• 2021 March 8 10:31

  MABUX: Bunker market this morning, Mar 08, 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 Gasoil) in the main world hubs) jumped up on March 03:
  
  380 HSFO - USD/MT – 424.95 (+13.00)
  VLSFO - USD/MT – 532.12 (+15.22)
  MGO - USD/MT – 598.05 (+15.82)
  
  
  
  
  
  

   

   

   

   

   

   

   

   

   

   

  Correlation between the Market Bunker Price Index (MBP) vs MABUX Digital Bunker Price Index (DBP) in four major hubs on Mar.05 demonstrated remained undercharging of 380 HSFO bunker grades in all selected ports in a range from minus 3USD (Fujairah) to minus 21USD (Singapore). VLSFO is overcharged in Rotterdam (+5 USD) and Houston (+11USD) while in Singapore and Fujairah it is undervalued (-15USD and -13USD respectively). MGO LS is undervalued in all hubs except of Houston in a range from minus 17USD (Fujairah) to minus 33USD (Singapore). In Houston it is still overcharged (+19USD).
  
  
  
  
  
  

   

   

   

   

   

  Meantime, world oil indexes jumped on March 05 after OPEC+ said it would keep production steady.
  
  Brent for May settlement increased by $2.62 to $69.36 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for April rose by $2.26 to $66.09 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $3.27 to WTI. Gasoil for March delivery added $12.25.
  
  Today oil indexes continue to rise after Saudi Arabia said an energy facility was attacked.
  
  A storage tank in the Ras Tanura export terminal in the country’s Gulf coast was attacked on Mar.07 by a drone from the sea. Output appeared to be unaffected after the barrage of missiles and drones were intercepted. The attacks are the most serious against the Saudi oil installations since a key processing facility and two oil fields came under fire in September 2019, cutting oil production for several days and exposing the vulnerability of the Saudi petroleum industry. That assault was claimed by the Houthi rebels, although Riyadh pointed the finger at Iran. Ras Tanura is capable of exporting roughly 6.5 million barrels a day.
  
  We expect bunker prices can rise today. Prices for 380 HSFO may increase by 10-15 USD, prices for MGO may rise by 12-15 USD.

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