November 9, 2018 / 8:36 AM / 7 months ago

Exxon Mobil joins Platts' Asia crude and fuel oil MOC process

FILE PHOTO: People walk near the booth of the Exxon Mobil Corp at the Rio Oil and Gas Expo and Conference in Rio de Janeiro, Brazil September 24, 2018. REUTERS/Sergio Moraes

SINGAPORE (Reuters) - S&P Global Platts has added EXTAP, a unit of Exxon Mobil Corp, 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.

An Exxon Mobil spokesman in Singapore declined to comment when contacted by Reuters.

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-sulfur 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.

Reporting by Roslan Khasawneh and Florence Tan; Editing by Christian Schmollinger

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