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MABUX: Firm downtrend to prevail in Global bunker market on Sep.27

Tuesday, 27 September 2022 | 13:00

MABUX World Bunker Index (as index calculated on current prices for 380 HSFO, VLSFO and MGO) turned into the phase of firm decline on Sep.26:

380 HSFO – USD/MT – 506.95 (-12.63)
VLSFO – USD/MT – 754.50 (-19.05)
MGO – USD/MT – 1 093.99 (-18.84)

As of September 26, the MABUX MBP/DBP Index (MDI) (comparison of market bunker prices and MABUX digital bunker price benchmark) registered minor changes in the HSFO segment, no single dynamics in the VLSFO segment, and the transition of the port of Houston into the overcharge zone in the MGO LS segment.

According to MDI, 380 HSFO fuel grade remained undervalued on September 26 in all four selected ports. Undervaluation margins were registered as: Rotterdam – minus $94 (minus $72 a day earlier), Singapore – minus $140 (minus $149), Fujairah – minus $136 (minus $134), Houston – minus $68 (minus $59). The MDI index changed irregular in this fuel segment with no significant changes.

In the VLSFO segment, Rotterdam moved back into the undercharge zone: minus $ 3 versus plus $ 21 the day before. All other ports remained overvalued on September 26: Singapore – plus $43 (plus $59), Fujairah – plus $59 (plus $61) and Houston – plus $61 (plus $39). Here, the MDI index also did not have single dynamics: the overcharge premium rode in Houston but dropped in the other three ports.

In the MGO LS segment, the Rotterdam-Singapore pair remained undervalued on September 26 by minus $56 (minus $30 a day earlier) and minus $91 (minus $99) respectively. Houston returned to the overcharge zone and joined Fujairah: plus $9 (minus $16) and plus $207 (plus $163), respectively. There was no single trend for underestimation and overestimation.

We expect global bunker indices to continue firm downtrend on Sep.27: 380 HSFO – minus 5-10 USD/MT, VLSFO – minus 7-15 USD/MT, MGO LS – minus 10-25 USD/MT.

Source: Mabux.com

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