Mabux: Global Bunker Prices

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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
717.50
-18.00
662.00
-5.00
Sep 1
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	717.50	-18.00	662.00	-5.00	Sep 1

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
451.25	-6.74	538.68	-6.94	770.23	-3.77	Sep 5

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MABUX Market Differential Index (MDI)

Correlation between market bunker prices (MBP) and MABUX Digital Bunker Price Benchmark (DBP)

All Indexes in $/mton	380HSFO			VLS FO			MGO LS			Date
All Indexes in $/mton	MBP Index	DBP Index	MDI	MBP Index	DBP Index	MDI	MBP Index	DBP Index	MDI	Date
Rotterdam	392	435	-43	465	487	-22	662	699	-37	Sep 5
Singapore	405	430	-25	489	525	-36	666	692	-26	Sep 5
Fujairah	385	402	-17	489	514	-25	730	755	-25	Sep 5
Houston	390	413	-23	493	475	+18	665	691	-26	Sep 5

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Analytical Section
- Daily and Weekly Bunker analyses and Future Curves
- World and regional Bunker indices
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MABUX for Industry
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Latest News
- 2025-09-05
  Newly-launched Global Ethanol Association’s first flagship programme will focus on the marine sector
  The Switzerland-headquartered Global Ethanol Association (GEA) has today announced its official launch as ‘an independent, non-profit international organisation’ – and also reported that its first flagship programme is a Marine Fuel Sector Initiative... Read more
- 2025-09-05
  Singapore and India ink green shipping corridor agreement
  The governments of Singapore and India have signed a Memorandum of Understanding (MoU) to collaborate on establishing the Singapore-India Green and Digital Shipping Corridor (GDSC). In a statement issued today (4 September), the Maritime and Port Authority... Read more
- 2025-09-05
  BC Ferries launches eighth hybrid-electric Island Class vessel
  BC Ferries has continued the roll-out of its hybrid-electric fleet, with the launch of its eighth Island Class vessel at Damen Shipyards in Galati, Romania. The new vessel is the second of four Island Class ferries that are expected to enter service... Read more
- 2025-09-05
  TB Marine and Ektank agree contracts for methanol-ready chemical tankers
  Copenhagen-headquartered vessel pool management company IceChem Tankers has announced that its partners TB Marine and Ektank have signed contracts for four 22,000 DWT methanol-ready 1A Ice Class chemical tankers. The first vessel in the series will... Read more
- 2025-09-05
  Erik Thun announces launch of fifth Lake Vanern Max hybrid vessel
  The Kolland, the fifth in a series of six hybrid propulsion Laken Vanern Max vessels, has been launched today (5 September) at the Ferus Smit shipyard in Groningen, the Netherlands. Vessels in the series use both battery power and traditional fuel... Read more
- 2025-09-05
  BTG Bioliquids and NanosTech ink agreement for ‘end-to-end’ biofuels development
  BTG Bioliquids BV (BTL), a Netherlands-based specialist in fast pyrolysis technology, and NanosTech Technology & Innovations Ltd., a Canada-based catalyst development and manufacturing company, have signed a Memorandum of Understanding (MOU) to deliver... Read more
- 2025-09-05
  Oil heads for first weekly loss in three as supply glut looms
  Oil prices extended their decline into a third session on Friday, heading for a weekly loss for the first time in three weeks as supply expectations grow and a surprise build in U.S. crude stocks adds to demand concerns. Brent crude futures fell 10 cents,... Read more Oil prices extended their decline into a third session on Friday, heading for a weekly loss for the first time in three weeks as supply expectations grow and a surprise build in U.S. crude stocks adds to demand concerns.
  Brent crude futures fell 10 cents, or 0.15%, to $66.89 a barrel by 0420 GMT, while U.S. West Texas Intermediate crude fell 13 cents, or 0.20%, to $63.35.
  Brent was down 1.78% and WTI down 1% so far this week.
  Crude oil remained under pressure amid concerns of rising OPEC+ supply, ANZ research analysts wrote in a note on Friday.
  Market expectations are growing that the group will push more barrels into the market to regain market share lost to U.S. shale producers in recent years, the analysts said.
  Reuters reported on Wednesday that eight members of the Organization of the Petroleum Exporting Countries and allies like Russia - known together as OPEC+ - will consider raising production further in October at a meeting on Sunday, citing two sources familiar with the discussions.
  Another boost would mean that OPEC+, which pumps about half of the world’s oil, would be starting to unwind a second layer of output cuts of about 1.65 million barrels per day, or 1.6% of world demand, more than a year ahead of schedule.
  Meanwhile, U.S. crude oil inventories rose 2.4 million barrels last week as refineries headed into maintenance season, data from the Energy Information Administration showed on Thursday, compared with expectations in a Reuters poll for a 2 million-barrel draw. [EIA/S]
  
  Strength in the downstream sector has been a key support for prices over recent months, BMI analysts said in a report, but refining margins will likely be squeezed in coming months as global demand growth wanes and refiners ramp up maintenance.
  This, in turn, will lower throughput, reducing the call on crude, the BMI analysts said.
  Supply risks, though, continue to cloud the market.
  
  U.S. President Donald Trump told European leaders on Thursday that Europe must stop buying Russian oil, a White House official said.
  Any cuts to Russia’s crude exports or other disruption to supplies could push global oil prices higher.
  Source: Reuters/Investing.com
- 2025-09-05
  Standard Chartered: U.S. Oil Output To Peak in 2026
  U.S. oil and gas giant, Exxon Mobil (NYSE:XOM), has predicted that we will fall far short of the global energy sector’s net zero goals, thanks to high energy costs and surging coal demand. In its newly published Global Outlook, Exxon has forecast that... Read more U.S. oil and gas giant, Exxon Mobil (NYSE:XOM), has predicted that we will fall far short of the global energy sector’s net zero goals, thanks to high energy costs and surging coal demand. In its newly published Global Outlook, Exxon has forecast that the planet will only be able to cut emissions by 25% by 2050, nowhere near the two-thirds reduction required to meet IPCC goals. And, predictions about renewable energy replacing fossil fuels over the next couple of decades are proving to be premature.
  
  Oil production in the United States keeps taking out new highs, defying expectations of a looming decline. According to data from the Energy Information Administration (EIA), U.S. crude oil production hit an all-time high of 13.58 million barrels per day (mb/d) in June 2025, exceeding the previous record set in October 2024 by 50 thousand barrels per day (kb/d), and the pre-COVID November 2019 high by 582kb/d.
  
  However, clean energy bulls can take some comfort in the fact that the U.S. oil sector is showing a clear trend of slowing growth, with the year-over-year increase clocking in at just 328kb/d in June. Further, production in Texas, the country’s leading oil hub, fell 33 kb/d y/y and is now 109 kb/d lower than its October 2024 peak of 5.832 mb/d.
  
  Commodity experts at Standard Chartered have predicted that U.S. production will peak at 14.34 mb/d in March 2026, before a decline finally sets in. The latest earnings season revealed that shale producers have adopted various strategic adjustments including operational pullback and increased hedging activity amid low oil prices. The U.S. oil rig count continues to fall, from the year-to-date high of 488 in mid-February, to 410 in early August. However, rig count appears to have stabilized over the past four weeks. Meanwhile, productivity per rig for new wells has increased from 800 barrels per day (b/d) through 2022 into early 2023, to over 1,000 b/d in mid-2025, helping to offset rig count declines.
  
  Brent crude has continued to trade in a tight trading range for another week, hitting an intra-day high of $68.73 per barrel (bbl) on 26 August to a low of $66.91/bbl on 27 August. According to StanChart, Brent’s next technical level will be at the 200-day moving average at $70.59/bbl . The impending refinery turnaround season has, however, weighed on WTI prices for the past few weeks, widening the Brent-WTI spread to more than $4.10/bbl, while supporting refined product prices.
  
  Meanwhile, OPEC+ is scheduled to have a virtual meeting on 7th September. The group’s attention will likely be focussed on the April 2023 voluntary output cuts, which totals 1.66 mb/d. With no pressing requirement to unwind this tranche yet, StanChart has forecast that OPEC+ will only proceed with unwinding if the forward curves appear supportive of adding more barrels to the market. Whereas the market has largely shrugged off the higher-than-
  
  expected barrels added by the group in its previous unwinding schedules, StanChart has warned that any news of further unwinding is likely to trigger an oil price sell off. On a brighter note, StanChart says any unwinding is likely to return significantly less barrels to the markets than any nominal value, thanks to capacity constraints by member states coupled with over-
  
  production compensation schedules.
  
  Meanwhile, the current year outlook for European gas is healthy. The latest data by Gas Infrastructure Europe (GIE) shows that European storage exceeds 90 billion cubic metres (bcm), approaching the maximum capacity of 100.04 bcm. Given the injection trajectory, StanChart estimates that Europe’s gas stores will hold 99.5 bcm on 2nd November.
  
  Europe’s longer-term outlook is healthy, too, with global LNG capacity set to increase to 649 bcm in 2026 from 550 billion cubic metres last year, before reaching 890 bcm in 2030. The growth is mainly being driven by the U.S., with gas exports surging 22% Y/Y in the first seven months of 2025 to 83 bcm. In fact, the experts are now predicting that an LNG glut is coming soon. To wit, global LNG supply is set to equal demand in the current year, before the markets flips to a surplus of 50 bcm in 2026 and as much as 200 bcm in 2030.
  
  Europe’s gas prices continue to decline, with Dutch TitleTransfer Facility (TTF) for October delivery falling to €31.6 per MWh mark on Wednesday, close to the 15-month low of €30.3 amid ample supply. Early-season weather forecasts suggest a weak La Niña developing in the Pacific, followed by a weaker polar vortex in early to mid-winter. Current weather models are predicting broad regions will experience normal to colder temperatures over western, northern and central Europe in January. Source: Oilprice.com
- 2025-09-05
  Oil Price Cap Fails to Curb Russian Exports
  As President Trump slapped an additional 25% on Indian imports to punish the country for buying so much Russian crude, the European Union was mulling over its new sanction package against Russia. That would be its 19th in a row. And there is not a lot... Read more As President Trump slapped an additional 25% on Indian imports to punish the country for buying so much Russian crude, the European Union was mulling over its new sanction package against Russia. That would be its 19th in a row. And there is not a lot left to sanction. Meanwhile, Russia’s income from oil and gas remains quite healthy.
  
  Ever since the West launched its sanction offensive against Russia, turning it into the most sanctioned country in history ever, there were warnings that this could backfire: first, the sanctions would motivate Russia to look for alternatives to its Western oil and gas markets. Second, they could hurt those doing the sanctioning more than Russia.
  
  The latter is already a fact. While far from unscathed, Russia’s economy is doing better than the economy of its biggest European gas buyer, Germany, the eurozone economy as a whole, and most of the European Union economies, plus the UK. The latest GDP figures reveal 1.1% growth for Russia in the second quarter, which was significantly lower than the 4% growth a year ago but markedly better than Germany’s performance, which was yet another quarterly contraction, at 0.3%, while the eurozone posted a unremarkable growth of 0.1%. The UK surprised observers with quarterly growth of 0.3% in the second quarter, which was celebrated by double-digit growth.
  
  This is the context in which the EU and the UK struck a deal to lower the price cap that the G7 had come up with to try to reduce Russia’s oil and gas revenues without causing a price spike by interrupting export flows. Originally, the cap was set at 60%, which the G7 decided would be low enough to hurt Russian revenues but high enough to keep the oil flowing. Enforcement, however, has been tough.
  
  The only way to enforce the cap was by effectively prohibiting Western insurers from doing business with shippers transporting Russian crude unless that crude is sold below the cap, and discovering there are also plenty of Russian, India, and Chinese insurers who would provide coverage for those shippers. The cap has arguably been the most ineffective sanction against Russia, because, according to Reuters calculations, Russia’s flagship Urals has traded above the cap for 75% of the time since the cap was imposed in December 2022. It seems the only times it didn’t trade above the cap was when the price fell in tune with international benchmarks.
  
  Despite this, the EU and the UK agreed in July to lower that cap 15% below the market prices for Urals, which is currently around $46.50 per barrel—not that those buying Russian crude and those producing it would notice the new cap. Insurers in the West who are losing business because of the cap will notice.
  
  This is not to say that the sanctions have had no effect on Russia’s economy whatsoever. They have had an effect—though it was not the intended one. Revenues from energy exports have suffered a certain decline, but the latest part of this decline has been more of a result of the international oil price downward trend rather than any sanction action.
  
  What the 19th package of European Union sanctions against Russia will contain is anyone’s guess. The more that Brussels—and London—sanction, the less to sanction later. Meanwhile, fighting in Ukraine continues, strongly suggesting the effectiveness of those sanctions as a deterrent for military action has been a net zero. Also meanwhile, Russia just signed a deal for a second gas pipeline to China, cementing its eastern pivot and insulating a bigger portion of its future gas exports from sanction action from the West. Source: Oilprice.com
- 2025-09-05
  MABUX: Global bunker market to continue trending lower on Sep.05.
  The MABUX World Bunker Index — a composite indicator tracking daily prices for 380 HSFO, VLSFO, and MGO — showed its downward movement on Sep.04: 380 HSFO: USD/MT 457.99 (-7.84) VLSFO: USD/MT 545.62 (-8.69) MGO: USD/MT 774.00 (-1.88) As of Sep.04... Read more The MABUX World Bunker Index — a composite indicator tracking daily prices for 380 HSFO, VLSFO, and MGO — showed its downward movement on Sep.04:
  
  380 HSFO: USD/MT 457.99 (-7.84)
  VLSFO: USD/MT 545.62 (-8.69)
  MGO: USD/MT 774.00 (-1.88)
  
  As of Sep.04 the MABUX Market Differential Index (MDI) — which reflects the correlation between Market Bunker Prices (MBP) and the MABUX Digital Bunker Price Benchmark (DBP) — continued to register underpricing across all major bunker fuel segments in the key hubs of Rotterdam, Singapore, Fujairah, and Houston.
  
  • HSFO segment: Underpricing narrowed by $4 in Rotterdam, $3 in Singapore, $7 in Fujairah, and $2 in Houston.
  
  • VLSFO segment: Discounts decreased by $6 in both Rotterdam and Singapore, $8 in Fujairah, and $6 in Houston.
  
  • MGO LS segment: Undercharge margins expanded by $3 in Rotterdam, $5 in Singapore, and $2 in Fujairah, but declined by $3 in Houston.
  
  We expect Global bunker market to extend its downward trend on Sep.05: 380 HSFO – minus 1-3 USD/MT, VLSFO – minus 1-3 USD/MT, MGO LS – minus 2-6 USD/MT.
  Source: MABUX

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