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MABUX: Bunker market this morning, Jan.05 2021

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO Gasoil) in the main world hubs) increased on Jan.04:

380 HSFO - USD/MT – 347.85 (+2.49)

VLSFO - USD/MT – 436.00 (+5.00)

MGO - USD/MT – 495.35 (+3.37)

Correlation between the Market Bunker Price Index (MBP) vs MABUX Digital Bunker Price Index (DBP) in four major hubs on Jan.04 showed undercharging of 380 HSFO bunker grades in Singapore (-6 USD) and Rotterdam (-7 USD) and overcharging in other selected ports. At the same time, VLSFO is overcharged in all four ports. MGO LS remained undervalued in all ports except of Houston (+ 31 USD).

Meantime, world oil indexes fell on Jan.04 after OPEC+ failed to reach an agreement on production policy and said they plan to resume talks on Jan.05.

Brent for March settlement decreased by $0.71 to $51.09 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for February fell by $0.90 to $47.62 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $3.47 to WTI. Gasoil for January delivery lost $1.00.

Today oil indexes continue to decline before today talks between major producers about potential changes in February output while fuel demand concerns lingered amid new COVID-19 lockdowns.

The majority of OPEC+ favors a rollover of current output levels, but Russia and Kazakhstan want to see an increase of 500,000 barrels per day in February. Saudi Arabia argued against pumping more because of new lockdowns - England went into a new lockdown on Monday as its COVID-19 cases surged following the emergence of a more transmissible variant of the coronavirus.

We expect bunker prices may decrease today: 2-4 USD down for IFO and 1-3 USD down for MGO.