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MABUX: Bunker market this morning, Feb.04, 2021
MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO Gasoil) in the main world hubs) demonstrated upward changes on Feb.03:
380 HSFO – USD/MT – 371.30 (+3.65)
VLSFO – USD/MT – 472.44 (+6.59)
MGO – USD/MT – 526.18 (+6.63)
Correlation between the Market Bunker Price Index (MBP) vs MABUX Digital Bunker Price Index (DBP) in four major hubs on Feb.03 showed undercharging of 380 HSFO bunker grades in all ports (from -4USD to -12 USD). VLSFO is overcharged in all 4 hubs in a range of 12-17USD. MGO LS undervalued in all four major hubs.
Meantime, world oil indexes increased on Feb.03.
Oil extended gains after closing at the highest level in more than a year as declines in American and Chinese crude stockpiles added fresh impetus to a rally driven by tightening global supplies.
(Bloomberg) Oil extended gains after closing at the highest level in more than a year as declines in American and Chinese crude stockpiles added fresh impetus to a rally driven by tightening global supplies.
Futures in New York edged above $55 a barrel after jumping almost 5% over the previous two sessions in tandem with a broader rally in financial markets. The American Petroleum Institute reported crude inventories fell by 4.3 million barrels last week, people familiar with the data said. Chinese stockpiles have dropped to the lowest in almost a year, according to data provider Kayrros.
Oil Surges as OPEC+ Pledges to Clear Pandemic-Driven Surplus
Bloomberg 2/3/2021 Andres Guerra Luz
(Bloomberg) Oil climbed to the highest in more than a year in New York as OPEC and its allies pledged to continue whittling down global inventories.
Futures in New York surged 1.7% to near $56 a barrel on Wednesday. A committee of OPEC+ ministers said the group will keep pushing to quickly clear the oil surplus left by the pandemic-induced demand slump. The alliance’s effort appears to be working despite a still tenuous recovery in demand: Chinese stockpiles are at the lowest in almost a year and a U.S. government report on Wednesday showed crude stockpiles fell nearly 1 million barrels.
Oil climbed to the highest in more than a year in New York as OPEC and its allies pledged to continue whittling down global inventories.
(Bloomberg) Oil climbed to the highest in more than a year in New York as OPEC and its allies pledged to continue whittling down global inventories.
Futures in New York surged 1.7% to near $56 a barrel on Wednesday. A committee of OPEC+ ministers said the group will keep pushing to quickly clear the oil surplus left by the pandemic-induced demand slump. The alliance’s effort appears to be working despite a still tenuous recovery in demand: Chinese stockpiles are at the lowest in almost a year and a U.S. government report on Wednesday showed crude stockpiles fell nearly 1 million barrels.