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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
1 289.00
0.00
1 215.00
+15.00
Aug 25
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	1 289.00	0.00	1 215.00	+15.00	Aug 25

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
618.64	+8.40	768.24	+8.39	1 332.98	+5.21	Aug 28

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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	537	631	-94	660	707	-47	1 215	1 374	-159	Aug 28
Singapore	628	655	-27	775	800	-25	1 125	1 367	-242	Aug 28
Fujairah	615	605	+10	790	742	+48	1 379	1 430	-51	Aug 28
Houston	470	622	-152	673	722	-49	1 220	1 358	-138	Aug 28

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Latest News
- 2026-08-28
  Oil drifts lower as Hormuz flows balance slow progress in Iran diplomacy
  Oil prices fell on Friday and were on track for a weekly drop as traders weighed crude flows making it through the Strait of Hormuz against the deadlock in U.S.-Iran diplomacy. Brent crude futures were down 40 cents or 0.45% to $89.30 a barrel at 1231... Read more Oil prices fell on Friday and were on track for a weekly drop as traders weighed crude flows making it through the Strait of Hormuz against the deadlock in U.S.-Iran diplomacy.
  
  Brent crude futures were down 40 cents or 0.45% to $89.30 a barrel at 1231 GMT. West Texas Intermediate crude futures fell 76 cents, or 0.91%, to $82.77.
  
  Both benchmarks were poised to end the week lower, with Brent down around 5.4% and WTI falling 4.9%.
  
  "The market has been surprised by the additional flow, Iran-Oman shipping corridor and the U.S. mine clearance claims," said Rystad analyst Janiv Shah.
  
  "The weekly decline would likely be due to the available volume that is able to exit the Strait and the pace of ramp-up in flows, that would allow Asian refiners to pull and consume," he said.
  
  The U.S. announced what it called the "toughest sanctions in history" on Iran earlier in the week. Tehran said the sanctions were an "inhumane and hostile act" that had lost their effectiveness.
  
  Mediators are stepping up efforts to get the Strait of Hormuz reopened, with Tehran agreeing to draw up a list of conditions to restore normal traffic after a Qatari emissary pressed the Iranians to respect freedom of navigation.
  
  FLOWS THROUGH HORMUZ REMAIN CHOPPY
  
  Meanwhile, the tentative recovery of oil flows through the Strait of Hormuz — through which 20% of the world’s oil supply moved before the war — remained choppy.
  
  Seven commodity vessels transited on Thursday, down from 17 a day earlier and below the 10-day average of 15, preliminary shipping data showed on Friday. The Bab el-Mandeb, another major maritime chokepoint, saw 17 commodity vessels pass through, with six entering and 11 exiting.
  
  Goldman Sachs on Thursday estimated recent total Gulf exports at 15 million to 16 million barrels per day, 7 million to 8 million bpd below pre-war levels but 5 million to 6 million above the lowest point in March.
  
  "The ramifications on who will be in or out of OPEC, how China’s demand is affected, whether the refinery issues of the globe can now be solved are hitched firmly to this bumpy wagon of war," PVM Oil Futures analyst John Evans said.
  
  TRUMP EYES VENEZUELA DEAL
  
  Trump administration officials are working on a deal to secure long-term access to a portion of Venezuela’s crude reserves, sources with knowledge of the negotiations said on Thursday, a move that could ultimately lower the cost of oil imports.
  
  Venezuela is also considering leaving the OPEC oil production group, Bloomberg reported.
  
  Separately, geopolitical tensions escalated after Moscow warned it could strike British military targets inside and outside Ukraine in response to Kyiv’s attacks on Russian territory using British-supplied long-range cruise missiles.
  
  Trump, however, said Russian President Vladimir Putin will not attack a NATO country, and he downplayed media reports that CIA Director John Ratcliffe this week had warned Russian officials against such an attack. Britain is one of the founding members of NATO.
  
  Ukraine’s military struck a Russian oil refinery in the Yaroslavl region overnight, the Ukrainian General Staff said on Friday.
  
  Source: Reuters/Investing.com
- 2026-08-28
  ICM supplying processing tech for Atvos’ Brazilian corn ethanol production plant
  Kansas-based ICM, Inc. will be providing process technology for Atvos’ first corn ethanol facility in Brazil. The project will be integrated into Atvos’ existing Santa Luzia industrial complex in Nova Alvorada do Sul, Mato Grosso do Sul. When complete,... Read more
- 2026-08-28
  Petrobras authorised to bunker foreign-bound vessels by barge in Suape
  Brazil’s national oil company Petrobras has today sent an email to its customers informing them that its bunker department has received authorisation to sell products for vessels bound for foreign destinations via barge at the port of Suape. Located... Read more
- 2026-08-28
  CMA CGTM postpones South American low water surcharge
  Container shipping giant CMA CGM has announced that the low water surcharge (LWS) on cargo bound from South America’s west coast which was initially scheduled to begin from 1 September has now been postponed to 1 October. In a statement issued yesterday... Read more
- 2026-08-28
  RINA unveils its Mermaid ‘future-ready ship design’
  RINA has unveiled a ‘future-ready’ ship propulsion concept, called Mermaid, which it says will ‘help shipowners reduce fuel consumption, lower emissions, improve operational resilience and protect long-term asset value’. In a statement postponed on... Read more
- 2026-08-28
  Large 5,500 mt green methanol stem bunkered in Ningbo-Zhoushan
  The methanol dual-fuel container ship COSCO SHIPPING Libra was bunkered with green methanol at the port's Meishan area. This was the biggest green methanol stem bunkered by a single international vessel in the Zhejiang province, according to Ningbo... Read more The methanol dual-fuel container ship COSCO SHIPPING Libra was bunkered with green methanol at the port's Meishan area.
  
  This was the biggest green methanol stem bunkered by a single international vessel in the Zhejiang province, according to Ningbo Customs.
  
  The bunkering was done under the supervision of Meishan Customs, a branch of Ningbo Customs, and was carried out by the methanol bunkering vessel Zhong Ran Lv Neng 85.
  
  Bunker supplier China Marine Bunker (PetroChina) took delivery of the bunkering vessel in June. It is considered the main methanol bunker vessel at Ningbo-Zhoushan. Source: ENGIИE
- 2026-08-28
  Oil on track for weekly loss even as Iran tensions simmer
  Oil prices fell on Friday and are on track to snap a two-week winning streak, despite settling higher in the previous session following a report that U.S. President Donald Trump is not interested in returning to previous deal terms with Iran. Brent... Read more Oil prices fell on Friday and are on track to snap a two-week winning streak, despite settling higher in the previous session following a report that U.S. President Donald Trump is not interested in returning to previous deal terms with Iran.
  
  Brent crude futures were down 25 cents, or 0.3%, to $89.45 a barrel by 0035 GMT. West Texas Intermediate crude futures fell 22 cents, also 0.3%, to $83.31.
  
  Both benchmarks were poised to end the week lower, with Brent down 5.3% and WTI falling 4.3%.
  
  Citing people familiar with the matter, the Wall Street Journal report said the Trump administration has repeatedly told mediators it has no interest in reviving the June memorandum of understanding, complicating diplomatic efforts to restart talks.
  
  Earlier on Thursday, Washington said it was not in talks with Iran despite diplomatic efforts by other countries to re-engage the two sides.
  
  On Monday, the U.S. announced what it called the "toughest sanctions in history" on Iran. Tehran said the sanctions were an "inhumane and hostile act" that had lost their effectiveness.
  
  Elsewhere, geopolitical tensions escalated after Moscow warned it could strike British military targets inside and outside Ukraine in response to Kyiv’s attacks on Russian territory using British-supplied long-range cruise missiles.
  
  Trump, however, said Russian President Vladimir Putin will not attack a North Atlantic Treaty Organization (NATO) country, and he downplayed media reports that CIA Director John Ratcliffe this week had warned Russian officials against such an attack. Britain is one of the founding members of NATO. Source: Reuters/Investing.com
- 2026-08-28
  Analysis-After six months, the Iran war has reached its endgame - a costly stalemate
  The Iran war has reached its endgame: a costly stalemate. Six months after U.S. and Israeli forces attacked Iran, killing its supreme leader and maiming his son and successor, the Iranian government is under economic siege, but it still holds power... Read more The Iran war has reached its endgame: a costly stalemate.
  
  Six months after U.S. and Israeli forces attacked Iran, killing its supreme leader and maiming his son and successor, the Iranian government is under economic siege, but it still holds power and believes it has time on its side.
  
  A threat by U.S. President Donald Trump to impose crippling new sanctions on Iran faces a fundamental problem: Tehran is betting he will not take the final step to break the stalemate - aggressively enforcing secondary sanctions on the countries keeping its economy afloat, foremost among them China and India.
  
  Washington’s latest measures, announced on Monday, mark a new phase in the conflict that began on February 28, shifting the battlefield from missiles and airstrikes to Iran’s oil revenues, banks and trading partners.
  
  Treasury Secretary Scott Bessent has said the United States will cut off the financial lifelines sustaining Iran’s economy, while a U.S.-led naval blockade restricts Tehran’s oil exports and access to hard currency.
  
  "The (Trump) administration is groping in a sort of desperate fashion to try to find a pathway out of this,” said Aaron David Miller, a former U.S. diplomat and senior fellow at Carnegie Endowment.
  
  Bessent invoked the 1944 D-Day landings in France during World War Two when he unveiled the sanctions, but Miller said: "To me, this isn’t D-Day. It’s Desperation Day. I don’t think the administration is any closer to finding a way out of this.”
  
  Michael Knights, head of research at Horizon Engage, a New York-based strategic advisory, said the blockade may prove more consequential than the sanctions themselves because Iran’s immediate challenge was no longer how to survive economic pressure but how to break out of it.
  
  Tehran has spent decades adapting to sanctions and endured previous "maximum pressure" campaigns without altering its behaviour, he said. Mounting economic pressure, he said, may increase Iran’s incentive to raise the cost of the confrontation for its adversaries by pressuring Gulf states, particularly Saudi Arabia, to push Washington towards a diplomatic off-ramp.
  
  Knights said Iran could increasingly adopt the model used by its Houthi allies in the Red Sea: periodic attacks, intermittent negotiations and a prolonged campaign of disruption short of all-out war, potentially targeting shipping, ports, energy infrastructure or other critical assets to make the conflict increasingly costly for Gulf states to tolerate.
  
  Washington rejects that assessment and says the balance of power is in its favour.
  
  "The Iranian economy is in free fall and the regime’s military has been decimated," U.S. State Department spokesperson Tommy Pigott said in response to questions for this article. “President Trump holds all the cards, and we are cutting off every financial lifeline the regime has remaining.”
  
  IRANIAN OFFICIALS DISMISS US STRATEGY
  
  Alan Eyre, a former U.S. diplomat who worked on Iran, questioned whether Washington has the international support and bureaucratic machinery to make the sanctions stick.
  
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  He said that unlike the multilateral campaign preceding the 2015 nuclear deal between Tehran and major powers, which curbed Iran’s nuclear programme in exchange for lifting sanctions, the latest measures rely on public threats rather than sustained diplomacy with allies and trading partners.
  
  Iranian officials dismiss the U.S. strategy as a replay of a playbook that has already failed. One senior Iranian official told Reuters that countries such as China would not stop cooperating with Iran simply to serve U.S. interests.
  
  Some political analysts say the strategy faces a deeper flaw: from North Korea to Russia and Iran itself, sanctions have rarely forced governments to abandon goals they view as existential for their survival.
  
  The senior Iranian official said Tehran believes Washington’s broader objective is to fuel domestic discontent in the hope that economic hardship could eventually translate into political unrest, but that the "maximum pressure" campaign failed during Trump’s first term and would fail again.
  
  "If the pressure increases, Iran’s approach will change too," he said, adding that Gulf Arab governments understood that squeezing Tehran further could put them at greater risk as well.
  
  THREAT OF UNREST FOR IRAN’S LEADERS
  
  For Iran’s rulers, the biggest threat may not be economic pain itself. It may be the risk that worsening hardship again spills into mass unrest, according to insiders and an Iranian official.
  
  Annual inflation reached 66% in July, while consumer prices were 87.9% higher than a year earlier, according to Iran’s Statistical Centre. Food prices rose 128% year on year.
  
  President Masoud Pezeshkian acknowledged the severity of the squeeze last week, saying: “Our problems have multiplied several times over, while our income has also fallen.”
  
  Economic grievances have repeatedly erupted into nationwide protests in recent years. In January, demonstrations over economic hardship were crushed by the Revolutionary Guards and the Basij militia, with thousands killed.
  
  The appointment this month of Hossein Taeb, a key architect of previous crackdowns, to lead the Basij was one of the clearest signs yet of official concern about renewed unrest, a former reformist official said. The Basij, a paramilitary force affiliated with the Revolutionary Guards, has repeatedly been deployed by Iran’s clerical rulers to suppress protests.
  
  That points to a paradox at the heart of Washington’s strategy: sanctions may deepen Iran’s economic damage without forcing its rulers to change course. The leadership has historically answered domestic unrest with repression, and external pressure with threats of retaliation abroad.
  
  ’DANGEROUS IMPASSE’
  
  For the Gulf states, the calculation is especially fraught.
  
  They prefer economic and diplomatic pressure to another round of war, but fear an outcome that enables Iran to declare victory while retaining the ability to disrupt traffic through the Strait of Hormuz, a vital global oil supply route that Tehran has effectively blocked, pushing up global oil prices.
  
  Abdulaziz Sager, chairman of the Saudi-based Gulf Research Center, said Gulf governments are unconvinced that sanctions alone can rapidly alter Iran’s behaviour, given the leadership’s resilience and ability to maintain internal control.
  
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  Significant political change, or the collapse of Iran’s theocratic leadership, he said, is unlikely to come quickly.
  
  The result is a dangerous impasse if mediated talks fail to produce a breakthrough.
  
  Washington wants Iran to abandon its leverage over Hormuz without conceding Tehran a role in managing the waterway, Iran wants the U.S. naval blockade lifted without appearing to surrender, and Gulf states want the conflict contained without letting Iran emerge as the victor. Source: Reuters/Investing.com
- 2026-08-28
  Europe Heads Into Winter With Gas Storage at a Two-Decade Low
  Europe is heading for the winter with one of the lowest levels of gas in storage in the past two decades as the war in the Middle East crippled LNG supply from Qatar, sent gas and LNG prices in Europe and Asia skyrocketing, and intensified competition... Read more Europe is heading for the winter with one of the lowest levels of gas in storage in the past two decades as the war in the Middle East crippled LNG supply from Qatar, sent gas and LNG prices in Europe and Asia skyrocketing, and intensified competition for the shrunk pool of readily available global LNG cargoes.
  
  A perfect storm of elevated demand for filling depleted storage and electricity during the summer heatwaves, and slashed global LNG supply with Qatar’s cargoes trapped behind the Strait of Hormuz have pushed European benchmark prices to multi-month highs and LNG prices to the highest in three years.
  
  The high prices, with front-month futures higher than those further out in time, have discouraged stockpiling for most of the summer. But Europe doesn’t have a choice and needs to fight for gas to fill storage sites to reasonably adequate levels before December to avoid a winter supply crunch.
  
  That’s easier said than done. Competition from Asia is fierce for LNG supply that doesn’t need to move through the Strait of Hormuz, and Europe is currently losing this race.
  
  One potentially mitigating factor is that Europe now consumes about 10-15% less natural gas than it did in 2021 due to a higher share of renewables for electricity generation and industries adapting from an abundance of gas (including from Russia) to tight markets with elevated prices.
  
  EU Gas in Storage Lowest in Years
  
  Early this year, European policymakers and gas network operators knew they needed to step up spring and summer purchases to fill storage sites that were depleting fast in the cold 2025/2026 winter.
  
  But the war in Iran and the near-disappearance of Qatari LNG supply was such a black swan event that no one could have predicted.
  
  Thus, Europe was left scrambling for supply amid high prices and intense competition for spot LNG supply from Asia, which itself is also seeking alternatives to the term Qatari supply that never arrived in the past six months.
  
  The Iran war and the intensified competition from Asia came just as Europe is trying to build in the spring and summer natural gas inventories for the next winter.
  
  Current storage levels are about 63% full, data from Gas Infrastructure Europe shows. That’s the lowest level for this time of year in nearly two decades and well below the five-year average.
  
  Europe risks missing its target for gas storage ahead of the winter, with the Netherlands becoming the first EU member state to warn it would miss its target.
  
  This doesn’t mean that security of supply is at immediate risk. But the current predicament suggests that Europe will once again hope for a milder winter as it has done in the past four years.
  
  High Gas Prices, Higher Energy Bills
  
  The LNG squeeze and the uncertainty about supply prospects have had a direct and rather painful effect on gas prices.
  
  The European benchmark natural gas prices in Europe at the Dutch Title Transfer Facility (TTF) surged this month to the highest since 2023, and so did the LNG prices in northwest Europe, as gas supply was much more affected than oil flows at the mostly closed Strait of Hormuz.
  
  These high prices could go even higher as winter approaches, and Europe still struggles to build up sufficient inventories.
  
  There is a very real chance that Europe won’t achieve even its softest flexible target to have storage 75% full on November 1, analysts say.
  
  “At the current rate, it will be difficult for the EU to hit even the lower storage target of 75% ahead of the heating season. This raises the prospects of forced buying, increasing upside risk for gas prices,” ING’s commodities strategists Warren Patterson and Ewa Manthey wrote in a note this week.
  
  Although it’s not 2022 and prices are nowhere near the record highs from four years ago, “Europe is approaching energy crisis territory,” analysts at Wood Mackenzie said at the end of July.
  
  Spot prices have jumped by 50% since mid-June when the now-dead U.S.-Iran ‘deal to make a deal’ was announced, as gas has proven more sensitive to the Hormuz crisis than oil, they added.
  
  The high gas prices have started to feed through consumer energy bills in Europe. Some countries will see several months of lag due to the various specificities in their energy markets, but others, including the UK, will feel the pinch almost immediately.
  
  UK energy bills are now set for a three-year high at the beginning of the winter, as higher gas prices due to the Iran war have prompted the energy regulator to raise the energy price cap on household costs by 4% for October through December.
  
  Unless LNG starts flowing out of the Strait of Hormuz very soon, Europe faces a winter with the highest prices for gas and electricity in four years, with even higher gas needs next year for the next winter.
  
  “Whichever pathway the Iran conflict takes, it now looks likely that European reliance on just-in-time LNG will be higher this winter – and the storage refill requirement an even steeper mountain to climb in summer 2027,” Bill Farren-Price, Distinguished Research Fellow at the Oxford Institute for Energy Studies, wrote in an analysis in July. Source: Oilprice.com
- 2026-08-28
  MABUX: Global bunker market to shift into the phase of irregular fluctuations on Aug. 28 on hopes that Mideast diplomacy could e
  The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO – extended its downward trend on Aug. 27 for the fourth consecutive session: 380 HSFO: USD/MT: 610.24 (-6.11) VLSFO: USD/MT: 759.85 (-9.20) MGO:... Read more The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO – extended its downward trend on Aug. 27 for the fourth consecutive session:
  
  380 HSFO: USD/MT: 610.24 (-6.11)
  VLSFO: USD/MT: 759.85 (-9.20)
  MGO: USD/MT: 1 327.77 (-15.79)
  
  As of Aug. 27, the MABUX Market Differential Index (MDI), which monitors the spread between Market Bunker Prices (MBP) and the MABUX Digital Bunker Benchmark (DBP), indicated the following trends across the four major global bunkering hubs—Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: Fujairah remained the only overvalued port, although its premium narrowed by $22. The other three hubs stayed in the undervaluation zone, with MDI discounts widening by $5 in Rotterdam, $15 in Singapore and $14 in Houston. Houston's underpricing remained above the $100 mark.
  
  • VLSFO segment: Singapore returned to the undervaluation zone, joining Rotterdam and Houston. The MDI discount narrowed by $1 in Rotterdam but widened by $25 in Singapore and $14 in Houston. Fujairah remained the only overvalued port in this bunker segment, with its premium declining by $8.
  
  • MGO LS segment: All four ports were undercharged. MDI discounts increased by $42 in Rotterdam, $78 in Singapore, $17 in Fujairah, and $27 in Houston. Houston exceeded the $100 mark, while underpricing in Rotterdam and Singapore remained above it.
  
  MABUX expects the Global bunker market to shift into the phase of irregular fluctuations on Aug. 28, as hopes that Middle East diplomatic efforts could ease supply constraints add uncertainty to short-term price direction: 380 HSFO: plus-minus 2-5 USD/MT, VLSFO: plus-minus 3-8 USD/MT, MGO LS: plus-minus 5–10 USD/MT.
  Source: MABUX

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