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MABUX: Global bunker prices may turn into sharp downward correction on Mar.10

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO in the main world hubs) showed upward evolution on March 09:

380 HSFO – USD/MT – 761.79 (+14.09)
VLSFO – USD/MT – 1 032.68 (+15.49)
MGO – USD/MT – 1 270.94 (+56.34)

The correlation of MABUX MBP Index (market bunker prices) vs MABUX DBP Index (MABUX digital bunker price benchmark) on March 09 showed that 380 HSFO fuel grade was undervalued in two out of four ports selected: Singapore – minus $ 24 (minus $ 31 the day before) and Fujairah – minus $47 (minus $30). In Rotterdam and Houston, HSFO 380 remained overpriced by plus $24 (plus $32) and plus $32 (plus $40), respectively. On the whole, MABUX MBP/DBP Index for 380 HSFO has changed insignificantly.

As for VLSFO, on March 09 MABUX MBP/DBP Index registered an overcharge in all four selected ports. The overprice margins were: Rotterdam – plus $107 (versus plus $83 the day before), Singapore – plus $50 (plus $52), Fujairah – plus $35 (plus $83) and Houston – plus $5 (minus $19). The most significant change was a 48-point reduction in fuel overcharge in Fujairah.

MGO LS, according to the MABUX MBP/DBP Index, remained undervalued on March 09 in three out of four selected ports: Rotterdam returned to the underprice zone – minus $20 (plus $8 a day earlier). MGO LS was also undercharged in Singapore by minus $251 (minus $119) and Fujairah minus $280 (minus $142). Houston remained the only port where the MABUX MBP/DBP Index has registered an overpricing of MGO LS by $51 (plus $160). Prices for MGO LS were the most volatile in the global market on March 09. As a result, underprice ratio in Singapore and Fujairah showed significant growth: by 132 and 138 points, respectively.

We expect global bunker prices to turn into downward correction today: 380 HSFO – minus 40–60 USD/MT, VLSFO – plus 50-90 USD/MT, MGO LS – minus 90-130 USD/MT.
Source: mabux.com

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