Config.
Marché
Rapport
Unité

COT 3% USGC / 3.5% Rotterdam fuel-oil spread

Période
Échelle

As-of mardi · close vendredi · source CFTC

Long vs Short

Long et short en % d’OI (catégorie focus)

Δ 4 semaines

Variation du net vs le rapport d’il y a 4 semaines

Cette semaine

Catégorie Long Short Spreading Net Δ Long Δ Short Δ Net % OI long % OI short

Historique

Fuel-oil spread · ICE

What is the USGC/Rotterdam fuel-oil spread?

US Gulf vs Rotterdam fuel-oil gap

Satellite of USGC HSFO (Platts)

A long means…

Exposure to a rise in US Gulf HSFO (Platts) versus 3.5% FOB Rotterdam fuel oil — the US residual relative to Rotterdam bunker, not WTI and not ULSD.

What is this?

This spread pits US Gulf high-sulfur fuel oil against 3.5% FOB Rotterdam barge fuel oil — two bunker hubs. The future settles to the Platts “USGC HSFO” Houston average minus Platts 3.5% FOB Rotterdam. The listed name still says 3% on the Gulf leg: since 2017 Platts has assessed RMG 380 at 3.5% sulfur.

Refiners and bunker merchants hedge the transatlantic residual arb here. IMO 2020 capped marine sulfur at 0.5%, except for ships fitted with scrubbers. This is not ULSD, nor a margin versus crude.

Pitfalls

  • Residual fuel oil, not ULSD.
  • Geo/quality spread.
  • Size unverified.

Univers LIX

Le positionnement n’est pas le risque

Le COT décrit qui est positionné. Le LIX décrit le niveau de risque de marché — 12 indicateurs, hors COT.