Successful Physical Deliveries for First Montract Month of SGX Fuel Oil Futures
Singapore Exchange (“SGX’) is pleased to announce the successful completion of
the loading for all physical deliverable positions for its first SGX Fuel Oil 380cst (“SGX FO380”) futures contract.
The SGX FO380 futures contract, launched on 22 February 2010, aims to provide an alternative hedging and trading tool for Singapore fuel oil industry. The first contract month of April 2010 expired on 25 March 2010 with 131 lots (13,100 mt) of fuel oil for delivery. All deliverable parcels matched by the Exchange were successfully loaded by end of April 2010.
The counterparties who participated in the April 2010 delivery include Hin Leong, ENOC
Singapore and Glencore Singapore.
Ms Elena Sng, Senior Vice President, Clearing and Commodities Business at SGX said, “The
deliveries in this first contract month bear testament to interest in the physical delivery aspect of the contract. We will continue to work closely with our market participants to meet the needs of the evolving market.”
Mr Tayyeb Al Mulla, CEO, ENOC said, “The successful delivery for the first contract month is a confirmation of SGX’s delivery mechanism. We are satisfied and hope that this will encourage greater participation in the contract.”
The SGX FO380 futures contract for the month of May 2010 expired on 26 April 2010 with 256 lots (25,600mt) of fuel oil due for delivery in the month of May 2010.