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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
614.29
0.00
738.00
+3.00
May 13
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	614.29	0.00	738.00	+3.00	May 13

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
544.49	+0.43	659.32	+1.64	843.08	+3.73	May 17

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MBP INDEX vs DBP INDEX (ICE/NYMEX)

All Indexes in $/mton	380HSFO			VLS FO			MGO LS			Date
All Indexes in $/mton	MBP Index	DBP Index	Diff	MBP Index	DBP Index	Diff	MBP Index	DBP Index	Diff	Date
Rotterdam	485	528	-43	569	624	-55	738	820	-82	May 17
Singapore	520	541	-21	624	632	-8	728	829	-101	May 17
Fujairah	509	552	-43	628	628	0	878	877	+1	May 17
Houston	481	519	-38	587	646	-59	750	745	+5	May 17

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Latest News
- 2024-05-17
  Oil prices steady; weekly gains likely amid demand hopes
  Oil prices traded marginally higher Friday, and were headed for a positive week as milder U.S. inflation, shrinking U.S. inventories and increased Chinese stimulus stoked hopes of improving demand. At 08:30 ET (12:30 GMT), Brent oil futures rose 0.1%... Read more Oil prices traded marginally higher Friday, and were headed for a positive week as milder U.S. inflation, shrinking U.S. inventories and increased Chinese stimulus stoked hopes of improving demand.
  At 08:30 ET (12:30 GMT), Brent oil futures rose 0.1% to $83.29 a barrel and West Texas Intermediate crude futures gained 0.1% to $79.28 a barrel.
  Weekly gains likely
  Both contracts are set to end the week with gains of between 0.5% and 1%, with a bulk of gains coming after U.S. consumer inflation readings came in softer than expected.
  The April CPI reading battered the dollar and increased expectations that the Federal Reserve could begin trimming rates as soon as September, with looser monetary conditions boding well for crude demand.
  But this notion was somewhat offset by a string of Fed officials warning that the central bank needed more convincing that inflation was coming down, before it could begin trimming rates.
  Oil markets see mixed cues
  Crude markets were also grappling with mixed cues on demand this week. A bigger-than-expected draw in U.S. inventories pushed up optimism over improving demand as the travel-heavy summer season approaches.
  But this was offset by the International Energy Agency slightly trimming its annual demand forecast, citing uncertainty over the global economy amid sticky inflation and potentially high for longer rates.
  On the other hand, the Organization of Petroleum Exporting Countries maintained its demand forecast for 2024, citing an eventual economic recovery in China and potentially lower interest rates later in the year.
  The OPEC is also expected to maintain its current pace of production cuts beyond end-June, presenting a tighter outlook for supply.
  
  “Oil inventories falling by less than we had expected in recent weeks and U.S. interest rates staying higher for longer are likely to have an impact on OPEC+’s policy of being proactive, preemptive, and precautionary,” said analysts at UBS, in a note dated May 14.
  “We now expect the eight member states with voluntary production cuts to extend them by at least three months ahead of the ordinary meeting at the beginning of June.”
  More China cues on tap
  China said it will begin a massive, $1 trillion bond issuance this week- Beijing’s first major act of fiscal stimulus as it struggles to shore up a sluggish economic recovery.
  Chinese industrial production grew more than expected in April, indicating that a recovery in the country’s massive manufacturing sector remained on track amid increased government support.
  But signs of weak consumption in the country persisted, as growth in retail sales largely missed expectations in April, while China's new home prices fell at the fastest monthly pace in over nine years.
  China is widely expected to hold benchmark lending rates steady on Monday, although expectations are growing for a cut in the mortgage reference rate as the authorities scramble to boost housing. Source: Investing.com
- 2024-05-17
  EUROPE: STENA OIL’S FREDERIKSHAVN TERMINAL OFFICIALLY OPENED
  Stena Oil’s new 75,000 cubic metre (cbm) capacity marine fuel terminal in Frederikshavn was inaugurated on Tuesday (14 May). The new terminal is designed to handle various types of fuels – and it will be served by a newly built bunker vessel that will... Read more
- 2024-05-17
  AMERICAS: APRIL BUNKER SALES FALL Y-O-Y AND M-O-M IN PANAMA
  Some 375,848 metric tonnes (mt) of marine fuel were sold in Panama last month – 2.3% down on the 384,656 mt recorded in April 2023 and 4% down on the 391,314 mt registered in March. Sales of very low sulphur fuel oil (VLSFO) slipped from 234,322 mt... Read more
- 2024-05-17
  EUROPE: “K” LINE REPORTS ITS FIRST TRIAL USE OF B100 BIOFUEL ONBOARD CAR CARRIER
  Kawasaki Kisen Kaisha, Ltd. (“K” LINE) has announced that it has conducted its first trial use of marine B100 biofuel onboard its car carrier Apollon Highway. In a statement issued yesterday (16 May) “K” LINE said that the B100 biofuel was supplied... Read more
- 2024-05-17
  GLOBAL: BUNKER HOLDING LAUNCHES CARBON INSETTING CAPABILITY
  In a new partnership with 123Carbon and Bureau Veritas, Bunker Holding has concluded its first blockchain-powered carbon insetting operation. In a statement sent to Bunkerspot today (16 May), Bunker Holding said that it delivered maritime emissions... Read more
- 2024-05-17
  AMERICAS: BERT SMITH APPOINTED DIRECTOR GENERAL OF MARITIME AUTHORITY OF JAMAICA
  Bertrand ‘Bert’ Smith has taken the helm at the Maritime Authority of Jamaica as its new Director General. Smith has led Jamaican delegations at regional and international level and is the current head of delegation to the International Maritime Organization’s... Read more
- 2024-05-17
  Oil set for weekly gain on signs of improving demand
  Oil prices gained on Friday, with global benchmark Brent set for its first weekly increase in three weeks on signs of improving global demand amid stronger economic indicators from key consumers China and the United States. Brent crude oil prices climbed... Read more Oil prices gained on Friday, with global benchmark Brent set for its first weekly increase in three weeks on signs of improving global demand amid stronger economic indicators from key consumers China and the United States.
  Brent crude oil prices climbed 21 cents, or 0.25%, to $83.48 a barrel by 0314 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 7 cents, or 0.09%, to $79.30 a barrel.
  Brent futures are set to rise about 1% on a weekly basis, with WTI futures set to gain 1.4%.
  "WTI crude oil prices seem to have found a near-term floor/support at around US$78.40/barrel after a 9%+ decline from 26 April in the past week due to several encouraging factors such as two consecutive weeks of decline in U.S. crude oil stockpile and more upcoming 'piecemeal' stimulus measures from China," said OANDA senior market analyst Kelvin Wong, referring to the country's potential programme to buy up unsold homes directly from property developers.
  Markets were also bolstered by China's industrial output growth at 6.7% year-on-year in April as recovery in its manufacturing sector gathered pace, pointing to possibly stronger demand to come.
  Declines in oil and refined products inventories at major global trading hubs have also created optimism over oil demand growth, reversing a trend of rising stockpiles that had weighed heavily on crude oil prices in prior weeks.
  Recent economic indicators from the United States have fed into the optimism over global demand. U.S. consumer prices rose less than expected in April, data showed on Wednesday, boosting expectations of lower interest rates in the country.
  Those expectations were further bolstered by data on Thursday that showed a stabilizing U.S. job market.
  Lower interest rates could help soften the U.S. dollar, which would make oil cheaper for investors holding other currencies and drive demand.
  On the supply side, investors were mostly looking for direction from an upcoming OPEC+ meeting on June 1, which will likely be held online.
  An extension of OPEC+ cuts in oil output beyond June is likely to see firmer prices in the medium term, said OANDA's Wong.
  ANZ analysts said in a client note: "We see three possible scenarios for the outcome of the 1 June meeting: extend, unwind or complete removal of the voluntary cuts of 2.2mb/d. Our current model is based on a gradual unwinding of the cuts in H2 2024. Even with that, we see the market moving into a deficit, with the future call on OPEC production well above current output." Source: Reuters
- 2024-05-17
  Oil prices steady, set for mild weekly gains amid demand hopes
  Oil prices moved little in Asian trade on Friday, but were headed for a mildly positive week as a softer dollar, shrinking U.S. inventories and increased Chinese stimulus stoked hopes of improving demand. But crude markets were still grappling with... Read more Oil prices moved little in Asian trade on Friday, but were headed for a mildly positive week as a softer dollar, shrinking U.S. inventories and increased Chinese stimulus stoked hopes of improving demand.
  But crude markets were still grappling with mixed signals this week, after a major industry body lowered its demand forecast for the year. Persistent economic uncertainty over top importer China also sparked some volatility in oil markets, especially after Beijing was slapped with higher trade tariffs by the U.S.
  Brent oil futures expiring in July rose 0.1% to $83.33 a barrel, while West Texas Intermediate crude futures steadied around $78.80 a barrel by 20:55 ET (00:55 GMT).
  Oil set for mildly positive week after softer CPI, shrinking inventories
  Brent and WTI futures were up between 0.7% and 1.4% this week, with a bulk of gains coming on Thursday after some U.S. consumer inflation readings read softer than expected.
  The readings battered the dollar and pushed up bets that the Federal Reserve could begin trimming rates by as soon as September. Looser monetary conditions bode well for crude demand.
  But this notion was somewhat offset by a string of Fed officials warning that the central bank needed more convincing that inflation was coming down, before it could begin trimming rates.
  Oil markets see mixed cues on demand
  Crude markets were also grappling with mixed cues on demand this week. A bigger-than-expected draw in U.S. inventories pushed up optimism over improving demand as the travel-heavy summer season approaches.
  
  But this was offset by the International Energy Agency slightly trimming its annual demand forecast, citing uncertainty over the global economy amid sticky inflation and potentially high for longer rates.
  On the other hand, the Organization of Petroleum Exporting Countries maintained its demand forecast for 2024, citing an eventual economic recovery in China and potentially lower interest rates later in the year.
  The OPEC is also expected to maintain its current pace of production cuts beyond end-June, presenting a tighter outlook for supply.
  More China cues on tap
  China said it will begin a massive, $1 trillion bond issuance this week- Beijing’s first major act of fiscal stimulus as it struggles to shore up a sluggish economic recovery.
  Industrial production and retail sales data due later on Friday is now expected to offer more insight on the world’s biggest oil importer. Source: Investing.com
- 2024-05-17
  Could Renewable Diesel Crush Oil Demand?
  With the benchmark diesel price used for most fuel surcharges down for the fifth week in a row, diesel consumers should be reveling in the fact that market trends appear to have completely thrown out concerns about the Middle East conflict and are focused... Read more With the benchmark diesel price used for most fuel surcharges down for the fifth week in a row, diesel consumers should be reveling in the fact that market trends appear to have completely thrown out concerns about the Middle East conflict and are focused on the markets for both diesel and gasoline as primary drivers.
  
  The Department of Energy/Energy Information Administration average weekly retail diesel price fell 4.6 cents Monday to $3.848 a gallon. The five consecutive declines have taken that price down 21.3 cents a gallon during, and the price is now at a level not seen since the end of January.
  
  Whatever impact that oil markets may have felt from the conflict in Gaza, the Iran-Israel back-and-forth and the diversions of shipping away from the Red Sea (which may have faded from the news but continue) are apparently having no impact on oil prices. A reaction to those developments would tend to be macro in nature and would generally impact crude more than products.
  
  But market weakness continues to show up in products markets, including diesel. And diesel in particular is getting a great deal of focus of late.
  
  Diesel is increasingly being viewed as one of the primary reasons for the gradual fall in oil markets that has been occurring since early to mid-April. Whereas a few months ago, the rising price of oil was primarily attributed to a tight market for gasoline, the more recent weakness in oil overall is being laid firmly at the feet of the diesel market.
  
  In his weekly report released Sunday, energy economist Philip Verleger noted that diesel weakness is becoming more structural because of the growing role of renewable diesel, which is made not from petroleum but from feedstocks such as plant oils and animal fats, including those captured in grease traps at restaurants.
  
  In the report, Verleger noted that weekly EIA data on distillate consumption in the U.S., which is about 90% diesel, has been running anywhere from 400,000 to 600,000 barrels per day less than pre-pandemic levels. While some analysts are looking at that and concluding it is the function of a slow trucking market, Verleger’s report cited the fact that the data isn’t capturing the consumption of renewable diesel.
  
  “Taxes and regulations promulgated by the US Environmental Protection Agency have prompted refiners to convert crude oil processing facilities to produce renewable diesel, making more renewable fuel available,” Verleger wrote. “The higher renewable diesel use will cut US petroleum consumption. At this juncture, it seems that none of the … most-quoted forecasts of global oil demand have been adjusted to account for this replacement.”
  
  Refining company earnings calls with analysts often feature management discussion of renewable diesel and its impact on the refiners’ bottom line. For example, on the latest Phillips 66 call, CEO Mark Lashier reviewed the company’s expanding renewable diesel operations and said that as a result of them, “we have gained valuable operational experience and market knowledge that positions us for success in our expanding renewable fuels business.”
  
  But on the latest round of calls, talk about the weak diesel market — its crack spread against Brent crude is down about 20 cents a gallon in two months — did arise.
  
  The view that diesel demand is weak was rejected by Gary Simmons, the executive vice president and chief operating officer at Valero. He said on the company’s first-quarter earnings calls that diesel sales at Valero are about 2% higher than those of a year ago.
  
  But he added that he expects diesel demand will be “flat to slightly down compared to last year.” “However, some of the freight indices appear to be turning, and indicate we could start seeing better demand,” Simmons said.
  
  Brian Mandell, executive vice president of marketing and commercial for Phillips 66 (NYSE: PSX) said on the company’s call that even though Ukraine’s attacks on Russian refining capacity have probably taken about 200,000 barrels per day of Russian diesel supplies off the market, diesel prices have been suppressed by the warm winter in the northeastern U.S. — where heating oil, a distillate, is heavily used for home warmth — and by refiners coming out of maintenance season strong.
  
  But the result has been reduction in refinery operating rates in Europe and Asia because of refining margins for distillates, which he said are around breakeven.
  
  The weak market for products relative to crude is most visible in the 3-2-1 crack spread, a basic indicator of refinery probability. It is calculated by taking the price of two barrels of gasoline plus one barrel of diesel, converting it to a price per barrel and subtracting the price of crude, either Brent or West Texas Intermediate.
  
  The Brent 3-2-1 on Monday, based on CME prices, fell to close to $21 a barrel. Two months ago, in mid-March, it was approximately $29. Source: Oilprice.com
- 2024-05-17
  Asian Refiners Diversify Away from Middle Eastern Oil
  Asian refiners are reducing their intake of Middle Eastern oil in favor of crude from the United States and Brazil. The move comes amid shrinking margins and rising Saudi oil prices—even as international benchmarks remain largely range-bound. Yet the... Read more Asian refiners are reducing their intake of Middle Eastern oil in favor of crude from the United States and Brazil. The move comes amid shrinking margins and rising Saudi oil prices—even as international benchmarks remain largely range-bound.
  
  Yet the diversification is, for the time being, quite moderate, with Saudi Arabia still the top supplier to Asia as a whole, far ahead of both the United States and Brazil. Whether this would turn into a trend is uncertain because there are all those barrels of relatively cheap Russian crude, too.
  
  Reuters’s Clyde Russell reported this week that Asian imports of crude from Saudi Arabia fell to 4.88 million barrels daily last month, which was down from 5.07 million barrels daily in March, per LSEG data. The April average of Saudi imports was even more markedly lower than the February daily, which stood at 5.52 million barrels.
  
  The decline came on the back of repeated Saudi oil price hikes, which, together with weaker demand for fuels, led to slimmer refining margins for Asian oil processors. Naturally, that made refiners turn to bargain hunting.
  
  Saudi Arabia raised its official selling prices for oil in all three months since March. The latest hike saw the price of its flagship Arab Light rise to a premium of $2.90 over the Oman/Dubai benchmark. This is already quite a bit more expensive than West Texas Intermediate, at over $83 per barrel versus $79 per barrel for WTI. So WTI-linked crudes from the U.S. begin to look more affordable, and so does Brazilian crude, which is also commonly priced against the U.S. benchmark.
  
  Oil from the Americas is not Asian refiners’ top choice because of the longer journeys that add to the cost, potentially wiping out any price discount in the oil itself and making the switch largely pointless. Yet the data about rising Asian imports of both U.S. and Brazilian crude suggests that the switch might make sense for some refiners given the current conditions.
  
  The diversification may yet gather pace as the market widely expects OPEC+ to stick to its production cut policy at its next meeting on June 1. This means that even if Saudi Arabia arrests the trend of hiking prices, it is unlikely to cut them, leaving its crude expensive compared to alternatives, including from its OPEC+ partner Russia, which is already China’s biggest oil supplier—and India’s, too.
  
  Reuters’ Russell expects Asian refiners to continue buying more U.S. and Brazilian oil until the Saudis cut their prices. Yet he notes that their available capacity for processing lighter, sweeter U.S. crudes would limit this potential increase in purchases. Most refining capacity in Asia is calibrated to work with medium and heavy crude, which refiners buy from the Middle East and Russia.
  
  There is also the question of demand, which would shape refining margins in the coming months. There has been concern about demand strength in Asia as a whole— and China specifically—after its crude oil intake declined from the previous month.
  
  Asian oil imports dipped by 440,000 bpd in April from March, according to LSEG data cited by Reuters’ Russell in early May. The four-month daily average was higher, by 300,000 bpd, which the report suggested was disappointing—especially for OPEC, which had predicted more robust demand growth.
  
  Growth may yet pick up, especially in China, where Rystad Energy expects a pickup later in the year with a new refinery starting up and higher fuel export quotas motivating more production. Where the crude for filling those quotas will come from, however, is the more interesting question. It seems that less of it may come from the Middle East and more from Brazil and the U.S., at least for the time being.
  
  Source: Oilprice.com