Bunker Global Open Directory News2021-01-07
MABUX: Bunker market this morning, Jan.07, 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.06:
380 HSFO - USD/MT – 351.15 (+4.98)
VLSFO - USD/MT – 439.00 (+7.00)
MGO - USD/MT – 500.04 (+7.66)
Correlation between the Market Bunker Price Index (MBP) vs MABUX Digital Bunker Price Index (DBP) in four major hubs on Jan.06 showed undercharging of 380 HSFO bunker grades in Singapore (-6 USD), Rotterdam (-7 USD) and Fujairah (-4 USD) and overcharging in Houston (+12 USD). At the same time, VLSFO is overcharged in all ports except of Singapore (-1 USD). MGO LS remained undervalued in all ports except of Houston (+ 23 USD).
Meantime, world oil indexes increased on Jan.06 after the U.S. government reported an outsized weekly drop in crude stocks.
Brent for March settlement increased by $0.70 to $54.30 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for February rose by $0.70 to $50.63 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $3.67 to WTI. Gasoil for January delivery added $3.00.
Today oil indexes are steady on Thursday after supporters of President Donald Trump stormed the U.S. Capitol.
According to the Energy Information Administration (EIA) U.S. crude inventories fell 8 million barrels for the week ended Dec. 31, against a forecast for a 2.1 million-barrel draw. At the same time, Saudi Arabia, said it would voluntarily cut one million barrels per day (bpd) of output in February and March, after OPEC+, met earlier this week.
We expect bunker prices may continue to rise today: 2-4 USD up for IFO and 1-3 USD up for MGO.www.mabux.com