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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
1 221.00
0.00
1 160.00
+30.00
Mar 16
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	1 221.00	0.00	1 160.00	+30.00	Mar 16

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
811.29	+10.86	981.13	+11.50	1 407.01	+36.40	Mar 16

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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	730	663	+67	770	735	+35	1 160	1 153	+7	Mar 16
Singapore	897	683	+214	1 150	815	+335	1 900	1 146	+754	Mar 16
Fujairah	895	633	+262	1 080	789	+291	1 515	1 209	+306	Mar 16
Houston	610	634	-24	780	744	+36	1 197	1 183	+14	Mar 16

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Analytical Section
- Daily and Weekly Bunker analyses and Future Curves
- World and regional Bunker indices
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Latest News
- 2026-03-16
  Port of Salalah resumes some operations after drone strike
  Oman’s Port of Salalah says it is currently operating at partial capacity after a drone hit fuel storage tanks on 11 March, while a local source tells ship.energy that the port is currently allowing STS bunkering at the anchorage for commercial vessels... Read more
- 2026-03-16
  Fuel supply ‘a growing challenge’ amid Middle East conflict, says Maersk
  Danish shipping giant Maersk has described the global distribution of fuel as an emerging ‘serious challenge’ affecting shipping and air transportation, and announced it is starting to move fuel around the world to ensure its vessels can continue to bunker... Read more
- 2026-03-16
  Marine fuel sales rise 6.7% in Panama
  Some 444,042 metric tonnes (mt) of marine fuel were sold in Panama last month, 6.7% up on the 416,061 mt sold in February 2025. Sales of very low sulphur fuel oil (VLSFO), which accounts for the majority (62.7%) of all marine fuel sales in Panama,... Read more
- 2026-03-16
  Oil rises as focus returns to threats on Middle East export facilities
  Oil prices rose on Monday as investor focus returned to threats facing Middle East oil facilities, despite U.S. President Donald Trump’s call for nations to help safeguard the Strait of Hormuz, a vital artery for global energy shipments. Brent crude... Read more Oil prices rose on Monday as investor focus returned to threats facing Middle East oil facilities, despite U.S. President Donald Trump’s call for nations to help safeguard the Strait of Hormuz, a vital artery for global energy shipments.
  
  Brent crude futures climbed $1.27, or 1.2%, to $104.41 a barrel by 0400 GMT, after settling up $2.68 on Friday. U.S. West Texas Intermediate crude gained 54 cents, or 0.6%, at $99.25 a barrel, after settling up nearly $3 in the previous session.
  
  Both contracts have surged more than 40% this month to their highest since 2022, after the U.S.-Israeli attacks on Iran prompted Tehran to halt shipping through the Strait of Hormuz, choking off a fifth of global oil supply in the biggest disruption ever.
  
  "U.S. strikes over the weekend on Kharg Island raised supply concerns, as most of Iran’s oil exports pass through it," ING commodity strategists said on Monday.
  
  While the strikes appear to have targeted military, rather than energy, infrastructure, they still pose supply risks since Iranian oil is about the only oil moving through the Strait of Hormuz for now, ING added.
  
  Over the weekend, Trump threatened further strikes on Iran’s Kharg Island, which handles about 90% of its exports, after hitting military targets there, to spur a defiant response of more retaliation from Tehran.
  
  Iranian drones hit a key oil terminal in Fujairah in the United Arab Emirates shortly after the Kharg attacks. Oil loading operations at Fujairah have since resumed, four sources said, but it was unclear if they were back to normal.
  
  Fujairah, outside the Strait of Hormuz, is the outlet for about 1 million barrels per day of the UAE’s flagship Murban crude oil - a volume equal to about 1% of world demand.
  
  "The U.S. is weighing high-risk ground options, including raiding nuclear sites for Iran’s enriched uranium, seizing the Kharg Island oil hub, and occupying southern Iran to protect the Strait of Hormuz," SEB analyst Erik Meyersson said in a note.
  
  "All of these imply significant escalation and require a tolerance for substantially higher risk."
  
  On Sunday, Trump said he was demanding that other countries help to protect the key energy route, adding that Washington was in talks with several nations about policing it.
  
  The U.S. is also in contact with Iran, Trump said, but expressed doubt that Tehran was prepared for serious talks to end the conflict.
  
  On Sunday, the International Energy Agency said more than 400 million barrels of oil reserves will begin flowing to the market soon, a record draw aimed at combating price spikes caused by the Middle East war.
  
  Stocks from countries in Asia and Oceania will be released immediately while those from Europe and the Americas will be available at the end of March, the agency said.
  
  "As the conflict enters its third week, the lack of a clear denouement has left global markets increasingly worried about an uncontrollable escalatory spiral," SEB’s Meyersson said.
  
  Still, U.S. Energy Secretary Chris Wright said on Sunday he expected an end to the war within "the next few weeks", with oil supplies rebounding and energy costs falling afterwards. Source: Reuters/Investing.com
- 2026-03-16
  Hormuz Crisis Forces Massive Saudi Oil Shut-In
  Saudi Arabia has slashed oil output by roughly 20% as the war with Iran continues to choke off exports from the Persian Gulf, in what could become one of the largest sudden supply losses the global oil market has ever faced. Saudi production has dropped... Read more Saudi Arabia has slashed oil output by roughly 20% as the war with Iran continues to choke off exports from the Persian Gulf, in what could become one of the largest sudden supply losses the global oil market has ever faced.
  
  Saudi production has dropped by about 2 million barrels per day to around 8 million bpd after the kingdom shut down output from the massive Safaniya and Zuluf offshore fields, according to sources cited by Reuters. The two fields together produce more than 2 million bpd of mainly heavy and medium-heavy crude.
  
  The shutdown is just the latest in the mounting disruption across the Gulf since the United States and Israel launched airstrikes on Iran on February 28. With the Strait of Hormuz effectively blocked to most commercial tanker traffic, producers across the region have been forced to shut in large volumes of crude.
  
  Saudi Arabia has attempted to reroute some exports westward through its East-West pipeline to the Red Sea port of Yanbu, but that system primarily carries lighter crude grades and cannot fully compensate for the loss of offshore production tied to Gulf export routes.
  
  The production cut marks a sharp reversal from February, when Saudi Arabia boosted output to 10.882 million bpd and supplied 10.111 million bpd to the market as part of contingency planning ahead of potential regional conflict.
  
  Now the kingdom, the world’s largest oil exporter and the holder of most global spare capacity, is being forced to pull barrels off the market instead.
  
  The International Energy Agency had already said earlier this week that Gulf producers—including Saudi Arabia, Iraq, Kuwait, Qatar, and the United Arab Emirates—have already cut at least 10 million barrels per day of oil production due to the shipping disruptions.
  
  That represents roughly 10% of the global supply.
  
  Unless shipping routes reopen quickly, the supply losses could deepen further, pushing oil prices sharply higher as refiners around the world scramble to replace barrels that may remain stranded in the Gulf for weeks or even months. Source: Oilprice.com
- 2026-03-16
  China’s Sinopec to Slash Refinery Rates amid Crude Supply Shock
  The top Asian refiner, China’s state-controlled Sinopec, plans to slash this month its refinery processing rates by 11-13% as crude supply is choked by the Middle East war, Reuters reported on Friday, quoting sources with knowledge of the refining giant’s... Read more The top Asian refiner, China’s state-controlled Sinopec, plans to slash this month its refinery processing rates by 11-13% as crude supply is choked by the Middle East war, Reuters reported on Friday, quoting sources with knowledge of the refining giant’s operations.
  
  Sinopec, whose refineries account for a third of all Chinese throughput, plans to lower its crude runs by between 600,000 and 700,000 barrels per day (bpd) in March, from initial plans to process 5.2 million bpd. The loss in refinery throughput does not include regular refinery maintenance that was planned or started before the war, according to Reuters’ sources.
  
  The plan to cut rates at Sinopec is part of China’s broader push to preserve fuel supply for the domestic market amid the crude supply crisis, which has already resulted in a ban to all fuel exports from earlier last week.
  
  More than half of Sinopec’s daily crude imports of 4 million bpd, namely 2.4 million bpd, come from the Middle East via annual term contracts with Saudi Arabia, Iraq, Kuwait, and Qatar.
  
  “Sinopec has ‌little option other than cutting runs, and immediately,” one of the sources told Reuters.
  
  Sinopec is also set to prioritize fuel output to petrochemicals to ensure sufficient supply to the Chinese market and benefit from the soaring fuel cracks.
  
  Overall, the war could force up to 6.0 million bpd cuts to crude runs across Asia in April, as refineries face severe supply disruption with 65% dependency on Middle East crude, Wood Mackenzie analysts said earlier this week. That’s under a worst-case scenario in which existing emergency stockpiles are not used, according to WoodMac.
  
  The consultancy’s current analysis assumes refiners can get access to the emergency stockpiles. Under this scenario, the impact on the crude runs for April 2026 would be China cutting rates by 750,000 bpd despite adequate stock levels, and India slashing utilization by 8%, that is, reducing runs by 400,000 bpd.
  
  Global fuel markets will only tighten from here, as Asia reduces or bans exports, and fuel supply from the Middle East is slashed.
  
  More than 3 million bpd of refining capacity in the Middle East region has already shut due to attacks and a lack of viable export outlets, the International Energy Agency said in its monthly report on Thursday.
  
  “Runs elsewhere will be increasingly limited due to feedstock availability,” the IEA noted.
  
  Source: Oilprice.com
- 2026-03-16
  Bank of America: Sell Oil Above $100
  Bank of America is warning investors not to chase oil prices higher if crude climbs above $100 per barrel, arguing that prices at those levels tend to trigger government and central bank responses aimed at cooling the economy. The bank said oil has... Read more Bank of America is warning investors not to chase oil prices higher if crude climbs above $100 per barrel, arguing that prices at those levels tend to trigger government and central bank responses aimed at cooling the economy.
  
  The bank said oil has already been one of the biggest market movers this year. Crude prices are up nearly 70% year-to-date, far outpacing broader commodities, which are up about 41%, and gold, which has gained roughly 17%. Over the same period, the S&P 500 has fallen about 2.5%, while bitcoin has dropped around 20%.
  
  According to Bank of America, oil rallies of this size rarely go unchecked for long because high energy prices ripple through the entire economy. Expensive oil pushes up gasoline, transportation, and manufacturing costs, which in turn tighten financial conditions and slow economic activity.
  
  The bank noted that expectations for a Federal Reserve rate cut in June have already fallen sharply as oil prices climbed. Markets previously priced in a near-certain cut, but the probability has now dropped to about 25%.
  
  Bank of America pointed to the last major oil spike for context. During the financial crisis buildup in 2007 and 2008, crude surged from about $70 per barrel to nearly $140. Oil peaked shortly after the European Central Bank raised interest rates, and within months, the financial system began to unravel. Prices eventually collapsed to around $40 per barrel.
  
  The bank argues that the biggest risk from high oil prices today may not be inflation itself but damage to corporate earnings and financial markets. Banks often serve as the transmission point between financial markets and the real economy, and weakness in bank stocks can signal broader economic stress.
  
  Because of that dynamic, Bank of America recommends a cautious approach if oil pushes above $100, suggesting investors take profits rather than chase the rally.
  
  The firm also outlined several related macro trades, including favoring the U.S. dollar above 100 on the DXY index, buying 30-year Treasury yields above 5%, and looking to buy the S&P 500 if it falls below 6,600. Source: Oilprice.com
- 2026-03-16
  Trump Bombs Iran’s Kharg Island and Threatens to Hit Oil Exports
  U.S. President Donald Trump said American forces had launched a major bombing raid on Iran’s strategic Kharg Island, targeting military facilities on the key Persian Gulf outpost while warning Tehran that its vital oil infrastructure could be destroyed... Read more U.S. President Donald Trump said American forces had launched a major bombing raid on Iran’s strategic Kharg Island, targeting military facilities on the key Persian Gulf outpost while warning Tehran that its vital oil infrastructure could be destroyed if shipping in the Strait of Hormuz is disrupted.
  
  In a social media statement, Trump said that at his direction the United States Central Command carried out “one of the most powerful bombing raids in the history of the Middle East,” claiming U.S. forces had “totally obliterated every military target” on Kharg Island.
  
  Trump said the United States had deliberately avoided striking the island’s oil infrastructure, which handles the vast majority of Iran’s crude exports.
  
  “For reasons of decency, I have chosen NOT to wipe out the oil infrastructure on the island,” Trump wrote, warning that the decision could change if Iran interferes with ships moving through the Strait of Hormuz, the world’s most critical oil shipping chokepoint.
  
  Speaking to reporters earlier Friday, Trump said the U.S. military campaign would continue “as long as necessary,” while claiming the operation was “way ahead of schedule.” He also suggested the U.S. Navy would soon begin escorting commercial vessels through the Strait of Hormuz amid escalating attacks on shipping.
  
  Kharg Island sits about 25 kilometers off Iran’s southwestern coast and serves as the backbone of the country’s oil export system. The terminal accounts for roughly 90% of Iranian crude shipments, loading millions of barrels per day onto tankers bound largely for Asian markets.
  
  Because so much of Iran’s export capacity is concentrated in one location, the island represents a critical economic lifeline. Analysts say destroying the terminal could cripple Iran’s economy for months or even years—but could also send global oil prices sharply higher.
  
  So far, U.S. and Israeli strikes in the conflict have largely targeted Iranian military and nuclear infrastructure. Oil facilities elsewhere in Iran have been hit, but Kharg’s massive storage tanks, jetties, and pipelines had remained untouched until the latest strike. Source: Oilprice.com
- 2026-03-16
  Asia’s LNG Lifeline Takes a Hit
  Asia is the biggest market for liquefied natural gas. Asia is also the destination of up to 90% of Qatari and Emirati LNG—or was, until this month. With the shutdown of Qatar’s Ras Laffan LNG complex and the Strait of Hormuz traffic disruption, Asia is... Read more Asia is the biggest market for liquefied natural gas. Asia is also the destination of up to 90% of Qatari and Emirati LNG—or was, until this month. With the shutdown of Qatar’s Ras Laffan LNG complex and the Strait of Hormuz traffic disruption, Asia is facing a lot of energy supply pain.
  
  QatarEnergy announced a complete halt to LNG production after Iranian drone strikes hit facilities at Ras Laffan Industrial City and Mesaieed Industrial City on March 2. A force majeure declaration followed on QatarEnergy exports. The move started a chain reaction that saw commodity traders sourcing LNG from the Gulf state also declaring force majeure on deliveries to clients—a lot of them in Asia.
  
  As usually happens when a shortage emerges in a market, buyers sought alternatives, which resulted in LNG cargos originating from the U.S. Gulf Coast and headed for Europe getting diverted to Asia. Bloomberg reported this week that at least nine U.S. LNG cargoes have been diverted so far, but there will probably be more. Asian gas prices are more enticing for U.S. LNG producers until the European market catches up, meaning the price of gas rises enough to motivate selling more liquefied gas to the Europeans.
  
  Meanwhile, Asian LNG importers are scrambling to secure supplies in anticipation of a prolonged disruption in the Middle East. A few months of no Qatari LNG is now a realistic scenario, especially after Qatar’s energy minister confirmed it would take a while to restart operations at Ras Laffan. According to Saad al-Kaabi, the return to normal operations could take “weeks to months”, even if the war ended now. According to analysts, as reported by Energy Intelligence, the disruption would last a minimum of between four and six weeks. In other words, Asian LNG importers are doing well in preparing. The question, however, is whether there is enough LNG to go around.
  
  In 2025, Qatar exported 81 million tons of liquefied natural gas. The UAE exported another 5 million tons. The overwhelming bulk of those volumes—90%—went to Asia. This is quite a massive exposure to just two suppliers but the economics justify it, and few could have predicted the scale of energy commodity market disruption from the latest Middle East war.
  
  Asian buyers are therefore looking for LNG cargoes for delivery in April and even May, Bloomberg reported this week, adding Taiwan, Thailand, South Korea, and Bangladesh were among those looking to secure two months’ worth of liquefied gas. Some of these have been successful in securing their immediate supply. Others, such as India, not so much. Per the Bloomberg report, Indian LNG buyers have been looking for alternative cargoes, with GAIL only managing to find one cargo for March delivery after several unsuccessful attempts.
  
  Things are not going to get better anytime soon, either. The Financial Times reported this week that the price difference between Europe and Asia has changed in favor of Europe, meaning LNG tankers are now moving increasingly to Europe. Asian gas prices have subsided somewhat, while European gas prices are on the rise, nearing 70 euro per MWh at the start of this week, which is twice as high as the price of gas before the war began.
  
  According to the FT report, Taiwan is among the most vulnerable Asian gas importers because it relies on Qatari gas for 30% of its supply. South Korea and Japan are better off, with their Qatari gas reliance at 15% for South Korea and just 5% for Japan. Japan imports a lot more LNG from Australia than it does from Qatar, which puts it in a more comfortable position than some neighbors.
  
  What we are seeing, then, is a repeat of 2022 but worse, because a fifth of global LNG supply is offline. Chances are competition between Asia and Europe will intensify in the coming months—unless Asia simply falls back on coal, which is what a lot of Asian gas importers did back in 2022 and 2023 when LNG prices became too high for them.
  
  Yet there is a twist this time around. Europeans are not in a real rush to buy all the LNG they can get their hands off, which has improved availability for Asian buyers. The reasons, per analysts cited by the Financial Times, have to do with greater availability of U.S. LNG on the spot market and EU methane regulations.
  
  The availability of U.S. LNG on the spot market seems to have made some buyers in Europe sort of complacent in the belief that they could start buying more later in the year, after the Middle East disruption is over. This may sound like a pretty dangerous assumption, but it is an assumption some in Europe appear to have made. The methane regulation has served as an additional deterrent to panic buying, as buyers have no idea whether the EU would penalize them for buying non-compliant LNG. Asia, as luck and politics would have it, does not care about methane leaks. Asia cares about gas. Source: Oilprice.com
- 2026-03-13
  IMO to hold extraordinary Council meeting on Middle East situation
  The International Maritime Organization (IMO) has convened an extraordinary session of its Council to address the impacts of the war in the Middle East on shipping and seafarers. The session will focus on the situation in the Arabian Sea, the Sea of... Read more

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