MABUX: Global bunker prices to continue firm downward trend on Feb.09
MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO in the main world hubs) turned into downward correction on Feb.08:
380 HSFO – USD/MT – 580.26 (-7.18)
VLSFO – USD/MT – 740.94 (-6.37)
MGO – USD/MT – 872.02 (-2.00)
The correlation of MABUX MBP Index (Market bunker price) vs MABUX DBP Index (MABUX digital bunker price benchmark) on February 08 showed that 380 HSFO fuel remained overpriced in two out of four ports selected: Singapore – minus $ 18 (versus minus $ 11 the day before) and Fujairah – minus $8 (no change). In Rotterdam and Houston, the MABUX MBP/DBP Index registered an overcharge of 380 HSFO by plus $7 (plus $10) and plus $24 (plus $17), respectively. There were no significant changes registered in the MBP/DBP Index ratio in all ports.
VLSFO, according to the MABUX MBP/DBP Index, was overvalued on February 08 in all selected ports. VLSFO overprice margins were registered as: in Rotterdam – plus $36 (plus $37 the day before), in Singapore – plus $33 (plus $34), in Fujairah – plus $39 (plus $42) and in Houston – plus $13 (plus $2). The MBP/DBP Index ratio remained stable in almost all ports.
MGO LS, according to the MABUX MBP/DBP Index, was undervalued on February 08 in three out of four selected ports: in Rotterdam – minus $ 34 (minus $ 33 a day earlier), in Singapore – minus $ 49 (minus $ 40) and in Fujairah – minus $44 (minus $38). The only port where the MABUX MBP/DBP Index registered an overcharge of MGO LS is Houston – plus $31 vs. plus $11 a day earlier. The most significant change was the increase of MGO LS overprice margin in the port of Houston by 20 points.
We expect global bunker prices to drift lower today: 380 HSFO – minus 7-12 USD, VLSFO – minus 10-15 USD, MGO LS – minus 10-25 USD.