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MABUX: Bunker market this morning, Jan.14, 2021

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO in the main world hubs) continued upward evolution on Jan.13:

380 HSFO – USD/MT – 366.93 (+4.70)
VLSFO – USD/MT – 459.00 (+7.00)
MGO – USD/MT – 512.42 (+6.98)

As of January 13, a correlation of the MBP Index (Market Bunker Prices) vs the DBP Index (Digital Bunker Prices) in the four global largest hubs showed that the only port where, according to DBP Index, all types of bunker fuel were undervalued, remains Singapore (380 HSFO – minus $ 9; VLSFO – minus $ 1 and MGO LS – minus $ 35). For the first time, there was also registered a slight undervaluation of 380 HSFO fuel in Fujairah – minus $ 1. In other selected ports, both 380 HSFO and VLSFO, according to DBP Index, were moderately overvalued by $ 1-7 and by $ 7-21, respectively. However, MGO LS remains under-priced in all selected ports in a range of $ 15 – $ 35, with the exception of Houston (plus $ 6).

World oil indexes fell on Jan.13 as the threat of rising global COVID-19 cases further hampering global fuel demand outweighed support from a bigger-than-expected drop in U.S. crude inventories.

Brent for March settlement fell by $0.52 to $56.06 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for February delivery decreased by $0.30 to $52.91 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $3.15 to WTI. Gasoil for February delivery lost $0.25 – $460.25.

Today morning oil indexes continue slight downward trend.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.2 million barrels from the previous week. This compared with an estimated draw of 5.82 million barrels from the American Petroleum Institute and analyst expectations of a draw totalling 2.72 million barrels. At 482.2 million barrels, U.S. crude oil inventories are about 8% above the five year average for this time of year.

Rising COVID-19 death tolls in Europe and the United States and fresh virus containment measures elsewhere continue weighing on fuel prices. China recorded the biggest daily jump in COVID cases in more than five months, despite four cities in lockdown, increased testing and other measures aimed at preventing another wave of infections in the world’s second biggest economy.

We do not expect any drastic changes in bunker fuel prices today. Fuel indices may change irregular in a range of plus-minus 1-3 USD.
Source: MABUX

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