Wednesday 16 January 2019
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todayonline - 2 month ago

Exxon Mobil joins Platts Asia crude and fuel oil MOC process

SINGAPORE - S P Global Platts has added EXTAP, a unit of Exxon Mobil Corp lt;XOM.N gt;, to its Asia Market On Close (MOC) assessment process for Asian fuel oil and crude markets, the company said in a subscriber note on Friday. EXTAP will be able to participate in the Asia fuel oil paper and physical cargo processes as well as in the sour crude physical cargo process, including Dubai partials, Platts said. In June, Reuters reported Exxon was pushing deeper into energy trading, a shift for a company that has limited its past activity out of concern it would be accused of market manipulation. Exxon did not immediately respond to a request for a comment. Singapore is the world s largest marine fuels market and serves as Asia s pricing hub for fuel oil as well as other petroleum products including gasoline and diesel. The Platts Dubai assessment is the price benchmark for millions of barrels of high-sulphur crude oil produced daily in the Middle East. The MOC is used by Platts to assess the value of crude oil, petroleum products, including fuel oil, and related derivatives. REUTERS

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