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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
815.01
+34.94
675.00
-5.00
Oct 9
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	815.01	+34.94	675.00	-5.00	Oct 9

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
537.45	-5.67	623.67	-3.12	786.01	-7.47	Oct 9

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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	518	488	+30	543	585	-42	675	778	-103	Oct 9
Singapore	495	507	-12	602	591	+11	688	787	-99	Oct 9
Fujairah	468	518	-50	600	583	+17	780	835	-55	Oct 9
Houston	480	482	-2	553	605	-52	685	702	-17	Oct 9

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Latest News
- 2024-10-09
  Oil prices steady after sliding on potential Israel-Hezbollah ceasefire
  Oil prices steadied in Asian trading on Wednesday as traders weighed developments in the Middle East conflict against continued bearish expectations for demand. Brent crude futures rose 22 cents, or 0.3%, to $77.4 a barrel by 0349 GMT. U.S. West Texas... Read more Oil prices steadied in Asian trading on Wednesday as traders weighed developments in the Middle East conflict against continued bearish expectations for demand.
  
  Brent crude futures rose 22 cents, or 0.3%, to $77.4 a barrel by 0349 GMT. U.S. West Texas Intermediate futures rose 14 cents to $73.71 a barrel.
  
  Prices had plunged more than 4% in the previous session on a possible Hezbollah-Israel ceasefire, but markets remain wary of a potential Israeli attack on Iran's oil infrastructure.
  
  "The everyday dilemma of 'Middle Eastern headlines' moving like a pendulum between 'ceasefire talks' and 'further escalation in attacks' has been distracting investors from reality ... Oil markets are twirled in sentiments of 'buying the rumor' and sidelining the real fundamentals that should matter," said Phillip Nova senior market analyst Priyanka Sachdeva in an email.
  
  The sell-off on Tuesday followed a rally that began after Iran launched a missile barrage at Israel on Oct. 1, culminating in an 8% gain on the week on Friday, the largest in over a year.
  
  Hezbollah officials on Tuesday appeared to back off from a truce in Gaza as a condition for a ceasefire in Lebanon. Hezbollah's deputy leader Naim Qassem said he backed attempts to secure a truce in a televised speech, the first time the end of the war in Gaza was not mentioned as a pre-condition.
  
  On the demand front, data showed U.S. crude oil stocks rose by nearly 11 million barrels last week, much more than analysts polled by Reuters had expected, according to market sources citing American Petroleum Institute figures on Tuesday. However, fuel stockpiles fell.
  
  Weak demand continued to underpin the fundamental outlook. The U.S. EIA on Tuesday downgraded its 2024 forecast for global oil demand growth by 20,000 barrels per day (bpd), to 103.1 million bpd, because of weaker industrial production and manufacturing growth in the U.S. and China.
  
  Concerns about a lack of further stimulus measures by Beijing to boost China's economy also capped oil market gains. Officials offered few new details at a press conference on Tuesday.
  
  "China has a part to play as well, with a lack of new stimulus bringing some disappointment. Many market participants were hoping that its fiscal policies will follow in the footstep of the financial 'bazooka' delivered in late-September, but there was clearly a step-down in yesterday's announcement," said IG market strategist Yeap Jun Rong.
  
  Source: Reuters
- 2024-10-09
  Trader Vitol sells Venezuelan oil to Indian refiners, trade sources say
  Two Indian state refiners have bought 2 million barrels of Venezuelan crude from trading house Vitol for November delivery, trade sources said, as shipments to what previously was Venezuela's second largest oil market continue to grow. Indian refiners... Read more Two Indian state refiners have bought 2 million barrels of Venezuelan crude from trading house Vitol for November delivery, trade sources said, as shipments to what previously was Venezuela's second largest oil market continue to grow.
  
  Indian refiners resumed imports of Venezuelan crude earlier this year after the U.S. Treasury Department authorized transactions for exports of crude and fuel despite sanctions targeted at President Nicolas Maduro's government.
  
  India's top refiner, Indian Oil Corp (IOC), is set to receive 1.2 million barrels of Venezuelan oil while Mangalore Refinery and Petrochemicals (MRPL) will get 800,000 barrels of oil, the sources with direct knowledge of the matter said.
  
  Vitol, the U.S. Treasury, Venezuelan state oil company PDVSA, IOC and MRPL did not respond to Reuters emails seeking comments.
  
  The cargo of Venezuelan Merey 16 crude grade is loaded on the vessel Boston for MRPL, according to Kpler data.
  
  While IOC's 300,000-barrels-per-day (bpd) Paradip refinery can process Venezuelan oil, MRPL has limited appetite for heavier grades such as Merey and has rarely bought oil from Venezuela.
  
  In July, India's Reliance Industries Ltd received U.S. authorization to resume importing oil from Venezuela, sources said. Reliance's deal for purchase of Venezuelan oil includes a swap for heavy naphtha, used by PDVSA's joint ventures to dilute their extra heavy oil and produce exportable grades.
  
  Reliance last month received a cargo of Venezuelan oil loaded on the vessel Degas, Kpler data shows.
  
  Oil cargoes on the tankers Boston and Degas were reported by PDVSA as sold to intermediaries and not to final buyers, documents seen by Reuters showed.
  
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  It was unclear whether Vitol has a license or is reselling crude it bought from another company with a license.
  
  One shipping source said that some of PDVSA's joint venture partners, mainly based in Europe and with U.S. licenses to lift Venezuelan oil, have resold a portion of their cargoes to traders.
  
  Source: Reuters
- 2024-10-09
  Oil prices rise after steep losses; large US inventory build limits recovery
  Oil prices rose in Asian trade on Wednesday, recouping some of the prior session’s steep losses, although signs of an outsized build in U.S. inventories limited gains. Oil prices plummeted more than 4% on Tuesday following reports that Lebanese military... Read more Oil prices rose in Asian trade on Wednesday, recouping some of the prior session’s steep losses, although signs of an outsized build in U.S. inventories limited gains.
  
  Oil prices plummeted more than 4% on Tuesday following reports that Lebanese military group Hezbollah was seeking a ceasefire with Israel, pointing to a potential de escalation in the Middle East conflict.
  
  Waning optimism over new stimulus measures in top oil importer China also weighed, after authorities declined to introduce stronger, fiscal stimulus measures to shore up slowing growth.
  
  Brent oil futures expiring in December rose 0.6% to $77.63 a barrel, while West Texas Intermediate crude futures rose 0.6% to $73.40 a barrel by 21:14 ET (01:14 GMT).
  
  API data shows bumper build in US inventories
  Limiting crude’s recovery, data from the American Petroleum Institute showed U.S. oil inventories grew by 10.9 million barrels in the past week, much more than expectations for a build of 1.95 mb.
  
  The reading usually heralds a similar trend from official inventory data, which is due later on Wednesday, and sparked some concerns that U.S. fuel demand was cooling, especially as the country’s mid-South grappled with a series of devastating hurricanes.
  
  Traders were watching for any potential disruptions in oil supply from Hurricane Milton, one of the strongest hurricanes seen in recent history. The category-5 storm is set to make landfall in Florida this week, but is expected to largely dodge most oil and gas operations in the Gulf of Mexico.
  
  Middle East conflict in focus amid Hezbollah calls for ceasefire
  Oil was pressured by reports that Hezbollah was calling for a ceasefire as Israel continued to target its top leadership, while both sides continued to launch offensives against each other.
  
  Still, the prospect of a ceasefire points to a potential de escalation in the Middle East conflict, which has otherwise been a key point of support for oil prices.
  
  Oil markets rallied over the past week after Iran and Hezbollah launched missile strikes against Israel, ramping up concerns over a potential escalation in the Israel-Hamas war, which could potentially disrupt oil production in the Middle East.
  
  Traders were still on edge over Israel attacking Iran’s oil facilities, which could mark a serious escalation in the war.
  
  Source: investing.com
- 2024-10-09
  Oil futures lower after API data show big increase in US crude stocks
  U.S. crude oil futures were lower in post-settlement trading Tuesday after the American Petroleum Institute reported a much larger-than-expected increase in weekly domestic crude stocks amid weather-related disruptions to U.S. energy infrastructure. Crude... Read more U.S. crude oil futures were lower in post-settlement trading Tuesday after the American Petroleum Institute reported a much larger-than-expected increase in weekly domestic crude stocks amid weather-related disruptions to U.S. energy infrastructure.
  
  Crude Oil WTI Futures, the U.S. benchmark, recently traded at $73.91 a barrel following the report after settling down 4.6% at $73.57 a barrel.
  
  Oil prices were heavily pressured by easing concerns somewhat about wider Middle East conflict amid reports that Hezbollah is seeking a ceasefire with Israel.
  
  U.S. crude inventories increased by about 10.9 million barrels for the week ended Oct. 4, compared with a draw of 1.46M barrels reported by the API for the previous week. Economists were expecting a build of about 1.9M barrels.
  
  Gasoline stockpiles fell by about 557,000 barrels, while distillate inventories -- the class of fuels that includes diesel and heating oil -- declined by 2.59M barrels.
  
  The official government inventory report is due Wednesday at 10:30 a.m. EST (1530 GMT).
  
  Source: investing.com
- 2024-10-09
  GLOBAL: LNG-FUELLED FLEET EXPANDS TO MAKE UP 6% OF GLOBAL DWT, SAYS SEA-LNG
  LNG-powered vessels in operation and on order now represent 4% of the global fleet by vessel numbers or 6% by deadweight tonnage (DWT), according to data released today (8 October) by industry coalition SEA-LNG. The group reports that there are 590... Read more
- 2024-10-09
  GLOBAL: CLEAN ARCTIC ALLIANCE WELCOMES IMO PROGRESS ON BLACK CARBON REGULATION
  The Clean Arctic Alliance, a coalition of 23 environmental NGOs, has welcomed progress achieved at MEPC 82 last week towards the regulation of black carbon and the creation of emission control areas, but accused the IMO of ‘kicking down the road’ any... Read more
- 2024-10-09
  GLOBAL: NEW UK-SINGAPORE RESEARCH PARTNERSHIP ON DIGITAL AND GREEN SHIPPING
  Imperial College London and the Maritime and Port Authority of Singapore (MPA) have entered a five-year partnership aimed at advancing innovation on zero carbon shipping and achieving net-zero port emissions. Under the agreement, scientists and maritime... Read more
- 2024-10-09
  Crude prices slide over 4% on possible Hezbollah-Israel ceasefire
  Oil prices slid on Tuesday, settling down more than 4% on news of a possible ceasefire between Hezbollah and Israel, although prices found some support on fears of a potential attack on Iranian oil infrastructure. Brent crude futures settled down $3.75,... Read more Oil prices slid on Tuesday, settling down more than 4% on news of a possible ceasefire between Hezbollah and Israel, although prices found some support on fears of a potential attack on Iranian oil infrastructure.
  Brent crude futures settled down $3.75, or 4.63%, at $77.18 a barrel. U.S. West Texas Intermediate futures finished down $3.57, or 4.63%, at $73.57 a barrel. At their session lows, both were down more than $4 a barrel.
  "We continue to be very headline dependent," said John Kilduff, partner with Again Capital LLC. "This morning, we heard about the potential ceasefire. Then we got indications targets are still being dialed in and energy targets are in the mix."
  "That Hezbollah is open to a ceasefire, is the kind of headline that people jump on," said Phil Flynn, senior analyst at Price Futures Group. "There should be a lot of volatility up and down on this conflict."
  On Monday, Brent rose above $80 per barrel for the first time since August after more than a 3% daily gain. That followed the largest weekly gain in over a year, roughly 8%, in the week to Friday on rising concerns of a spreading war in the Middle East.
  Hezbollah left the door open to a negotiated ceasefire after Israeli forces raised the stakes in the conflict with its Iran-backed enemy by making new incursions in the south of Lebanon.
  Israeli defense minister Yoav Gallant said it appeared the replacement for slain Hezbollah leader Sayyed Hassan Nasrallah had also been eliminated.
  
  Late on Tuesday, Israel's military warned people away from specific buildings in the southern suburbs of Beirut.
  The oil price rally began after Iran launched a missile barrage at Israel on Oct. 1. Israel has sworn to retaliate and said it was weighing its options.
  Some analysts said an attack on Iranian oil infrastructure was unlikely and warned oil prices could face considerable downward pressure if Israel focuses on any other target.
  In the U.S., Hurricane Milton intensified into a Category 5 storm on its way to Florida after forcing at least one oil and gas platform in the Gulf of Mexico to shut on Monday.
  U.S. crude oil stocks rose by nearly 11 million barrels last week, while fuel stockpiles fell, according to market sources citing American Petroleum Institute figures on Tuesday.
  Crude stocks rose by 10.96 million barrels in the week ended Oct. 4, the sources said on condition of anonymity. Gasoline inventories fell by 557,000 barrels, and distillate stocks fell by 2.60 million barrels, they said. Source: Reuters/Investing.com
- 2024-10-09
  Oil Prices Under Pressure as Supply Disruptions Fail to Materialize
  - China’s announcement of more economic stimulus to the country’s ailing real estate sector was well-timed, ahead of a week-long public holiday, however as normal business activity recovers in the country, the market faces further disappointment. -... Read more - China’s announcement of more economic stimulus to the country’s ailing real estate sector was well-timed, ahead of a week-long public holiday, however as normal business activity recovers in the country, the market faces further disappointment.
  
  - Following the Tuesday briefing held by China’s National Development and Reform Commission, the country’s policy planner, iron ore futures plunged by more than $5 per metric tonne to $105/mt as the NDRC failed to provide specific stimulus steps ahead.
  
  - Particularly, China seems to be taciturn on the pace of clearing its massive housing inventory, currently assessed at 43 million units with a further 8 million under construction, considering annual sales remain rangebound around 8 million units per year.
  
  - Before the NDRC briefing, iron ore futures were soaring and added 18% over the past two weeks, with similarly robust gains seen across the base metal segment.
  
  Market Movers
  
  - According to market rumors, UK oil major BP (NYSE:BP) is set to abandon its 2030 target of cutting oil and gas output by 40% under new CEO Murray Auchincloss, eyeing new upstream opportunities in Iraq and Kuwait.
  
  - Norway’s state oil company Equinor (NYSE:EQNR) bought a $2.5 billion stake in Denmark’s wind farm developer Ørsted, taking a 9.8% minority stake and becoming the second-largest shareholder after the Danish state.
  
  - UK-based energy major Shell (LON:SHEL) won the bidding process for the coveted shallow water Block U in Trinidad and Tobago, beating BP and EOG Resources for the presumably gas-rich acreage.
  
  Tuesday, October 08, 2024
  
  The oil market was on a knife's edge all weekend and early this week, with traders awaiting Israel’s riposte vis-à-vis Iran, but when no major supply disruption came, both WTI and Brent fell, with Brent breaking below $78. If there is no large-scale strike on Iranian oil infrastructure, prices could fall even further, with Libyan supply coming back online and Chinese demand yet to materialize.
  
  China Disappoints as Imports Fail to Recover. According to Kpler data, China’s crude oil imports averaged only 10.8 million b/d in September, a more than 500,000 b/d decline compared to August numbers, indicating that even the promise of economic stimulus did not lift the country’s buying activity.
  
  Europe’s Hydrogen Ambitions Weaken Further. One of Europe’s most ambitious hydrogen infrastructure projects, the cross-border pipeline between Denmark and Germany, has been postponed by three years to 2031, with seemingly little industry interest to book term capacity.
  
  Everyone Wants to Market Guyana’s Oil. According to Guyanese government agencies, a total of 27 bidders have applied to market Guyana’s share of crude oil produced at the ExxonMobil-operated Stabroek block, equivalent to 33 shipments per year, pitting Exxon, Chevron, BP and Total against one another.
  
  Libya Quickly Recoups Production Losses. Libya’s production rates are recovering after the month-long oil blockade, with current output nearing the 1.2 million b/d peak production level as Bloomberg reported that most of shut-in wells have been restarted and production hit 1.067 million b/d.
  
  Norway’s New Oil Project Costs Balloon. Norway’s 2025 budget shed light on the country’s runaway project costs as the upcoming Johan Castberg project is now expected to cost $8.1 billion compared to its initial assessment of $4.6 billion, whilst Aker BP’s Yggdrasil skyrocketed to $12.6 billion.
  
  Hurricane Milton Triggers Platform Evacuations. Even though the upstream impact of Hurricane Milton is expected to be less than that of Francine and Helene, US major Chevron (NYSE:CVX) has pre-emptively shut its 65,000 b/d Blind Faith platform some 150 miles southeast of New Orleans.
  
  Mining Giants Set Sights on Lithium Expansion. Prompted by low lithium prices, Australia’s mining major Rio Tinto (NYSE:RIO) has approached lithium producer Arcadium Lithium (NYSE:ALTM), itself the result of the recent Allkem-Livent merger, in a deal that could be valued between $4 and $6 billion.
  
  Chevron Cuts Down on Canada Ambition. US oil major Chevron (NYSE:CVX) agreed to sell its assets in Canada’s Athabasca Oil Sands and Duvernay Shale to Calgary-based Canadian Natural Resources (TSO:CNQ) for $6.5 billion, shedding assets that produced some 84,000 b/d of oil equivalent in 2023.
  
  Colombia Celebrates Giant Offshore Gas Discovery. Partnering up with Brazilian offshore specialist Petrobras (NYSE:PBR), Colombia’s state oil firm Ecopetrol (NYSE:EC) announced the discovery of a giant 6 TCf gas field with its Sirius-2 well, more than doubling the nation’s 2.4 TCf current reserves.
  
  US Jet Fuel Demand Reaches 23-Year High. According to US BTS data, the consumption of jet fuel by US airlines in August rose to the highest for the month in 23 years, a total of 1.69 billion gallons that is 1% higher than last year’s tally, with average jet fuel costs averaging $2.47 per gallon over the month.
  
  Panama to Decide on Its Copper Future in 2025. The government of Panama is set to decide on the future of the giant Cobre Panama copper field next year, with the project equivalent to 5% of global production before its forced shutdown, after the Supreme Court ruled that First Quantum’s contract was unconstitutional.
  
  Kazakhstan’s Nuclear Ballot Paves Way for New Plants. The Central Asian nation of Kazakhstan held a referendum on the construction of nuclear power plants in the country, and with 71% of the electorate voting affirmatively, the world’s largest uranium miner should soon start working on new capacity.
  
  Russia Eyes Diesel Export Ban for Traders. The Russian government has held preliminary negotiations with its oil companies to decide whether firms that do not produce diesel should be banned from exporting middle distillates, with diesel exports averaging 920,000 b/d so far in 2024.
  
  Source: Oilprice.com
- 2024-10-09
  Surprise Crude Inventory Spike Slams Oil Prices
  Crude oil inventories in the United States rose by a shocking 10.9 million barrels for the week ending October 4, according to The American Petroleum Institute (API). Analysts had expected a build of 1.95 million barrels. For the week prior, the API... Read more Crude oil inventories in the United States rose by a shocking 10.9 million barrels for the week ending October 4, according to The American Petroleum Institute (API). Analysts had expected a build of 1.95 million barrels.
  
  For the week prior, the API reported a 1.5-million-barrel decrease in crude inventories.
  
  So far this year, crude oil inventories have slumped by just 5 million barrels since the beginning of the year, according to API data.
  
  On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.3 million barrels as of October 4. SPR inventories are now at 382.9 million barrels, a figure that reflects an increase of more than 35 million from its multi-decade low last summer, yet 252 million from when President Biden took office. At the current rate of replenishment, it will take more than five years to return to January 2020 levels.
  
  Oil prices shrugged off what is now becoming rather for the markets—threats of a possible supply shock in the wake of continued conflict in the Middle East. WTI and Brent fell sharply ahead of the API data release as traders took handsome profits from the recent oil rally and their kept their eyes on soft demand from China.
  
  At 3:39 pm ET, Brent crude was trading down $3.46 (-4.28%) on the day at $77.47—a nearly $4 per barrel gain from this time last week. The U.S. benchmark WTI was also trading sharply down on the day by $3.29 (-4.26%) at $73.85—a $3.70 per barrel gain from this time last Tuesday.
  
  Gasoline inventories fell this week by 557,000 barrels, compared to last week’s 900,000-barrel increase. As of last week, gasoline inventories are 1% below the five-year average for this time of year, according to the latest EIA data.
  
  Distillate inventories fell by 2.59 million barrels, on top of last week’s 2.7-million-barrel decrease. Distillates were already about 8% below the five-year average as of the week ending September 27, the latest EIA data shows.
  
  Cushing inventories—the benchmark crude stored and traded at the key delivery point for U.S. futures contracts in Cushing, Oklahoma, rose by 1.359 million barrels, according to API data, on top of the 700,000-barrel build of the previous week. Inventories at Cushing are now under 24 million barrels.
  
  Source: Oilprice.com