Home / Report / Analysis / Daily Bunker Report / MABUX: Bunker market this morning, Mar.09, 2021

MABUX: Bunker market this morning, Mar.09, 2021

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO in the main world hubs) rose on Mar.08:

380 HSFO – USD/MT – 435.00 (+10.05)
VLSFO – USD/MT – 542.94 (+10.82)
MGO – USD/MT – 604.90 (+6.85)

As of March 8, 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 was underestimated in all selected ports ranging from minus $ 11 (Fujairah and Houston) to minus $ 23 (Singapore) Three ports, according to DBP Index, recorded an underestimation of VLSFO fuel: from minus $ 5 in Rotterdam to minus $ 22 in Singapore. Only in Houston there was registered an overcharge of VLSFO by $ 10. MGO LS remains underpriced in three ports, according to the DBP Index, ranging from minus $ 14 (Fujairah) to minus $ 36 (Rotterdam). The exception continues to be Houston, where MGO LS was overcharged by $ 9.

World oil indexes fell on Mar.08 with still some support from U.S. stimulus and an attack on Saudi Arabian oil sites.

Brent for May settlement dropped by $1.12 to $68.24 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for April delivery decreased by $1.04 to $65.05 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $3.19 to WTI. Gasoil for March delivery lost $1.50 – $546.00.

Today morning oil indexes do not have any firm trend so far.

Prices have been buoyant since the Organization of the Petroleum Exporting Countries, Russia and their oil producing allies, known as OPEC+, agreed last week on broadly sticking with output cuts despite rising crude prices.

Goldman Sachs raised its Brent forecast for second and third quarter by $5 a barrel after OPEC and its allies kept the deal unchanged and said ‘discipline of shale producers’ is likely behind the group’s slower output increase. The Bank now sees Brent prices at $75 a barrel in second quarter and at $80 a barrel in third quarter of 2021.

The U.S. Senate passed on Mar.06 President Joe Biden’s $1.9 trillion COVID-19 relief plan, lifting prospects for the economy and fuel demand that has been pummelled by the pandemic.

Adding support, Houthi forces in Yemen fired drones and missiles at Saudi Arabia, including a Saudi Aramco facility at Ras Tanura that is vital to petroleum exports. Riyadh said there were no casualties or loss of property.

We expect global bunker prices may fall today: 380 HSFO – in a range of minus 4-6 USD, VLSFO – minus 5-8 USD, MGO – minus 2-10 USD.

Source: www.mabux.com

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping