Mabux: Global Bunker Prices

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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
665.34
0.00
750.00
+5.00
Apr 22
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	665.34	0.00	750.00	+5.00	Apr 22

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
548.74	-1.02	685.75	-1.69	873.87	-3.40	Apr 23

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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	486	548	-62	599	650	-51	750	848	-98	Apr 23
Singapore	515	563	-48	645	657	-12	772	857	-85	Apr 23
Fujairah	505	574	-69	647	654	-7	892	905	-13	Apr 23
Houston	485	532	-47	630	665	-35	795	782	+13	Apr 23

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Analytical Section
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Latest News
- 2024-04-23
  GLOBAL: ULTRAMAX BULKER BECOMES FIRST VESSEL TO RECEIVE ABS’ BIOFUEL-1 NOTATION
  Carras (Hellas) S.A.’s Ultramax bulk carrier Aquataurs has become the first vessel in the world to receive the ABS Biofuel-1 notation. The notation is assigned to vessels that use a biofuel blend of up to and including 30% biofuel in compliance with... Read more
- 2024-04-23
  GLOBAL: ULTRAMAX BULKER BECOMES FIRST VESSEL TO RECEIVE ABS’ BIOFUEL-1 NOTATION
  Carras (Hellas) S.A.’s Ultramax bulk carrier Aquataurs has become the first vessel in the world to receive the ABS Biofuel-1 notation. The notation is assigned to vessels that use a biofuel blend of up to and including 30% biofuel in compliance with... Read more
- 2024-04-23
  GLOBAL: IEA LAUNCHES ONLINE HUB TO TRACK PROGRESS ON COP28 GOALS
  The International Energy Agency (IEA) has launched an online hub to track global progress towards meeting the goals agreed at the COP28 climate summit in Dubai. In a statement issue today (22 April), the IEA said it developed the webpage in partnership... Read more
- 2024-04-23
  GLOBAL: ROYAL CARIBBEAN GROUP RELEASES ‘SEASTAINABILITY’ AND COMMUNITY IMPACT REPORTS
  Royal Caribbean Group has today (22 April) published its annual 'Seastainability' Report and inaugural Community Impact Report – with the highlights including an ‘expanding energy portfolio’ following the successful completion of biofuels trials, the... Read more
- 2024-04-23
  EUROPE: DAN-BUNKERING APPOINTS GLOBAL KEY ACCOUNT MANAGER
  Marine fuels company Dan-Bunkering has announced the appointment of Thomas Holm Olesen as Global Key Account Manager. In a statement sent to Bunkerspot today (22 April), Dan-Bunkering said the appointment of Olesen, which took effect on 4 March, ‘marks... Read more
- 2024-04-23
  GLOBAL: IBIA AND BIMCO TEAM UP ON TRAINING, R&D AND DECARBONISATION
  The International Bunker Industry Association (IBIA) and BIMCO have signed a Memorandum of Understanding (MoU) to collaborate on the development of solutions and initiatives to facilitate the transition towards cleaner marine fuels and efficient and sustainable... Read more
- 2024-04-23
  Oil prices stabilise, Middle East tensions remain in focus
  Oil prices edged higher on Tuesday, after falling in the previous session, as investors continued to assess the risk from geopolitical concerns in the Middle East. Global benchmark Brent crude oil futures traded 27 cents higher at $87.27 a barrel by... Read more Oil prices edged higher on Tuesday, after falling in the previous session, as investors continued to assess the risk from geopolitical concerns in the Middle East.
  Global benchmark Brent crude oil futures traded 27 cents higher at $87.27 a barrel by 0308 GMT, and U.S. West Texas Intermediate crude futures also gained 26 cents to $82.16 a barrel.
  Both benchmarks fell 29 cents in the previous session on signs that a recent escalation of tensions between Israel and Iran had little near-term impact on oil supplies from the region.
  "The unwinding of geo-political risk premium has dented crude oil prices recently as supply was not disrupted meaningfully," said Sugandha Sachdeva, founder of Delhi-based research firm SS WealthStreet.
  But the evolving geopolitical landscape remains critical in steering crude oil prices, she said.
  "While there are no indications of an imminent full-scale war between the countries involved, any escalation in tensions could quickly reverse the current trend," Sachdeva added.
  ANZ analysts echoed the sentiment and highlighted U.S. approval of new sanctions on Iran's oil sector that broaden current sanctions to include foreign ports, vessels and refineries that knowingly process or ship Iranian crude.
  Also, EU foreign ministers agreed in principle on Monday to expand sanctions on Iran following Tehran's missile and drone attack on Israel, the bloc's foreign policy chief Josep Borrell said.
  "The geopolitical backdrop is still very fraught with so many risks at the moment, so clearly we're going to see a lot of volatility until there's a lot more clarity around it," the ANZ analysts said in a podcast.
  
  3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .
  Israeli troops fought their way back into an eastern section of Khan Younis in a surprise raid, residents said on Monday, sending people who had returned to abandoned homes in the ruins of the southern Gaza Strip's main city fleeing once more.
  Investors are waiting for the release of the U.S. gross domestic product figures and the March personal consumption expenditure data - the Fed's preferred inflation gauge - later this week to assess the trajectory of monetary policy.
  {{8849|U.S. crcrude oil inventories are expected to have increased last week while refined product stockpiles likely fell, according to a preliminary Reuters poll of analysts.
  "Sticky U.S. inflation figures, hawkish statements from key Fed officials, and rising U.S. inventories are all acting as constraints on crude oil price growth," Sachdeva said. Source: Reuters/Investing.com
- 2024-04-23
  Big Oil May Not Support All Trump 2.0 Policies
  Since day one of President Joe Biden's term in office, the U.S. oil and gas industry has been criticizing his energy policies, saying that these undermine America's energy and national security with punitive and restrictive measures against fossil fuels.... Read more Since day one of President Joe Biden's term in office, the U.S. oil and gas industry has been criticizing his energy policies, saying that these undermine America's energy and national security with punitive and restrictive measures against fossil fuels.
  
  Yet, during President Biden's tenure, American oil and gas production has hit record highs. But this achievement has come despite Biden's policies, not thanks to them, the industry says.
  
  For his part, the presumptive Republican nominee and former president Donald Trump has pledged to return to the "drill, baby, drill" policies supportive of unleashing more U.S. oil and gas production.
  
  The industry, which feels it has been the target of Biden's climate laws and provisions, has slammed what it has described as 'inept' energy policies and has often expressed frustration with the current Administration and its many energy bills and proposals, including the fewest proposed lease sales in history, a methane emissions tax, and a pause on LNG export project approvals.
  
  "Until the next administration is decided, we're in a state of flux when it comes to making certain business decisions," an executive at an U.S. exploration and production firm said in comments to the latest Dallas Fed Energy Survey.
  Related: Saudi Aramco Eyes Stake in Chinese Petrochemical Firm
  
  Another comment read, "I can't recall a more uncertain time with disturbing world conflicts and the choice we have to make in the U.S. presidential election."
  
  The U.S. oil and gas industry favors Trump for president. It has donated $7.5 million to Donald Trump's campaign, clearly favoring him over President Biden, who has received just over $1 million from outside groups in the energy sector, according to data collected by OpenSecrets.
  
  However, two of Trump's leading campaign pledges—scrap the Inflation Reduction Act (IRA) and slap trade tariffs, especially a 60% tariff on Chinese products – may not benefit the oil and gas industry.
  
  The sector, despite criticizing the IRA for its emissions fees, is set to benefit from the IRA funding to get carbon capture and hydrogen projects up and running.
  
  Last year, one of the biggest U.S. oil producers, Occidental, won one of two grants by the Biden Administration to build the world's first direct air capture plant in Texas that would extract carbon dioxide directly from the atmosphere.
  
  The U.S. Administration has also decided to support hydrogen hubs with $7 billion in funding from the Bipartisan Infrastructure Law. This has stirred a lot of controversy due to the selection of sites planned to produce hydrogen from natural gas with carbon capture and storage (CCS).
  
  Trump has pledged to gut the IRA. However, this would first need a Republican-controlled Congress with both House and Senate. And even then, it could be difficult to scale back or scrap the incentives, as they mostly benefit projects and jobs in Republican states, analysts say.
  
  Executives at the U.S. oil majors have expressed support for the IRA. One of these is none other than ExxonMobil's chief executive Darren Woods.
  
  "I was very supportive of the IRA — I am very supportive of the IRA — because as legislated the IRA focuses on carbon intensity and in theory is technology-agnostic," Woods said at the CERAWeek in Houston last month, as carried by the Washington Post.
  
  "They're not trying to pick a particular technology."
  
  The American Petroleum Institute (API), despite all its criticism against many of Biden energy policies, also supports the IRA incentives for green technologies that benefit the industry.
  
  "I suspect that when there is an attempt to repeal the IRA — and there will be — it will end up looking more like a scalpel-like approach rather than a butcher knife," API president and CEO Mike Sommers said at the Houston conference, the Washington Post reports.
  
  "And we'll advocate for the provisions that we support."
  
  The U.S. oil and gas industry is also apprehensive about an escalation of the trade war with China, with Trump's idea to slap a 60% tariff or higher on imports of Chinese goods. If Trump is not dissuaded from this idea, the cost of energy projects is set to rise due to expected increases in steel and aluminum pipes and inflationary pressure from upended trade routes. Source: Oilprice.com
- 2024-04-23
  What’s The Next Move In The Israel-Iran Standoff And What Will Oil Do?
  There is always the possibility that Israel now does “take the win” as U.S. President Joe Biden advised Israeli Prime Minister, Benjamin Netanyahu, albeit before Israel launched missile and drone attacks on nuclear- and military-related facilities in... Read more There is always the possibility that Israel now does “take the win” as U.S. President Joe Biden advised Israeli Prime Minister, Benjamin Netanyahu, albeit before Israel launched missile and drone attacks on nuclear- and military-related facilities in Iran’s Isfahan province and in its East Azerbaijan provincial city of Tabriz. There is also the possibility that if Israel does this, then Iran might desist from further direct attacks on Israel from its own territory, after it did so for the first time in multiple attacks on 13 April. As always in the conflict escalation ladder, there are many ‘ifs’ to be considered. But one small miscalculation on any side – including by the many proxies involved in the ongoing Irael-Hamas War – can tilt the ladder into full-blown war in a single moment and the global oil market into chaos with it. So, what may happen next?
  
  Perhaps the key factor right now in this scenario mix is that Israel acted in direct opposition to the public advice of its key superpower sponsor, the U.S., in attacking Iran directly on its own soil. This does not necessarily mean that Washington did not privately give Tel Aviv the nod to go ahead with the attacks – this is diplomacy, and the White House needs to appear a pacifying influence if it is to retain its appearance of a mediator in the Israel-Hamas War and related conflicts. Nonetheless, the fact that Israel did go against the publicly stated view of the U.S. underlines the strength of feeling among the hardliners in the Israeli five-person cabinet that Iran’s direct attacks on Israeli soil must be met with extreme force – and much more than the minimal attacks on Isfahan and Tabriz. These five are Prime Minister Netanyahu, Minister of Defense, Yoav Gallant, former Chief of the General Staff, Benny Gantz, and two nonvoting ‘observers’ - Ron Dermer, Israel’s former ambassador in Washington, and Gadi Eisenkot, another former Israel Defense Forces Chief of Staff. Another key figure is Itamar Ben-Gvir - National Security Minister, who said just after the 13 April Iran attacks that: “To create a deterrent in the Middle East, Israel has got to show that it is prepared to go berserk.”
  
  But berserk how, precisely? Regardless of whether or not the U.S. did privately give the okay for Israel to launch the 19 April attacks on targets in Iran, Washington definitively will not countenance any Israeli action that directly causes energy prices to rise, according to a very senior source in the European Union’s (E.U.) energy security complex. “[President Joe] Biden is headed into an election in November, and he won’t want to do that with energy prices spiralling up again, pushing inflation higher, and causing interest rates to spike up,” he told OilPrice.com last week. As analysed in full in my new book on the new global oil market order, there are very clear links between oil prices and the re-election chances of U.S. presidents. Economically, longstanding estimates are that every US$10 per barrel change in the price of crude oil results in a 25-30 cent change in the price of a gallon of gasoline, and for every 1 cent that the average price per gallon of gasoline rises, more than US$1 billion per year in consumer spending is lost. Crucially in this context, historically around 70 percent of the price of gasoline is derived from the global oil price. Politically, since the end of World War I in 2018, the sitting U.S. president has won re-election 11 times out of 11 if the economy was not in recession within two years of an upcoming election. However, if it was in recession in this timeframe, then only 1 sitting president has won out of 7 times. Even a late lurch towards a worsening economic outlook can significantly affect a sitting president’s chances of re-election. “So, any idea the Israelis might have of hitting Iran’s oil infrastructure in any major way, including anything in and around the Red Sea or the Strait of Hormuz would be fiercely opposed by Washington,” underlined the E.U. security source.
  
  Iran’s key superpower sponsor, China, is also likely to be of the same view. This applies equally to Tehran deciding at any point to attempt to either try to invoke an OPEC oil embargo on countries supporting Israel, or to close the key global oil transit route of the Strait of Hormuz in retaliation for anything Israel might do. Unlike the situation of the last major OPEC oil embargo in 1973/74 that caused the Oil Crisis, as also analysed in full in my new book on the new global oil market order, China is now a huge global consumer of oil, as are the countries with which it does most of its business. The economies of the West remain its key export bloc, with the U.S. still accounting for over 16 percent of China’s export revenues on its own. According to the E.U. source, the economic damage to China – directly through its own energy imports and indirectly through damage to the economies of its key export markets in the West – would dangerously increase if the Brent oil price remained over US$90-95 pb for more than one quarter of a year.
  
  This said, there is one particular option available to Israel that would allow it to ‘go berserk’ that would not be opposed by the U.S., although again publicly the White House might voice opposition. As already tested on a very limited basis in Isfahan and Tabriz, a bigger and broader attack on Iran’s nuclear facilities aimed at delaying the path to warhead-deliverable nuclear missiles would likely find favour with Washington. “There are 23 sites in Iran that are integral to its ongoing nuclear programme, and Israel knows where all of them are, and has the means to take them out,” said the E.U. source. “A good place to start would be the big new facility they [the Iranians] are building in Natanz to the south of Qom, and they may already have signalled this intention with the attacks near the UCF [Uranium Conversion Facility] research centre in Isfahan city,” he added. “The reason why they [the Israelis] didn’t do it before, despite wanting to, was that the Americans said they could deal with Iran through the JCPOA [Joint Comprehensive Plan of Action – or ‘nuclear deal’], but that’s still off the table, so I don’t think they [the U.S.] would have too much of a problem with it now, and they can say they had nothing to do with it anyway,” he told OilPrice.com last week. “The danger of blowback from any of the other major Arab states in the region for this would also be minimal at most, as Iran’s rising nuclear threat is a big concern for them too,” he concluded.
  
  If Israel did take this most likely route of further retaliation against Iran, then Tehran might well decide to retaliate itself with attacks that did have direct consequences for the oil price, from which it would additionally benefit as a big oil and gas producer. According to the E.U. source, the most likely form of this would be to use the Houthis to either attack Saudi Arabia’s oil facilities and/or to step up their actions against shipping in and around the Red Sea area. As analysed by OilPrice.com, the Houthis very recently vowed to attack Saudi Arabia if it continued to allow U.S. warplanes to use its territory for military strikes against the Yemeni rebel group. The last time the Houthis launched major coordinated attacks against the Saudi Arabian mainland - on 14 September 2019 against the Abqaiq oil processing facility and Khurais oil field - Saudi Arabia’s oil production was halved, causing the biggest intra-day jump in U.S. dollar terms since 1988, as also analysed in full in my new book on the new global oil market order.
  
  Source: Oilprice.com
- 2024-04-23
  MABUX: No firm trend in the Global bunker market on April 23.
  MABUX World Bunker Index (as index calculated based on current prices for 380 HSFO, VLSFO and MGO) initially increased in the morning but later corrected slightly downward on Apr. 22: 380 HSFO - USD/MT - 549.76 (-1.78) VLSFO - USD/MT – 687.44 (-1.06) MGO... Read more MABUX World Bunker Index (as index calculated based on current prices for 380 HSFO, VLSFO and MGO) initially increased in the morning but later corrected slightly downward on Apr. 22:
  
  380 HSFO - USD/MT - 549.76 (-1.78)
  VLSFO - USD/MT – 687.44 (-1.06)
  MGO - USD/MT – 877.27 (-2.17)
  
  As of Apr. 22, the MABUX MBP/DBP Index (MDI), monitoring the correlation between market bunker prices (MBP) and the MABUX digital bunker price benchmark (DBP), indicated the following price trends across major ports: Rotterdam, Singapore, Fujairah, and Houston.
  
  - HSFO segment: All four selected ports were in the undercharge zone, with underprice premiums narrowing by $7 in Rotterdam and $1 in Houston, but widening by $1 in Singapore and $5 in Fujairah. MDI indexes across all ports remained stable below the $100 mark.
  
  - VLSFO segment: All four ports remained underpriced, with undercharge margins rising further by $4 in Rotterdam, $8 in Singapore, $3 in Fujairah, and $1 in Houston.
  
  - MGO LS segment: Houston remained the only overpriced port, with the ratio dropping by $7. The other three ports were undercharged, with the margins increasing by $17 in Rotterdam, $12 in Singapore, and $11 in Fujairah. The MDI index in Rotterdam exceeded the $100 mark.
  
  We do not expect a sustainable trend in the Global bunker market on Apr. 23: 380 HSFO – plus-minus 1-3 USD/MT, VLSFO – plus-minus 1-3 USD/MT, MGO LS – plus-minus 2-5 USD/MT.
  Source: MABUX