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Tradition’s biofuels desk closes the first ever rapeseed oil swap

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Interdealer broker Tradition’s London-based biofuels desk closed the world’s first rapeseed oil swap between Totsa, based in Geneva, and a continental based fuel distribution company on 3 August.

The deal was for 1,000 metric tonnes for settlement in August 2010.

The swap will be settled against the rapeseed oil FOB Dutch Mill Euro/T quote in Argus Biofuels, published by Argus Media.

Kees Schipper, senior broker, biofuels at Tradition, says: “With the ongoing growth in biodiesel and grain derivatives market, trading of rapeseed oil swaps is a natural progression. Tradition is a full service energy broker and biofuels are the latest product to be added to our range of products covered.”
 

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