MABUX: Firm upward trend is expected on Global bunker market on Nov 24
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) did not have any firm trend on November 23:
380 HSFO / USD/MT – 490.44 (+0.39)
VLSFO / USD/MT – 623.32 (-0.12)
MGO / USD/MT – 734.92 (-3.10)
As of November 23, a correlation of MABUX MBP Index (Market Bunker Prices) vs MABUX DBP Index (Digital Bunker Prices Benchmark) in four largest global hubs showed that 380 HSFO fuel was undervalued in three out of four ports selected: Houston returned again into overpricing sector - plus $ 11 versus minus $ 5 the day before. In other ports, the underestimation margins were: in Rotterdam - minus $ 12 (minus $ 18 the day before), in Singapore - minus $ 9 (unchanged) and in Fujairah - minus $ 3 (minus $ 5).
VLSFO, according to the MABUX MBP / DBP Index, was overvalued on November 19 at all four selected ports: in Rotterdam - plus $ 3 (plus $ 4 the day before), in Singapore - plus $ 30 (plus $ 31), in Fujairah - plus $ 22 (plus 28) and in Houston - plus $ 8 (minus $ 7). Thus, VLSFO fuel returned into the overcharge segment in all selected ports.
As for MGO LS, according to the MABUX MBP / DBP Index, this fuel grade was underestimated on November 23 in three out of four ports selected: in Rotterdam - minus $ 46 (minus $ 33 the day before), in Singapore - minus $ 16 (minus $ 6) and in Houston - minus $ 4 (plus $ 2). The only port where the MABUX MBP / DBP Index still registers overpricing is Fujairah - plus $ 28 (plus $ 42).
We expect bunker prices to rise firmly today: 380 HSFO - plus 9-14 USD, VLSFO - plus 10-17 USD, MGO LS - plus 11-18 USD.
Source: www.mabux.com
