Global Platts, a division of S&P Global. 1:30pm. Meanwhile, big-ticket, multi-decade offshore oil developments are most at risk as there’s a limited number of companies that have the resources and expertise to make them work efficiently. QUALITY PREMIUM: Platts invites feedback as to whether and when to apply a quality premium to WTI Midland. Access latest agriculture news and analysis, conferences and events. Consolidation in the carrier... PlattsOil: Risk and governance: Essential insight, visionary solutions..... APPEC goes virtual. Against this background, the OPEC+ group in April agreed to is deepest-ever production cuts. D6 is mostly used for generators. From the impact of coronavirus in China, to sanctions imposed on major producers like Venezuela and Iran, understanding the importance of crude quality has … Community, content, and conversation, all at your fingertips. Evolution of the Marine Fuel 0.5% pricing in the wake of the big switch to IMO-2020 compliances. 1:33pm. 6 3%, Gulf Coast No. The picture changes, however, under the less stringent SDS, with US majors benefitting from the high degree of price sensitivity for shale assets, according to Carbon Tracker. The dynamic nature of the oil markets means new opportunities are created all the time. — U.S. upstream: Driving cost efficiencies, finding access to capital European oil and gas companies alone have shed more than $400 billion in market value this year as investors turn away from fossil fuel producers amid weaker oil price expectations. Specifically, Platts invites views on the merits of expanding the group of crudes reflected in its benchmark North Sea crude assessments, any logistical considerations including around the proposed virtual loading program, the possible inclusion of a quality premium, and the potential timing of such an update. Platts Commodities Bulletin is a daily regional round-up of the top, most recent news, in-depth features, information on our events, and a summary of what's new on platts.com. With so much US crude now coming to Europe, Platts has announced a proposal to include US WTI Midland into the North Sea benchmark of Dated Brent. 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