A Reuters report says that the New York Mercantile Exchange (NYMEX) is listing 11 marine fuel futures contracts with 0.5 percent sulphur content for trade on the CME Globex electronic platform for trade from 10 December.
The original report by the CME group states, “effective Sunday, December 9, 2018, for trade date Monday, December 10, 2018, and pending all relevant CFTC regulatory review periods, New York Mercantile Exchange, Inc. (“NYMEX” or “Exchange”) will list eleven (11) Marine Fuel 0.5% (Platts) futures contracts (the “Contracts”) for trading on the CME Globex electronic platform and for submission for clearing via CME ClearPort”.
[Click here to view the full report]
Why is it important?
The contracts are set to clear through CME ClearPort and will be settled against physical marine fuel assessments from S&P Global Platts. The listing comes just over a year before a UN-mandated global reduction in sulphur content for marine fuels from 3.5 percent to 0.5 percent from the start of 2020 unless ships have special equipment on board.
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Source: Reuters
