The total volume of Singapore refined oil product swap trades during the Platts Market on Close assessment process in October surged 97.23% month on month to 41.99 million barrels, S&P Global Platts data showed Wednesday.
The uptick was led by a spike in middle distillate swap trades, which market sources attributed to increased trade ahead of the IMO 2020 0.5% sulfur cap on marine fuels and jitters over supply availability from the Middle East.
The market at the time was grappling with the short-term impact of the September 14 attacks on key supplier Saudi Arabia's oil facilities and a gas explosion at the Saudi Aramco Shell Refinery or SASREF during a turnaround, which fueled concerns the shutdown could be extended.
Gasoil swap trades swelled to a 19-month month high of 28.15 million barrels in October, and jumped 343.31% month on month, the data showed. The volume was last higher in March 2018 at 35.55 million barrels.
Traded gasoil swaps accounted for 67.04% of the total traded volume in October, Platts data showed.
Jet fuel swap trades rose 44.44% on month to 1.3 million barrels in October, a five-month high, the data showed. The volume was last higher in May at 2.05 million barrels.
Gasoline swap trades rose 40.88% on month to 6.1 million barrels, and were up 20.79% year on year, Platts data showed. Fuel oil swap trades fell 38.91% over the same period to 5.84 million barrels.
