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MABUX: High volatility with no firm trend remains in Global bunker market on Feb. 28

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. 25 after sharp rise the day before:

380 HSFO – USD/MT – 618.51 (-5.43)
VLSFO – USD/MT – 785.25 (-3.13)
MGO – USD/MT – 908.81 (-0.37)

 

The bunker market somewhat stabilized on February   25 after high volatility the day before. As a result, the overcharge of all bunker fuel grades, which prevailed in all ports on February 24, was replaced by a more balanced ratio between MABUX MBP Index (Market Bunker Prices) and the MABUX DBP Index (MABUX Digital Bunker Price benchmark). In particular, according to the MABUX MBP/DBP Index, 380 HSFO fuel was again undervalued in three out of four selected ports: in Rotterdam – minus $14 (plus $34 a day earlier), in Singapore – minus $23 (plus $1) and in Fujairah – minus $28 (plus $13). Houston remained the only port in the fuel overpricing zone: plus $47 (plus $48).

Rotterdam was the only port returned to the undervaluation zone in the VLSFO segment on February 25: minus $6 (plus $41 the day before). In other ports, VLSFO fuel’s overcharge margins were registered as: Singapore: plus $17 (plus $7), Fujairah – plus $47 (plus $64) and Houston – plus $46 (plus $67). The most significant change was a 47-point reduction of overprice ratio in Rotterdam.

MGO LS, according to the MABUX MBP / DBP Index, moved into the undervaluation zone on February 25 in three out of four selected ports: Rotterdam – minus $ 59 (plus $ 41), Singapore – minus $ 58 (plus $ 7) and Fujairah – minus $ 5 (plus $64). Houston was the only port where MABUX MBP/DBP Index, registered an overpricing of MGO LS by $89 vs. plus $67 the day before. There were significant changes recorded in Rotterdam and Fujairah by 100 and 69 points, respectively.

After some downward correction at the end of last week the crude market is showing an uptrend today again. We expect global bunker prices do not have any firm any on February 28, high volatility continues: 380 HSFO – plus – minus 5-12 USD/MT, VLSFO – plus – minus 5-17 USD/MT, MGO LS – plus – minus 12-22 USD/MT.
Source: mabux.com

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