Bunker Global Open Directory News2021-02-15
MABUX: Bunker market this morning, Feb.15, 2021
MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO in the main world hubs) changed irregular on Feb.12:
380 HSFO - USD/MT – 387.74 (+0.82)
VLSFO - USD/MT – 499.38 (-0.26)
MGO - USD/MT – 552.98 (+3.77)
As of February 12, a correlation of MBP Index (Market Bunker Prices) vs DBP Index (MABUX Digital Benchmark (Digital Bunker Prices)) in four largest global hubs showed that 380 HSFO fuel remained undervalued in all selected ports. According to DBP Index, 380 HSFO was undercharged in a range from minus $ 13 (Houston) to minus $ 25 (Rotterdam). VLSFO, on the other hand, was overcharged in all ports in the range from plus $ 4 (Rotterdam) to plus $ 16 (Singapore). As for MGO LS, the DBP Index registered underpricing in three ports ranging from minus $ 26 (Fujairah) to minus $ 31 (Rotterdam and Singapore). Houston was the only port where MGO LS fuel was slightly overcharged by $ 2.
World oil indexes rose again on Feb.12 but a weaker market outlook from OPEC and the International Energy Agency capped gains.
Brent for April settlement rose by $1.29 to $62.43 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for March delivery increased by $1.23 to $59.47 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.96 to WTI. Gasoil for March delivery added $0.25 – $502.75.
Today morning oil indexes demonstrate firm upward evolution again.
As per OPEC, oil demand around the world in 2021 will recover more slowly than earlier thought. The International Energy Agency (IEA) in turn said oil supply was still outstripping demand globally, although COVID-19 vaccines are expected to help demand recover. ABN Amro revised its 2021 Brent oil prices forecast slightly higher to $55 a barrel but warned of demand headwinds.
Demand data from China - the world’s biggest oil importer – put some down pressure on fuel indexes. The number of people who travelled in China ahead of Lunar New Year holidays plummeted by 70% from two years ago as coronavirus restrictions curbed the world’s largest annual domestic migration.
We expect IFO bunker prices may rise by 4-7 USD today while MGO prices will gain 2-7 USD.www.mabux.com