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MABUX: Bunker market this morning, Mar 01, 2021

The Bunker Review was contributed by Marine Bunker Exchange (MABUX)

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO in the main world hubs) changed insignificant and irregular on February 26:

380 HSFO: USD/MT – 418.68 (+0.10)
VLSFO: USD/MT – 526.32 (-1.41)
MGO: USD/MT – 592.62 (+0.25)

As of February 26, a correlation of MBP Index (Market Bunker Prices) vs DBP Index (MABUX Digital Benchmark (Digital Bunker Prices)) in four largest global hubs showed 380 HSFO fuel be undercharged in three selected ports ranging from minus $ 21 (Fujairah and Rotterdam) to minus $ 27 in Singapore, with the exception of Houston, where 380 HSFO was overvalued by $ 4. DBP Index also recorded an undercharge of VLSFO fuel grade at the ports of Singapore (minus $ 13) and Fujairah (minus $ 2). At the same time, VLSFO remained overvalued in two other ports: plus $ 2 in Rotterdam and plus $ 15 in Houston. MGO LS, according to DBP index, was underpriced in three ports ranging from minus $ 20 (Fujairah) to minus $ 44 (Singapore) The exception is still Houston, where MGO LS was overvalued by $ 11. Thus, a trend towards underestimating of VLSFO grade is registered in two ports now. Meantime, according to DBP Index, Houston is the only port, where all types of fuel were overvalued.

World oil indexes fell on February 26 as crude supply was expected to rise in response to prices climbing above pre-pandemic levels.

Brent for April settlement slipped by $0.75 to $66.13 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for April delivery decreased by $2.03 to $61.50 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $4.63 to WTI. Gasoil for March delivery lost $11.00 – $532.00.

Today morning oil indexes have turned into slight upward evolution.

Profit-taking also pushed fuel indexes down after both Brent and WTI headed towards monthly gains of about 20% on supply disruptions in the United States and optimism over demand recovery on the back of COVID-19 vaccination programmes. Market expects this week’s meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies to result in more supply returning to the market.

Crude prices also faced pressure from the loss of refinery demand after several Gulf Coast facilities in the U.S. were shuttered during the winter storm. Refining capacity of about 4 million barrels per day (bpd) is still shut and it could take until March 5 for all shut capacity to resume, though there is risk of delays.

U.S. crude oil production fell in December to an average 11.063 million barrels per day. For January, the EIA estimated that some weeks dipped as low as 10.9 million bpd. And the EIA’s most recent production estimates for week ending February 19 pegs total U.S. crude production at an average of just 9.7 million bpd.

We expect global bunker prices to drop today: IFO may fall by 4-12 USD, MGO LS – by 10-19 USD.



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