Mabux: Global Bunker Prices

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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
692.50
-5.00
708.00
+5.00
Nov 5
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	692.50	-5.00	708.00	+5.00	Nov 5

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
440.13	+1.52	510.20	+0.78	797.27	+2.59	Nov 6

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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	404	413	-9	434	465	-31	708	759	-51	Nov 6
Singapore	384	409	-25	464	501	-37	734	752	-18	Nov 6
Fujairah	360	383	-23	460	491	-31	740	815	-75	Nov 6
Houston	408	390	+18	441	446	-5	695	718	-23	Nov 6

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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
- API for integration with your application, custom solutions available upon demand
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- MABUX Open Bunker Directory features contact details of bunker suppliers, traders and brokers worldwide.
Latest News
- 2025-11-06
  Oil slips as investors weigh potential supply glut, weak demand
  Oil prices fell on Thursday as investors weighed a potential supply glut and weakened demand in the United States, the world’s largest oil consumer. Brent crude futures were down 38 cents, or 0.6%, to $63.14 a barrel at 11:34 a.m. EDT (1634 GMT). U.S.... Read more Oil prices fell on Thursday as investors weighed a potential supply glut and weakened demand in the United States, the world’s largest oil consumer.
  Brent crude futures were down 38 cents, or 0.6%, to $63.14 a barrel at 11:34 a.m. EDT (1634 GMT). U.S. West Texas Intermediate futures were down 47 cents, or 0.8%, to $59.13.
  Global oil prices fell for a third straight month in October on fears of oversupply as OPEC and its allies - known as OPEC+ - increase output while production from non-OPEC producers is also still growing.
  "The market keeps being haunted by the best-telegraphed supply glut in history, that is a headwind to prices," said John Kilduff, partner with Again Capital.
  DEMAND WEAKER THAN EXPECTED
  Demand weakness, however, remains in focus. In the year to November 4, global oil demand rose by 850,000 barrels per day, below the 900,000 bpd projected previously by JPMorgan, the bank said in a client note.
  "High-frequency indicators suggest that U.S. oil consumption remains subdued," the note said, pointing to weak travel activity and lower container shipments.
  In the previous session, oil prices fell after the U.S. Energy Information Administration said U.S. crude stocks rose by 5.2 million barrels to 421.2 million barrels last week. [EIA/S]
  "Low refinery run rates showed there is not strong demand for crude in the U.S. right now as a result of a significant refinery turnaround season. That is fundamentally weighing on prices," Kilduff said.
  
  Saudi Arabia, the world’s top oil exporter, sharply reduced the prices of its crude for Asian buyers in December, responding to a well-supplied market as OPEC+ producers boost output.
  "We think that downward pressure on oil prices will prevail, supporting our below-consensus forecast of $60 per barrel by end-2025 and $50 per barrel by end-2026," Capital Economics said in a note.
  Curbing some losses, the latest sanctions on Russia’s biggest oil companies two weeks ago are sparking concerns about supply disruptions, despite rising output from OPEC and its allies, analysts said.
  
  Lukoil’s operations at its foreign businesses are struggling in the face of the sanctions, Reuters reported this week.
  "There is a little bit of an impact on prices (from the sanctions), but not a huge one," said Jorge Montepeque at Onyx Capital Group. "Based on the numbers, it should be bigger, but the market still needs to be convinced there will be an impact." Source: Reuters/Investing.com
- 2025-11-06
  Edison and CMA CGM mark first LNG STS bunkering of containership in Italy
  Edison Group’s chartered 30,000 cubic metre (cbm) LNG carrier Ravenna Knutsen has supplied LNG bunkers to the dual-fuelled containership, CMA CGM Salamanque, in the Italian port of Trieste. As previously reported by ship.energy, in July 2024 the Ravenna... Read more
- 2025-11-06
  AuctionConnect and X-Press Feeders agree five-year partnership
  Digital bunker procurement platform, AuctionConnect, has signed a five-year partnership with the major feeder carrier X-Press Feeders. Announcing the collaboration, AuctionConnect said it signalled ‘a new phase’ in the modernisation of the bunker market,... Read more
- 2025-11-06
  DNV launches new cruise centre in London
  DNV says its new cruise centre in the UK capital will ‘help accelerate decarbonisation and digitalisation’, while enabling ‘efficient and compliant’ newbuilding and in-service operations. In a statement issued today (6 November), the class society... Read more
- 2025-11-06
  RINA opens Singapore innovation hub
  Class society RINA has taken what it calls ‘a key step in its global strategy’ with the launch of its Open Innovation Hub in Singapore To mark this initiative and to set the stage for future collaboration, the company organised the first Singapore... Read more
- 2025-11-06
  Two green hydrogen projects in Norway reach FID
  Norwegian company Hydrogen Solutions (HYDS) has made a final investment decision (FID) for its Hyfuel and Kaupanes projects, which will each deliver 20 MW of green hydrogen for the maritime sector, transportation, construction and industry. The two... Read more
- 2025-11-06
  MSC Cruises expanding its global shore power capabilities
  MSC Cruises has announced that five ships have completed test and operational connections across four ports and four countries on two continents in the last month. Following consecutive operational and test connections by MSC World Europa and EXPLORA... Read more
- 2025-11-06
  MABUX: Bunker Weekly Outlook, Week 45, 2025.
  At the end of Week 45, global bunker indices MABUX showed mixed movements with no clear overall trend. The 380 HSFO index declined by USD 5.51 — from USD 445.33/MT to USD 439.82/MT — once again falling below the USD 450 mark. The VLSFO index also edged... Read more At the end of Week 45, global bunker indices MABUX showed mixed movements with no clear overall trend. The 380 HSFO index declined by USD 5.51 — from USD 445.33/MT to USD 439.82/MT — once again falling below the USD 450 mark. The VLSFO index also edged down by USD 1.84, from USD 511.27/MT to USD 509.43/MT. In contrast, the MGO index rose by USD 5.81, increasing from USD 784.87/MT to USD 790.68/MT, gradually nearing the USD 800 threshold. As of the time of writing, there was no consistent direction in fuel price movements across the global bunker market.
  
  MABUX Global Scrubber Spread (SS) — the price difference between 380 HSFO and VLSFO — showed a moderate increase of USD 3.67, rising from USD 65.94 last week to USD 69.61. The indicator is now approaching the USD 70.00 level but remains steadily below the psychological USD 100.00 SS breakeven mark. The weekly average value of the index rose slightly by USD 0.35. In Rotterdam, the SS Spread also widened by USD 3.00, from USD 24.00 to USD 27.00, with the port’s weekly average increasing by USD 2.83. In Singapore, the 380 HSFO/VLSFO price differential grew more significantly — by USD 13.00, from USD 62.00 to USD 75.00 — while the weekly average gained USD 9.17. Overall, the SS Spread demonstrated moderate growth this week, which may signal the start of a short-term upward trend. However, its sustainable position well below the USD 100.00 SS breakeven mark continues to reflect the strong profitability of VLSFO versus HSFO + Scrubber. We expect the upward momentum in the SS Spread to persist next week. Detailed figures are available in the “Differentials” section of mabux.com.
  
  Europe’s natural gas/LNG market remains tightly balanced, with considerable upside risk should any supply disruption occur (given lower pipeline flows and thin storage) and uncertainty on demand. LNG plays a pivotal role as a flexible source, but capacity and delivery constraints persist. While the structural direction (diversification, decarbonisation, lower reliance on Russian gas) is clear, the near‐term winter period remains vulnerable. Price risk remains elevated and operational flexibility (storage, LNG imports, network resilience) will determine market outcomes.
  
  As of November 4, European regional gas storage facilities were 83.02% full, marking a 0.17% increase from the previous week. The rate of storage capacity filling has slowed significantly. Current levels stand 11.69% higher than at the beginning of the year (71.33%). At the end of Week 45, the European TTF gas benchmark recorded moderate growth, rising by €1.057/MWh — from €31.494/MWh to €32.551/MWh.
  
  The price of LNG as a bunker fuel at the port of Sines (Portugal) posted a moderate decline this week, down by USD 13.00 to USD 732/MT, compared to USD 745/MT last week. The correction reflects a mild easing in global LNG quotations, amid stable demand and sufficient regional supply. The price differential between LNG and conventional bunker fuel remained firmly in favor of LNG, widening to USD 48 versus USD 40 the week before. This was supported by the relatively steady price of MGO LS, which was quoted at USD 780/MT at the port of Sines on the same day. The sustained price advantage continues to support LNG’s competitiveness as an alternative marine fuel. More detailed data and trend analysis are available in the LNG Bunkering section on mabux.com.
  
  At the end of Week 45, the MABUX Market Differential Index (MDI) — representing the ratio between Market Bunker Prices (MBP) and the MABUX Digital Bunker Benchmark (DBP) — reflected the following bunker fuel pricing trends across the world’s major hubs: Rotterdam, Singapore, Fujairah, and Houston:
  
  • 380 HSFO segment: Three ports — Rotterdam, Singapore, and Fujairah — remained undervalued. The average weekly MDI increased by 4 points in Rotterdam, 5 points in Singapore, and 19 points in Fujairah. Houston continued to be the only overvalued port in this segment, with its MDI decreasing by 4 points.
  
  • VLSFO segment: Houston shifted into the undervalued zone, resulting in all four ports being undervalued. The average weekly MDI undervaluation widened by 2 points in Rotterdam and 12 points in Houston, but narrowed by 3 points in Singapore and 2 points in Fujairah. Houston’s MDI remained close to the 100% correlation level between MBP and DBP.
  
  • MGO LS segment: Singapore remained the only overvalued port, with its MDI rising by 4 points and staying near the 100% correlation threshold. The other three ports were undervalued: MDI values fell by 5 points in Rotterdam but increased by 33 points in Fujairah and 11 points in Houston.
  
  Overall, by the end of the week, the balance between overvalued and undervalued ports continued to shift further toward undervaluation, with Houston joining this category in the VLSFO segment. We expect the trend toward undervaluation in MDI values to persist in the global bunker market next week.
  
  Detailed data on the correlation between market prices and the MABUX digital benchmark can be found in the “Digital Bunker Prices” section on mabux.com.
  
  The Nordic Council has adopted a member resolution calling on Nordic governments to push for an International Maritime Organization (IMO) regulation that would mandate vessels operating in the Arctic to reduce black carbon (BC) emissions by using designated polar fuels, such as maritime distillates DMA and DMZ. Comprising 87 parliamentarians from the Åland Islands, Denmark, Faroe Islands, Finland, Greenland, Iceland, Norway, and Sweden, the Nordic Council emphasized that alternative fuels demonstrating equivalent black carbon reduction potential to marine distillates should also qualify under the “polar fuels” definition. The Council set a deadline of 5 December 2025 for the submission of concrete proposals, allowing for consideration during the IMO’s thirteenth Sub-Committee on Pollution Prevention and Response (PPR13) session in February 2026. The initiative seeks to accelerate tangible measures under the IMO framework to mitigate the climate impact of Arctic shipping. According to the resolution, black carbon emissions from ships burning oil-based fuels have more than doubled over the past decade. From a market perspective, such a regulatory shift could increase demand for low-sulphur distillates in Arctic operations, while also stimulating investment in alternative fuel technologies capable of meeting polar emission standards. If adopted by the IMO, the measure would mark a significant tightening of Arctic fuel requirements and could influence global marine fuel specifications in sensitive environmental zones.
  
  The global bunker market appears to be in the process of forming a more sustainable trend. However, market fundamentals and regional dynamics remain uneven. We anticipate that next week’s bunker index movements will likely continue to exhibit mixed fluctuations without a definitive directional pattern, reflecting a period of market adjustment and cautious sentiment among participants.
  Source: MABUX
- 2025-11-06
  Oil edges up as glut fears ease despite weak demand
  Oil prices rose on Thursday as oversupply concerns eased, after closing at two-week lows in the prior session on weaker demand. Brent crude futures were up 17 cents, or 0.27%, to $63.69 a barrel at 0455 GMT, while U.S. West Texas Intermediate futures... Read more Oil prices rose on Thursday as oversupply concerns eased, after closing at two-week lows in the prior session on weaker demand.
  Brent crude futures were up 17 cents, or 0.27%, to $63.69 a barrel at 0455 GMT, while U.S. West Texas Intermediate futures were up 18 cents, or 0.3%, to $59.78.
  Global oil prices fell a third straight month in October on fears of oversupply as the Organization of the Petroleum Exporting Countries and its allies increased output while production from non-OPEC producers is also still growing.
  After U.S. and British sanctions on Russia’s biggest oil companies two weeks ago tempered the market’s aggressive bearish stance, however, there was a shift in oil price momentum at the end of October, Haitong Securities said.
  OPEC+’s plan to pause further production increases in the first quarter of next year also partly eased worries about oversupply, Haitong Securities said.
  Concern over weaker demand, though, still remains.
  Year-to-date through November 4, global oil demand has risen 850,000 barrels per day, below growth of 900,000 bpd projected earlier by J.P. Morgan, the bank said in a client note.
  "High-frequency indicators suggest that U.S. oil consumption remains subdued," the note said, pointing to weak travel activity and lower container shipments.
  In the previous session, oil prices fell after the U.S. Energy Information Administration said U.S. crude stocks rose by 5.2 million barrels to 421.2 million barrels last week, compared with expectations for a 603,000-barrel rise. [EIA/S]
  
  "We think that downward pressure on oil prices will prevail, supporting our below-consensus forecast of $60 per barrel by end-25 and $50 per barrel by end-26," Capital Economics said in a note.
  Saudi Arabia, the world’s top oil exporter, sharply reduced the prices of its crude for Asian buyers in December, responding to a well-supplied market as OPEC+ producers ramp up production. Source: Reuters/Investing.com
- 2025-11-06
  U.S. Natural Gas Futures Skyrocket on Record LNG Export Demand
  Cold, dry Arctic air moving across the central and eastern US early next week will cause temperatures to drop to 10-15 degrees below average, according to the Weather Prediction Center. The chilly forecast is causing natural gas prices to spike, as... Read more Cold, dry Arctic air moving across the central and eastern US early next week will cause temperatures to drop to 10-15 degrees below average, according to the Weather Prediction Center.
  
  The chilly forecast is causing natural gas prices to spike, as the demand for heating fuel increase,s as it normally does this time of year.
  
  Natural gas now provides about 40% of US electricity.
  
  U.S. natural gas futures on Monday climbed above $4.30 per MMBtu, the highest since March. The colder forecast is one factor behind the price rise; the other is robust LNG exports to Europe and Asia.
  
  Trading Economics said LNG export flows averaged 16.6 billion cubic feet per day in October, setting a new record:
  
  European buyers continued to rely heavily on US gas as Russian supplies dwindled and inventories in key hubs fell, while Washington pushed for new energy commitments in trade talks with Asian partners.
  
  Finimize reported that eight major export terminals are shipping out a record 17.2 billion cubic feet per day in November, based on data from the London Stock Exchange Group (LSEG). Meanwhile, domestic production has reached an all-time high, averaging 109 billion cubic feet per day.
  
  Finimize says speculators are piling in, even though warmer weather has, for now, curbed heating demand. Over the last three months, gas futures have surged 34%, while oil prices have dropped 12%. This has pushed the oil-to-gas price ratio to its lowest level since late 2022 and signals a new dynamic in energy markets.
  
  According to one source,
  
  The global energy market is currently exhibiting a fascinating divergence as natural gas prices climb steadily, fueled by anticipated colder weather and unprecedented liquefied natural gas (LNG) export demand. This upward trajectory for natural gas stands in stark contrast to the more subdued performance of crude oil prices and the broader energy stock sector, which appears to be taking a breather amidst concerns of a potential supply glut. This immediate implication suggests a shift in profitability within the energy sector, favoring natural gas producers and LNG exporters, while traditional oil companies face ongoing investor scrutiny…
  
  Analysts project natural gas to trade at $4.28 USD/MMBtu by the end of the current quarter and $5.14 within the next 12 months…
  
  Companies heavily invested in natural gas production and particularly those with significant LNG export capabilities are poised for substantial gains. Firms like Cheniere Energy (NYSE:LNG), a leading U.S. LNG exporter, are likely to see improved revenues and profitability due to the robust demand from Europe and Asia and the rising prices. Other major natural gas producers such as EQT Corporation (NYSE:EQT) and Chesapeake Energy (NASDAQ:CHK) could also benefit significantly from the increased natural gas prices and sustained demand...
  
  The robust demand for natural gas, particularly US LNG, underscores its role as a crucial transition fuel and a geopolitical tool for energy security, especially for Europe and Asia seeking to diversify away from less reliable sources. This trend reinforces the strategic importance of developing and expanding LNG export infrastructure, potentially driving significant investment in terminals, pipelines, and liquefaction facilities over the coming years.
  
  In that vein, China has reportedly expressed interest in buying natural gas from a proposed export facility in Alaska.
  
  China has “agreed that they will begin the process of purchasing American Energy,” President Trump wrote on Truth Social following a meeting with Chinese President Xi Jinping in South Korea. “In fact, a very large-scale transaction may take place concerning the purchase of Oil and Gas from the Great State of Alaska.”
  
  According to E&ENews by Politico, Chinese investment in the proposed Alaska gas development could help bring to fruition a $44 billion project that has barely progressed since it was first pitched more than a decade ago. The project’s backers have struggled to sign the long-term supply contracts needed to start building the export plant they’ve planned for the state’s south coast and the pipeline required to bring it gas from Alaska’s North Slope. The Trump administration has heavily boosted Alaska LNG, calling it necessary for national security. Source: Oilprice.com

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