Bunker Global Open Directory News2021-01-04
MABUX: Bunker market this morning, Jan.04, 2021
MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO in the main world hubs) continued slight upward evolution on Jan.01:
380 HSFO - USD/MT - 345.36 (+1.99)
VLSFO - USD/MT – 431.00 (+1.00)
MGO - USD/MT – 491.98(+0.83)
Comparison of the MBP (Market Bunker Prices) Index with the DBP (Digital Bunker Prices) Index in the four largest hubs in the world showed that 380 HSFO fuel was undervalued by 2 USD in Singapore on January 01, remaining overvalued in Rotterdam, Fujairah and Houston (plus 2 USD, 4 USD, and 15 USD, respectively). VLSFO fuel remains moderately overpriced in all selected ports, ranging from 9 USD (Singapore) to 39 USD (Houston). MGO LS, in turn, was undervalued in all ports ranging from minus 12 USD (Rotterdam) to minus 17 USD (Singapore and Fujairah), with the exception of Houston (was overvalued by 32 USD).
World oil indexes demonstrated irregular changes on Dec.31 as lockdowns to combat the novel coronavirus depressed economic activity and sent oil markets reeling.
Brent for March settlement rose by $0.46 to $51.80 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for February delivery increased by $0.12 to $48.52 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $3.28 to WTI. Gasoil for January delivery lost $4.50 – $420.75.
Today morning oil indexes have resumed trading session by upward evolution.
Global crude oil markets have lost about a fifth of their value in 2020 as strict coronavirus lockdowns paralysed much of the global economy, but prices have rebounded strongly from their lows as governments rolled out stimulus.
The dollar ended the year in a downward spiral, with investors putting more money into riskier assets and as the United States printed more money to fund its swelling budget and trade deficits.
Major oil price driver today will be a meeting of the Organization of the Petroleum Exporting Countries and allies including Russia (OPEC+), which will debate the need to further boost output from February.
We expect IFO bunker prices may rise by 2-4 USD today while MGO prices may decrease by 1-3 USD.www.mabux.com