Mabux: Global Bunker Prices

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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
706.50
+4.00
735.00
+10.00
Nov 17
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	706.50	+4.00	735.00	+10.00	Nov 17

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
427.14	+0.64	511.12	+0.73	819.33	+6.02	Nov 19

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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	386	423	-37	430	475	-45	735	783	-48	Nov 19
Singapore	371	418	-47	466	511	-45	744	776	-32	Nov 19
Fujairah	341	390	-49	455	502	-47	742	839	-97	Nov 19
Houston	385	398	-13	438	454	-16	720	801	-81	Nov 19

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Digital Bunker Prices
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Analytical Section
- Daily and Weekly Bunker analyses and Future Curves
- World and regional Bunker indices
- Bunker Price Forecast for 40+ ports
- Digital Bunker Prices
MABUX for Industry
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Latest News
- 2025-11-19
  Peninsula expands biofuel storage capacity in Rotterdam
  Global bunker supplier Peninsula has opened a new 30,000-cbm biofuel storage and blending facility at the Chane Terminal in the Port of Rotterdam. The facility includes nine new blending and storage tanks with a combined capacity of 30,000 cbm. Another... Read more Global bunker supplier Peninsula has opened a new 30,000-cbm biofuel storage and blending facility at the Chane Terminal in the Port of Rotterdam.
  
  The facility includes nine new blending and storage tanks with a combined capacity of 30,000 cbm. Another eight tanks will be added by January 2026, taking the terminal’s total capacity to 110,000 cbm.
  
  It also features three jetties and seven berths for barges up to 135 metres and an additional jetty for larger vessels.
  
  Peninsula said the expansion strengthens its operational capabilities across the ARA region.
  
  The setup allows blending any grade from 5% to 100% biofuel content (B5–B100) with HSFO or VLSFO, “with full control over the blending process and product quality,” it added.
  
  Apart from the ARA hub, Peninsula also offers physical bunker deliveries of conventional and biofuel blends, across major global ports such as Skaw, Gibraltar, Algeciras, Las Palmas, Barcelona, Malta, Suez, Port Louis, Houston and Panama ports, among others. Source: ENGIИE
- 2025-11-19
  CNSL – it’s a learning curve
  With regulation putting pressure on owners and operators to bring down their carbon footprint, Cashew Nutshell Liquid, or CNSL, could potentially play a role as biofuel. However, fuel testers and marine insurers alike have urged caution, with some even... Read more
- 2025-11-19
  Gasum now publishing daily prices for FEUM compliance units
  Nordic energy company Gasum has started publishing a daily price for FuelEU Maritime (FEUM) compliance units on its website. In a notice issued today (18 November), Gasum said that the quoted price applies to volumes of 500 tonnes of CO2 and above... Read more
- 2025-11-19
  Port of Tyne to explore e-fuels hub with Hitachi
  The Port of Tyne, in North East England, has signed an agreement with Japanese giant Hitachi to collaborate on the development of a ‘smart port of the future’ and a dedicated e-fuels hub. The memorandum of understanding (MoU), which was signed today... Read more
- 2025-11-19
  Lloyd’s List Intelligence opening new centre in Chennai
  Lloyd’s List Intelligence will this Friday (21 November) inaugurate a new Centre of Excellence for Data & Technology in Chennai, India. The new centre will be one of the company’s largest global offices, creating more than 200 roles in data analysis,... Read more
- 2025-11-19
  LR and Jinan Shipyard ink MoU for ‘maritime innovation in the GCC region’
  Lloyd’s Register (LR) has signed a Memorandum of Understanding (MOU) with the Qatar Free-Zone-based Jinan Shipyard to collaborate on the development, classification, inspection and certification of marine vessels. In a statement issued yesterday (18... Read more
- 2025-11-19
  Oil dips on oversupply sentiment but sanctions limit decline
  Oil prices fell on Wednesday as an industry report showing higher crude inventories in the U.S., the world’s biggest crude consumer, reinforced concerns of oversupply, though price declines were limited by sanctions on Russian oil flows. Brent crude... Read more Oil prices fell on Wednesday as an industry report showing higher crude inventories in the U.S., the world’s biggest crude consumer, reinforced concerns of oversupply, though price declines were limited by sanctions on Russian oil flows.
  Brent crude futures eased 11 cents, or 0.2%, to $64.78 a barrel as of 0510 GMT, after gaining 1.1% in the previous session. U.S. West Texas Intermediate crude futures were down 9 cents, or 0.2%, at $60.65 a barrel, after rising 1.4% on Tuesday.
  U.S. crude and fuel stocks rose last week, market sources said late on Tuesday, citing American Petroleum Institute figures.
  Crude stocks rose by 4.45 million barrels in the week ended November 14, while gasoline inventories climbed by 1.55 million barrels and distillate inventories increased by 577,000 barrels, the API reported, according to the sources.
  "Overall, the report was relatively bearish," said ING commodities strategists, though they cautioned that "market participants appear more concerned about supply risks than the odds of a surplus going forward."
  U.S. sanctions on major Russian producers Rosneft and Lukoil set a November 21 deadline for companies to unwind their dealings with the Russian firms.
  The U.S. Treasury on Monday said the sanctions are already squeezing Russia’s oil revenue and are expected to curb its export volumes over time. Crude buyers in China and India have already started switching to alternative suppliers.
  "Benchmark prices are range-bound with the market eyeing the (November 21) sanctions’ impact, though there are downward pressures in the background with oversupply sentiment," said Emril Jamil, a senior oil analyst at LSEG.
  
  Prices gained on Tuesday as investors considered the impact of the U.S. sanctions and as Ukrainian attacks on Russian refineries and export terminals have increased concerns of crude and fuel disruptions.
  The worries about Russian supply are being weighed against forecasts from analysts that oil output is in excess of current demand, which has pressured prices.
  Following Ukrainian attacks on Russian energy and port infrastructure, profit margins for producing diesel fuel have surged in Europe, reaching their highest since September 2023 on Tuesday. This is occurring amid an increase in refinery margins globally.
  
  Analysts from Chinese brokerage Haitong Futures noted that "oil prices have found support from the strong diesel market but the persistent crude oversupply is keeping investors cautious about chasing further gains in crude."
  Official U.S. government inventory data will be released later on Wednesday. Eight analysts polled by Reuters ahead of that data release estimated on average that crude inventories likely fell by about 600,000 barrels in the week to November 14. Source: Reuters/Investing.com
- 2025-11-19
  Oil Prices Dip as Rising U.S. Inventories Deepen Oversupply Fears
  Oil prices eased in early Asian trading on Wednesday as traders reacted to another rise in U.S. oil inventories and signals continue to mount that global supply is running ahead of demand. At the time of writing, WTI was trading at $60.59 per barrel,... Read more Oil prices eased in early Asian trading on Wednesday as traders reacted to another rise in U.S. oil inventories and signals continue to mount that global supply is running ahead of demand.
  
  At the time of writing, WTI was trading at $60.59 per barrel, down 0.25% on the session, while Brent slipped to $64.71, down by roughly 0.3%. The drop came after prices had climbed in the previous session on the back of Trump announcing interviews for a new Fed chair, a statement that briefly lifted risk sentiment by reviving expectations of a more growth-friendly monetary stance.
  
  The latest report from the American Petroleum Institute was then released, showing U.S. commercial crude stocks rising by about 4.4 million barrels in the week to 14 November, with gasoline and distillate inventories also posting builds. This sizeable increase in crude stocks reinforced the perception that the world’s largest oil consumer is comfortably supplied as the year draws to a close. A survey compiled by The Wall Street Journal and reported by MarketWatch suggests that analysts are expecting a third straight weekly increase in crude inventories in the EIA's figures, which will be released later today. Both the API numbers and the expectation of another build being reported by the EIA today will add to oversupply concerns.
  
  The broader supply backdrop has turned steadily more bearish over the past few months, with the IEA warning that the 2026 oil glut could be worse than feared. U.S. crude production climbed to record levels last week, even as drilling activity slowed, and new customs and production data out of China show that the world’s biggest crude importer has been using the recent price moderation to quietly rebuild strategic and commercial stocks rather than ramping up refinery runs. Reuters’ analysis of October flows estimates that China’s combined domestic production and imports exceeded refinery throughput by about 690,000 bpd, the latest in a string of monthly surpluses that have added some 900,000 bpd to stockpiles since March. That pattern – buying extra crude when Brent dips into the mid-$60s – helps absorb some of the surplus on the water but also underlines that end-user fuel demand is not surging; refiners are choosing to store rather than sell.
  
  On the back of these developments, analysts are turning increasingly bearish on oil prices. A new oil market outlook from Goldman Sachs this week projects a roughly 2 million bpd global surplus in 2026 as delayed long-cycle projects come online, OPEC+ unwinds more of its remaining cuts, and non-OPEC supply from the U.S. and Brazil continues to edge higher. The bank now sees Brent averaging about $56 and WTI about $52 in 2026, well below current forward prices, with the International Energy Agency’s latest projections pointing to an even larger potential surplus if demand growth underperforms. While those forecasts don’t dictate today’s spot price, they do shape how much risk appetite there is among funds to buy dips in the front of the curve when the medium-term picture is one of abundant supply.
  
  The immediate focus is squarely on today’s EIA report, with another sizeable crude build, especially if accompanied by weaker gasoline or distillate demand, keeping pressure on prices into Thanksgiving. A smaller-than-expected build or a surprise draw, particularly in products, could spark a short-covering bounce but would not, on its own, erase the larger narrative of plentiful supply and cautious demand. Source: Oilprice.com
- 2025-11-19
  MABUX: Global bunker indices to resume upward evolution on Nov. 19.
  The MABUX World Bunker Index — a composite indicator tracking daily prices for 380 HSFO, VLSFO, and MGO — moved sideways without a clear trend on Nov. 18: 380 HSFO: USD/MT 426.50 (-2.29) VLSFO: USD/MT 510.39 (-0.50) MGO: USD/MT 813.31 (+3.02) As... Read more The MABUX World Bunker Index — a composite indicator tracking daily prices for 380 HSFO, VLSFO, and MGO — moved sideways without a clear trend on Nov. 18:
  
  380 HSFO: USD/MT 426.50 (-2.29)
  VLSFO: USD/MT 510.39 (-0.50)
  MGO: USD/MT 813.31 (+3.02)
  
  As of Nov. 18, the MABUX Market Differential Index (MDI) — reflecting the correlation between Market Bunker Prices (MBP) and the MABUX Digital Bunker Price Benchmark (DBP) — registered underpricing across all fuel grades in the key global hubs of Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: The underprice margin widened by $1 in Rotterdam, $2 in Singapore, $1 in Fujairah, and $7 in Houston. Houston’s MDI remained close to a full (100%) correlation between market prices and DBP values.
  
  • VLSFO segment: The underpricing increased by $1 in Rotterdam, narrowed by $4 in Singapore, and rose by $2 in Fujairah and $8 in Houston.
  
  • MGO LS segment: Underpricing decreased by $7 in Rotterdam, $1 in Singapore, and $4 in Fujairah, while remaining unchanged in Houston. Singapore’s MDI continued to hover near full-correlation levels.
  
  We expect Global bunker indices to resume upward trend on Nov. 19: 380 HSFO – plus 2-4 USD/MT, VLSFO – plus 2-5 USD/MT, MGO LS – plus 5-15 USD/MT.
  Source: MABUX
- 2025-11-19
  Russian Crude Piles Up but Oil Prices Refuse to Move
  - France’s national oil champion TotalEnergies (NYSE:TTE) has agreed to purchase a 50% stake in Western European power generation assets held by the Czech billionaire Daniel Kretinsky. - TotalEnergies committed to European power assets just as it... Read more - France’s national oil champion TotalEnergies (NYSE:TTE) has agreed to purchase a 50% stake in Western European power generation assets held by the Czech billionaire Daniel Kretinsky.
  
  - TotalEnergies committed to European power assets just as it was reported to be considering selling some of its renewable energy assets in Asia, including its India-focused joint venture with Adani Green Energy.
  
  - TotalEnergies will pay $6 billion for EPH’s generation assets, mostly comprising gas-fired plants and battery systems in Italy, France, the Netherlands and Britain, boosting its current 19 GW generation portfolio.
  
  - This could potentially mark a new chapter in European oil majors’ strategies, sparking a shift away from renewables and closer to conventional generation.
  
  - The French power move comes on the back of Chevron announcing a 5 GW gas-fuelled power plant in West Texas, expected to be operational by end-2027 to meet booming data centre demand.
  
  Market Movers
  
  - US oil giant Chevron (NYSE:CVX) is reportedly considering buying some of international assets owned by Russian oil firm Lukoil, joining Carlyle and others in buying a chunk of the $22 billion portfolio.
  
  - US oil major ConocoPhillips (NYSE:COP) announced a gas discovery with its Essington-1 exploration well offshore Australia, hitting a total net pay of 90 meters as it was targeting prospective resources of 260 BCf.
  
  - Japan's leading utility firm Tokyo Gas (TYO:9531) sold its upstream business in Louisiana to privately held US producer Grayrock Energy for $255 million, citing portfolio optimization.
  
  - Mining giant BHP (NYSE:BHP) was found liable for the 2015 Mariana dam disaster in Brazil, as London’s High Court obligated it to pay $48 billion in damages to thousands of Brazilian citizens and local governments.
  
  - ExxonMobil’s (NYSE:XOM) joint venture with QatarEnergy, the 18 mtpa Golden Pass LNG plant is expected to load its first LNG shipment in February, becoming the 9th operational liquefaction site in the US.
  
  Tuesday, November 18, 2025
  
  November might go down as one of the most uneventful months in oil pricing as ICE Brent continues to hover between $62 and 66 per barrel, notably narrower than the $9-per-barrel gap in October. The oil market’s main bullish momentum now comes from Rosneft/Lukoil sanctions, however up until now they’ve resulted in a build-up of Russian crude on sea rather than a collapse in day-to-day loadings.
  
  Goldman Drops the Bullish Mood. US investment bank Goldman Sachs (NYSE:GS) has revised downwards its crude oil forecast for 2026, now expecting next year to see ICE Brent average $56 per barrel and WTI to dip to $52 per barrel on OPEC+ unwinding and non-OPEC supply growth.
  
  Russian Oil Is Building Up at Sea. As Indian and Chinese buyers exercise caution ahead of the November 21 Rosneft and Lukoil sanctions deadline, Russian oil exports have dipped to 3.4 million b/d as the buildup in Russian crude tankers is now counting 11 tankers anchored next to India.
  
  Suriname's First Gas Project Is Shaping Up. Suriname's national oil company Staatsolie confirmed the commerciality of the Sloanea gas prospect, to be developed by Malaysia's Petronas that operates the offshore Block 52 with an 80% stake, aiming for a 2026 FID and first gas by 2030.
  
  Indonesia Mulls U-Turn on Coal Phaseout. Indonesia's plan to shutter 6.7 GW of coal-fired power generation capacity could be reversed due to stalled disbursal of funds from donor countries, as the Just Energy Transition Partnership failed to collect $20 billion earmarked for the Asian country.
  
  Lithium Prices Soar on Chinese Boom Predictions. China's most-traded Guangzhou lithium futures exploded this week, rising 9% on Monday alone to ¥95,200 per metric tonne ($13,400/mt) after the chairman of Ganfeng Lithium, a key lithium producer, predicted a 30-40% demand surge next year.
  
  Saudi Arabia Starts Supplying Oil to Syria. The Liberia-flagged Petalidi tanker arrived in Syria's port of Baniyas, fully laden with Khuff condensate produced by Saudi Aramco (TADAWUL:2222), Saudi Arabia's first export of crude to Syrian refineries since the onset of the Civil War.
  
  Brazilian Discoveries Just Keep on Coming. Brazil's national oil company Petrobras (NYSE:PBR) reported another oil discovery with in the Sudoeste de Tartaruga Verde production sharing block in the offshore Campos Basin, marking another success in its 13-well drilling campaign.
  
  Russia's Key Black Sea Port Resumes Loadings. Crude and refined product exports from Russia's main Black Sea export terminal of Novorossiysk have resumed after a two-day hiatus triggered by Ukrainian drone strikes, with nine tankers departing the port on November 17.
  
  Related: Goldman Sachs: Oil Prices To Drop to $53 In 2026
  
  Iran Claims Tanker Diversion in Gulf Waters. Iran's Islamic Revolutionary Guard took responsibility for the seizure of the Talara tanker, claiming it was carrying an 'unauthorized' cargo of 30,000 metric tonnes of petrochemicals produced in Iran and required a full inspection.
  
  Chinese Products Exports Boom on Record Margins. China's exports of refined products jumped 14% year-over-year to 4.52 million metric tonnes, according to Beijing's customs data, with jet fuel accounting for 38% of all outflows, surpassing gasoline and diesel, both tallying just 750,000 tonnes.
  
  India Signs First Big US LPG Deal. India's state-controlled oil firms signed a one-year import deal with US producers, seeking to buy 2.2 million metric tonnes of LPG in 2026, up from buying 1.4 million tonnes this year to date and diversifying their sourcing under pressure from US President Trump.
  
  US EV Sales Collapse on Pulled Subsidies. According to car services firm Cox Automotive, US electric vehicle sales dropped 30% year-over-year in October as the $7,500 federal tax credit was phased out completely, with the average transaction price rising by 2% compared to September.
  
  Majors' Exodus from Europe’s Petchem Industry Continues. US oil major ExxonMobil (NYSE:XOM) announced that it would shut it Fife ethylene plant in Scotland in February 2026, citing high costs and adverse policies of the UK government, as Europe’s chemical sector continues to shed capacity. Source: Oilprice.com

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