MABUX: No firm trend in Global bunker market on Aug 08
MABUX World Bunker Index (as index calculated on current prices for 380 HSFO, VLSFO and MGO in the main world hubs) continued firm downward trend on Aug. 05:
380 HSFO – USD/MT – 589.80 (-9.88)
VLSFO – USD/MT – 847.51 (-23.28)
MGO – USD/MT – 1 145.43 (-18.89)
As of August 05, the MABUX MBP/DBP Index (MDI) (comparison of market bunker prices vs. the MABUX digital bunker price benchmark) had no significant changes: the HSFO segment was mostly undervalued, the VLSFO segment was overvalued, and the MGO LS segment changed irregular.
380 HSFO fuel grade, according to MDI, was undervalued on August 05 in three ports out of four selected: Houston remained the only port with fuel overcharged: plus $69 versus plus $65 the day before. In other ports, the underpricing premium was registered as: Rotterdam – minus $64 (vs. minus $74 a day earlier), Singapore – minus $86 (minus $84) and Fujairah – minus $125 (minus $128). In general, the MDI index did not have any firm trend in the HSFO segment.
VLSFO fuel grade, according to the MDI index, remained overvalued on August 05 in all four selected ports: Rotterdam – plus $ 37 (plus $ 57 a day earlier), Singapore – plus $ 71 (plus $ 102), Fujairah – plus $ 213 (plus $ 220) and Houston – plus $77 (plus $89). VLSFO overprice premium declined moderately across all ports, while the biggest change being minus 31 points in Fujairah.
Two ports in the MGO LS segment were in the underpricing zone on August 05: Rotterdam – minus $28 (minus $34 the day before) and Singapore – minus $28 (minus $68). In Fujairah and Houston, the MDI registered fuel overpricing by plus $175 (plus $192) and plus $32 (plus $34), respectively. The MDI index still does not have a firm dynamics in the MGO LS segment.
We expect Global bunker indices do ton have any firm trend on August 08 and will change irregular: 380 HSFO – plus 1-3 USD / MT, VLSFO – plus 3-6 USD / MT, MGO LS – minus 7-22 USD/MT.