Petersburg International Commodity Exchange holds its first session

The Saint Petersburg International Commodity Exchange (SPICE) held its first session Tuesday and sold 1,500 tons of oil products, the exchange said. "The first trading session in diesel fuel and jet fuel was held from 12.00 am to 1 p.m." – the exchange said in a press release. The average selling price of summer-grade diesel fuel on SPICE was RUB 21,638 per ton and RUB 24,740 per ton of TS-1 jet fuel. Data about the basis of oil product delivery and also information about fuel buyers were not mentioned in the press release. SPICE intends to hold sessions on a daily basis, the press release said, but did not specify when daily sessions are to get under way.