Bunker prices may continue upward changes today in a range of $3.0 to $7.0 for HSFO 380 and MGO
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 Gasoil) in the main world hubs) increased on February 17:
380 HSFO: USD/MT – 403.99 (+1.12)
VLSFO: USD/MT – 507.51 (+2.81)
MGO: USD/MT – 562.26 (+1.36)
Correlation between the Market Bunker Price Index (MBP) vs MABUX Digital Bunker Price Index (DBP) in four major hubs on February 17 remained undercharging of 380 HSFO bunker grades in all selected ports ranging from minus 11USD (Fujairah, Houston) to minus 17USD (Rotterdam). VLSFO is overcharged in all 4 hubs in a range of 9USD (Rotterdam, Singapore) - 15USD (Fujairah). MGO LS is undervalued in all four major hubs ranging from minus 3USD (Houston) to minus 33USD (Singapore).
Meantime, world oil indexes also increased on February 17.
Brent for April settlement increased by $0.99 to $64.34 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for March rose by $1.09 to $61.14 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $3.20 to WTI. Gasoil for March delivery added $4.00.
Today oil indexes continue to rise amid bigger-than-expected draw in U.S. Supplies.
It was the fifth day without power in Texas yesterday, after an unusual artic blast swept through the southern states. Wood Mackenzie analysts predicted that around a million barrels per day of crude production has been shut and warned that restoring production levels could take weeks.
U.S. crude oil supply data from the American Petroleum Institute showed an unexpected draw of 5.8 million barrels for the last week. It was forecasted a 2.175 - 3.5 million-barrel recorded during the previous week. Data from the U.S. Energy Information Administration is due later in the day.
At the same time, the recovery in oil prices could reportedly see the OPEC+ ease supply curbs after April.
We expect bunker prices may continue upward changes today: 3-7 USD up for 380 HSFO, 4-7 USD for MGO.