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MABUX: Global bunker prices may turn over downward correction in the end of the day.

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.19:

380 HSFO – USD/MT – 544.06 (+4.93)
VLSFO – USD/MT – 695.39 (+7.73)
MGO – USD/MT – 817.07 (+0.88)

Correlation of MABUX MBP Index (Market bunker price) vs MABUX DBP Index (MABUX digital bunker price benchmark) on January 19 showed an overcharge of 380 HSFO in two out of four ports selected: in Rotterdam – plus $ 8 (plus $ 10 the day before) and in Houston – plus $23 (plus $50). In Singapore and Fujairah, the MABUX MBP/DBP Index recorded an underpicing of 380 HSFO by $11 (minus $9 the day before) and by $8 (minus $5), respectively. Most significant was a $27 drop of the 380 HSFO overpricing ratio at the Port of Houston.

VLSFO, according to the MABUX MBP/DBP Index, was overvalued on January 19 in three ports out of four selected: in Rotterdam – plus $35 (plus $38 the day before), in Singapore – plus $44 (plus $50) and in Fujairah – plus $ 49 (plus $ 52). Houston remains the only port where the MABUX MBP/DBP Index registered a $ 2 underpricing of VLSFO (no change from the day before).

As for MGO LS, this type of fuel grade, according to the MABUX MBP/DBP Index, was undervalued on January 19 in three of the four selected ports: in Rotterdam – minus $ 10 (minus $ 22 a day earlier), in Singapore – minus $ 20 (minus $12) and in Fujairah – minus $22 (minus $19). In Houston, the MABUX MBP/DBP Index registered an overpricing of the MGO LS by $10 (plus $8 the day before). In general, Index for MGO LS tends to 100%-correlation.

We expect global bunker prices may rise slightly but turn over downward correction in the end of the day: 380 HSFO – plus 4-8 USD, VLSFO – plus 5-11 USD, MGO LS – plus 5-10 USD.

Source: mabux.com

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