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TOCOM launches finished oil product contract
The Tokyo Commodity Exchange (TOCOM) launched a physical market for gasoline and kerosene on Wednesday, the first exchange in Japan to launch such a contract.
     The listed trading contract will be gasoline, kerosene, diesel, marine Class A boilers (purchased by the product) fuel oil and low-sulfur marine Class A boiler fuel oil (LSA) delivered by sea or at the refinery.
     A TOCOM executive said that the main players are refineries, trading companies and oil distributors. The transaction price will be posted on the TOCOM website.
     “The strike price will be used to determine the settlement price of the cash-settled oil futures contract listed on TOCOM in May 2017,†the exchange said.
     Currently there is a trade in solid oil contracts in Singapore.