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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
1 665.00
+102.00
1 437.00
+5.00
Oct 19
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	1 665.00	+102.00	1 437.00	+5.00	Oct 19

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
745.89	-0.51	879.68	-0.34	1 548.41	+2.67	Oct 22

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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	674	746	-72	757	847	-90	1 432	1 589	-157	Oct 22
Singapore	878	793	+85	932	974	-42	1 338	1 582	-244	Oct 22
Fujairah	724	738	-14	967	917	+50	1 725	1 645	+80	Oct 22
Houston	607	703	-96	790	838	-48	1 412	1 510	-98	Oct 22

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Analytical Section
- Daily and Weekly Bunker analyses and Future Curves
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Latest News
- 2026-10-23
  Oil little changed as supply concern lingers amid Houthi attacks on Saudi Arabia
  Oil prices were little changed in early Asian trade on Friday, after rising 4% to a five-month high in the previous session due to concern of further energy supply disruption after Houthi attacks on top exporter Saudi Arabia. Brent crude futures was... Read more Oil prices were little changed in early Asian trade on Friday, after rising 4% to a five-month high in the previous session due to concern of further energy supply disruption after Houthi attacks on top exporter Saudi Arabia.
  
  Brent crude futures was down 21 cents, or 0.2%, at $112.96 a barrel as of 0030 GMT, while US West Texas Intermediate crude was down 27 cents, or 0.3%, at $98.12.
  
  On a weekly basis, WTI was on track to end two weeks of gain to finish lower. Brent, which settled at its highest since May 4 on Thursday, is set to close higher for the third successive week.
  
  How have Brent and WTI performed over the past month?
  Saudi Aramco on Thursday ordered the evacuation of its headquarters in Dhahran on the Gulf near Bahrain, Reuters reported, as fighting intensified between the world’s largest crude exporter and Yemen-based Houthis.
  
  Clashes between the Houthis and a Saudi-led coalition that backs Yemen’s internationally recognised government have raged since the Iran-aligned Houthis pushed towards Bab el-Mandeb, a shipping chokepoint at the mouth of the Red Sea.
  
  In Libya, an oil pipeline valve from the Hamada and Tahara oilfields to Zawiya port has been shut, leading to a reduction in production at both fields, the head of the National Oil Corporation told Reuters on Thursday.
  
  How significant is Libya’s production reduction for global supply?
  Separately, Russia said on Wednesday it was ready to resume US-mediated talks with Ukraine next month, after President Vladimir Putin hosted US envoy Steve Witkoff for talks in St Petersburg.
  
  Ukrainian President Volodymyr Zelenskiy said he hoped negotiations, which would be the first since February, will take place early in November.
  
  Russia was the world’s third-biggest crude oil producer behind the US and Saudi Arabia in 2025, US energy data showed. Sanctions aimed at keeping Russian energy out of global markets after Russia’s invasion of Ukraine in 2022 have pushed up oil prices. Source: Reuters/Investing.com
- 2026-10-23
  EU’s Arctic Strategy Excludes Oil and Gas
  The European Union will shun crude oil and natural gas produced from fields in the Arctic, recommending that these “stay in the ground” under its new Arctic strategy released this week. The reiteration of the EU’s stance on Arctic hydrocarbons comes amid... Read more The European Union will shun crude oil and natural gas produced from fields in the Arctic, recommending that these “stay in the ground” under its new Arctic strategy released this week. The reiteration of the EU’s stance on Arctic hydrocarbons comes amid a severe fuel crisis and soaring gas prices ahead of winter peak demand season.
  
  The update on the Arctic strategy of the bloc that has quite limited geographical exposure to the Arctic comes five years after the last one, as the Arctic draws increasing attention, notably from the U.S. administration, with President Trump notoriously demanding that Denmark sell Greenland to the U.S. For the EU, the focus is on security, with the strategy detailing plans for a Maritime Security Hub for the monitoring and repair of subsea cables in the area.
  
  Energy security, however, does not seem to be a priority for the EU leadership, at least not if it involves sourcing oil and gas from fields in the Arctic. “Our position on Arctic oil, gas and coal has not changed,” one senior EU official told media, as quoted by EUobserver. “It’s fairly simple. We will not drill in the Arctic, and we will not buy hydrocarbons from the Arctic.”
  
  To be fair, EU countries do not really have territories rich in oil and gas. In fact, the only countries that have a small Arctic footprint are Sweden and Finland, whose northernmost parts are in the Arctic Circle. Denmark could be seen as having the greatest Arctic presence with Greenland, but since the island is an autonomous entity, which makes that presence formal rather than practical.
  
  This leaves Norway as the Western European country with the largest Arctic presence—and Norway has made it quite plain it will develop its Arctic oil and gas resources. Indeed, the country’s energy minister earlier this year said that “In today’s geopolitical and security environment, and given the resource situation, I believe continued activity in the Barents Sea serves both Norwegian and European interests.”
  
  Further, Terje Aasland said at the time that “We would develop these areas, and then it will be up to the EU whether they should have a moratorium on buying that gas or oil.” Now, the EU has stated its decision on the matter, which means Norway would be free to sell its Arctic oil and gas to global buyers while the EU would be busy making sure that the gas it buys from Norway did not come from any of its fields in the Barents Sea.
  
  There was, however, a small breakthrough in the new strategy: the word “moratorium” with regard to oil and gas drilling in the Arctic was removed from the document. “We welcome the fact that there is no longer any talk of a moratorium on oil and gas from Arctic regions,” Norway’s Aasland said, as quoted by Bloomberg, adding “production in our northern regions will become increasingly important in the years ahead.”
  
  Meanwhile, the EU plans to take on Russia in the Arctic—Russia being the country with the biggest Arctic territory and the longest Arctic coastline. With so much of Russia actually in the Arctic, it is little surprise the country has been busy there for about two decades, building infrastructure—including military infrastructure—but also transport and energy. The Northern Sea Route has become a very convenient alternative to other routes between Europe and China, and Russia is already exporting goods to its neighbor through it.
  
  Some would argue the EU’s push to have a say in the Arctic where, again, it has very little actual geographical presence, is too little, too late. Clearly, the new strategy is related to the rearmament drive prompted by EU foreign policy, but without a secure energy supply, that rearmament would be problematic—solar tanks are still quite far in the future. Yet it appears that the EU is adamant about its opposition to Arctic oil and gas – while it keeps importing oil and gas from other regions. Source: Oilprice.com
- 2026-10-23
  MABUX: Global bunker market expected to extend gains on Oct. 23 amid persistent Middle East tensions and supply disruption risks
  The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO – recorded mixed movements on Oct. 22 for the second consecutive session: 380 HSFO: USD/MT: 745.89 (-0.51) VLSFO: USD/MT: 879.68 (-0.34) MGO:... Read more The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO – recorded mixed movements on Oct. 22 for the second consecutive session:
  
  380 HSFO: USD/MT: 745.89 (-0.51)
  VLSFO: USD/MT: 879.68 (-0.34)
  MGO: USD/MT: 1 548.41 (+2.67)
  
  As of Oct. 22, the MABUX Market Differential Index (MDI), which measures the spread between Market Bunker Prices (MBP) and the MABUX Digital Bunker Benchmark (DBP), registered the following trends across the four major global bunkering hubs—Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: Singapore remained the only overvalued hub, with its MDI premium widening by $3. The other three ports continued to be undervalued. MDI discounts narrowed by $9 in Rotterdam, $4 in Fujairah, and $12 in Houston, with the latter falling below the $100 threshold.
  
  • VLSFO segment: Fujairah remained the only overvalued hub, with its MDI premium widening by another $2. The other three ports continued to be undervalued. MDI discounts narrowed by $7 in Rotterdam, $1 in Singapore, and $11 in Houston.
  
  • MGO LS segment: Fujairah remained the only overvalued hub, with its MDI premium widening by $38. The other three ports continued to be undervalued. MDI discounts narrowed by $20 in Rotterdam, $39 in Singapore, and $52 in Houston. Discounts in Rotterdam and Singapore remained above the $100 threshold, while Houston's discount fell below this level.
  
  MABUX expects the global bunker market to maintain its upward momentum on Oct. 23, supported by persistent tensions in the Middle East and ongoing risks of supply disruptions:
  380 HSFO: plus 5-12 USD/MT, VLSFO: plus 5-15 USD/MT, MGO LS: plus 5–15 USD/MT.
  Source: MABUX
- 2026-10-23
  EU’s Proposed Shipping Subsidies Could Make BioLNG Cheaper Than Fuel Oil
  Europe’s carbon market could soon start paying shipowners to switch fuels, but the support on offer is far from equal. In July, the European Commission proposed a revision of the European Union’s Emissions Trading System that would reserve up to 110 million... Read more Europe’s carbon market could soon start paying shipowners to switch fuels, but the support on offer is far from equal. In July, the European Commission proposed a revision of the European Union’s Emissions Trading System that would reserve up to 110 million allowances between 2028 and 2040 for a new Sustainable Maritime Alternative Propulsion (SMAP) mechanism, which is meant to cover part of the price gap between fossil marine fuels and sustainable alternatives. Rystad Energy’s analysis shows that, combined with the EU ETS itself and the FuelEU Maritime regulation, the proposal would reshape the cost ranking of marine fuels in Europe. BioLNG and renewable e-fuels stand to gain the most, while biodiesel made from used cooking oil (UCO) and animal fats – one of today's most widely used marine biofuels – is left out.
  
  The timing matters. From 2026, shipping companies surrender ETS allowances for 100% of their verified emissions in scope, now including methane and nitrous oxide, while FuelEU Maritime requires a steadily tightening cut in the greenhouse-gas intensity of energy used on board. Both regimes rest on the sustainability rules of the EU’s revised Renewable Energy Directive (RED III). For shipowners, charterers and fuel suppliers, the question is which fuel pathway the combined rules reward.
  
  SMAP would cover 55% of the remaining price gap to fossil fuel for biogas and advanced biofuels, and 90% for renewable fuels of non-biological origin (RFNBOs) such as e-ammonia and e-methanol, with 10 additional percentage points where the feedstock is sourced in the EU. Because support scales with the size of the gap, the most expensive fuels receive the most per tonne, and EU-made e-ammonia could see its entire remaining premium covered (Figure 1). Support is halved on voyages into or out of the EU, and fuels generally must be produced in the EU or in a country with a linked carbon market.
  
  Stacked together, the three instruments push several alternative fuels below the cost of very low sulfur fuel oil (VLSFO) on intra-EU voyages. At 3Q26 prices, bioLNG costs more than twice as much as VLSFO before any incentives, yet it ends up at about half the cost of VLSFO once FuelEU credits and the proposed subsidy are counted. Most of that advantage comes from FuelEU Maritime, and bioLNG would already undercut VLSFO without SMAP. Because bioLNG is a drop-in fuel for liquefied natural gas (LNG) engines, this strengthens the business case for LNG dual-fuel ships trading in Europe. RFNBOs receive the most generous treatment of all and, on paper, EU-produced e-ammonia could become the cheapest fuel on intra-EU routes, although very few ships can burn ammonia today and EU production remains small.
  
  The clearest losers are liquid biofuels made from waste oils and fats. UCO and category 1 and 2 animal fats meet every EU sustainability test and earn full credit under both the ETS and FuelEU Maritime, but SMAP supports only advanced biofuels made from feedstocks listed in Annex IX Part A of RED III. Biogas, by contrast, appears eligible regardless of feedstock. The exclusion matters because of how Europe’s biodiesel industry is built. By 2030, crops and waste lipids such as UCO and other waste fats and oils are expected to account for about 96% of the region’s biodiesel and renewable diesel production capacity, leaving only around 2% clearly eligible for support (Figure 2). Aviation’s sustainable fuel mandate is drawing on the same waste lipids, meaning shipping is unlikely to secure much eligible liquid biofuel.
  
  Even for eligible fuels, SMAP is more likely to steer early movers than to drive large volumes. The budget is fixed at around $900 million per year if spread evenly, and claims are cut pro rata when oversubscribed, so owners learn the support per tonne only after the year ends. For bioLNG, mass balance rules also limit supply to bunkers from grid-connected liquefaction in the EU.
  
  The proposal still faces negotiation with the European Parliament and European Council, and the final rules could narrow eligibility or curb overcompensation. Nonetheless, the direction for shipowners is clear: in European trades, fuels that perform well under the ETS, FuelEU Maritime and SMAP together are likely to win. Owners with LNG dual-fuel tonnage and early movers in e-fuels stand to benefit most, while those relying on waste-oil biodiesel should prepare for a widening cost gap. Source: Oilprice.com
- 2026-10-23
  Asia Needs $1 Trillion a Year to Secure Energy Supplies
  Asia will need as much as $1 trillion annually in energy investment over the next 15 years to meet rising demand and reduce its exposure to supply disruptions, according to a McKinsey report released Thursday. That amounts to $15 trillion through 2040,... Read more Asia will need as much as $1 trillion annually in energy investment over the next 15 years to meet rising demand and reduce its exposure to supply disruptions, according to a McKinsey report released Thursday.
  
  That amounts to $15 trillion through 2040, with the Iran war exposing just how vulnerable the region remains to disruptions in oil and gas shipments through the Strait of Hormuz.
  
  McKinsey now expects Asian energy demand to reach 370 million terajoules by 2040, a 15% increase over its forecast from just a year ago. The region is expected to account for roughly 70% of global net energy demand growth through 2040.
  
  Data centers, industrial expansion, and rising demand for cooling are driving much of that growth.
  
  Coal, meanwhile, isn't going anywhere particularly fast.
  
  McKinsey expects Asian coal consumption to remain broadly flat over the next decade, with declining demand in China offset by increased consumption in India and Southeast Asia.
  
  Natural gas demand growth is expected to slow over the next five to ten years as countries prioritize coal and renewables for power generation. Industrial demand could drive a longer-term recovery.
  
  Solar and wind investment is projected to reach approximately $300 billion annually through 2040, particularly in India and Southeast Asia, but that comes with additional challenges.
  
  A Bain and Standard Chartered report found that 50% to 60% of renewable projects in Vietnam, Thailand, and Indonesia were canceled or stalled between 2021 and 2025, with inadequate infrastructure and policy support among the obstacles.
  
  McKinsey also sees opportunities for governments to support higher-cost domestic oil and gas development in China, the Philippines, Thailand, Vietnam, and Turkmenistan as countries look to reduce reliance on imports.
  
  Biofuels could displace another $90 billion to $100 billion in fuel imports by 2040.
  
  The investment requirements extend well beyond renewable generation, with domestic oil and gas production, transmission infrastructure, and alternative fuels all competing for capital as Asia attempts to secure enough energy to support its growing industrial and electricity demand. Source: Oilprice.com
- 2026-10-23
  Citi’s $60 Oil Call Meets $112 Brent
  Citi sees more upside risk for oil prices despite recovering Middle Eastern crude exports, a considerably less bearish assessment from the bank that predicted $60-to-$65 Brent by year-end just three months ago. Brent December futures traded at $111.70... Read more Citi sees more upside risk for oil prices despite recovering Middle Eastern crude exports, a considerably less bearish assessment from the bank that predicted $60-to-$65 Brent by year-end just three months ago.
  
  Brent December futures traded at $111.70 on Thursday, up $2.88, or 2.65%, after touching $112.68 earlier in the session.
  
  The problem, Citi says, is that getting crude out of the Gulf and getting it to buyers at a reasonable cost are two different things.
  
  More than 1 million barrels per day of Gulf crude was transferred between vessels in September, representing about 7.5% of regional exports. Before the U.S.-Iran war, these transfers were virtually nonexistent.
  
  Freight rates for very large crude carriers traveling from the Gulf to China recently approached $250 per metric ton, or roughly $35 per barrel, Citi estimates. That's more than 20 times the previous decade's average.
  
  Excluding Iran, Gulf crude exports recovered to more than 81% of prewar levels in September, aided by increased Saudi shipments. Iran's own exports have fallen to zero under a U.S. blockade.
  
  Before the war began in February, the Strait of Hormuz handled about one-fifth of the world's oil and LNG supplies.
  
  Citi has had to rethink its oil market outlook repeatedly. In July, it urged investors to sell summer rallies and predicted Brent would fall to $60-$65 by year-end as Hormuz shipping normalized.
  
  In August, Citi raised its third-quarter Brent forecast from $75 to $80 but left its fourth-quarter call at $70 and its 2027 forecast at $65. Brent was trading at $83.11 when Citi issued that revision.
  
  The bank offered no new price target in Thursday's assessment. Instead, it warned that the recovery in Gulf exports has been a recovery in volumes, not shipping efficiency.
  
  Buyers are receiving more crude, but the added transfers and soaring freight costs are keeping delivered supplies expensive. Source: Oilprice.com
- 2026-10-23
  Ofgem Approves Deal to Keep UK Gas Import Capacity From Europe
  The UK’s energy market regulator, Ofgem, is looking to keep Britain’s gas import capacity from mainland European connectors to preserve flexibility to import gas in case of strong demand. Ofgem on Thursday approved Interconnector Limited entering into... Read more The UK’s energy market regulator, Ofgem, is looking to keep Britain’s gas import capacity from mainland European connectors to preserve flexibility to import gas in case of strong demand.
  
  Ofgem on Thursday approved Interconnector Limited entering into an agreement, under its license, with National Gas Transmission plc to reinforce gas import capability through the Great Britain-Belgium interconnector.
  
  The UK is connected to mainland Europe with several interconnectors, through which gas can flow in both directions depending on where the demand is.
  
  These pipelines linking the UK’s gas system with hubs in Belgium and the Netherlands are only used occasionally to import gas. Most of the imported gas the UK consumes comes from Norway via pipelines and from other gas exporters in the form of LNG.
  
  The amount of gas import capability available to the British market through the continental interconnectors has shrunk in recent years, due to a combination of reduced commercial incentives for imports from Europe and specific technical reductions in interconnector capacity, Ofgem said today.
  
  Even so, these interconnectors “provide an important option during periods of particularly high demand, such as severe winter weather,” the regulator noted as it opened a consultation until November 20, 2026 on keeping the existing capacity.
  
  “Maintaining import capability through the continental interconnectors has been identified as an important action to strengthen resilience by enhancing the ability of the gas system to respond to more challenging situations in the very unlikely event that they arise,” said Glenn Bryn-Jacobsen, Director of Energy Systems and Resilience at National Gas.
  
  Jack Presley Abbott, Director of Energy Systems Management and Security at Ofgem, commented, “Maintaining these important gas links is important as longer-term changes to the energy system continue. We have approved the agreement needed to maintain this important capability, and, as such, are consulting on the proposed regulatory mechanism for recovering its costs.”
  
  On Wednesday, the UK government approved the long-delayed Jackdaw gas field in the first approval of a new North Sea project since the Iran war hiked energy prices. Jackdaw could start to supply gas to British homes and businesses as soon as later this month, after the UK Energy Secretary agreed that the regulator can grant consent for gas to be produced at the field.
  
  Source: Oilprice.com
- 2026-10-23
  European Natural Gas Prices Rise on Middle East Escalation
  Europe’s benchmark natural gas prices rose on Thursday to nearly 90 euros per megawatt-hour, or the equivalent of $29.50 per million British thermal units (MMBtu), as the escalation in the Middle East raised concerns about European winter gas supply amid... Read more Europe’s benchmark natural gas prices rose on Thursday to nearly 90 euros per megawatt-hour, or the equivalent of $29.50 per million British thermal units (MMBtu), as the escalation in the Middle East raised concerns about European winter gas supply amid historically low inventories at the start of the heating season.
  
  The front-month price at the Dutch Title Transfer Facility (TTF), the benchmark for Europe’s gas trading, had jumped by 2.7% at 9 a.m. Amsterdam time on Thursday, tracking a 3% surge in oil prices as the Saudi-Houthi conflict escalates and Iran said it had struck several oil tankers doing transfers in the Persian Gulf.
  
  At $100.84 (89.76 euros) per megawatt-hour (MWh), the European gas price is now at its highest levels since December 2022, when Europe faced the first winter without most of the Russian pipeline gas supply. The current price is also equivalent to about $29.50 per MMBtu.
  
  EU storage sites were only 74% full as of October 21, per data from Gas Infrastructure Europe. That’s well below the five-year average of about 86% for this time of the year so close to the start of the heating season.
  
  Prices are vulnerable to further spikes in case of colder winters in either Europe or Asia, or both, or if another supply disruption hits the market.
  
  Early on Thursday, Brent Crude prices hit a five-month high of $112 per barrel, due to fears of further disruptions to supply from the Middle East.
  
  “European natural gas faces similar risks, with relatively low storage levels leaving the region more dependent on continued imports throughout winter,” Ole Hansen, Head of Commodity Strategy at Saxo Bank, wrote in a Thursday note.
  
  “A prolonged cold spell, combined with renewed disruptions to LNG shipments, could trigger another sharp increase in prices from the current level around EUR 90 per MWh ≈ USD 29.50 per MMBtu.”
  
  As Europe enters the winter with lower-than-usual buffers, and Asia has mostly used its demand-side flexibility, there is a risk of late-winter price spikes, consultancy Timera Energy said last week in its winter gas outlook.
  
  “Our winter 2026/27 outlook assumes Hormuz remains closed through Q4 2026, with gradual reopening through Q1 2027. Under this scenario, late-winter price upside becomes particularly acute if European stocks run low,” the analysts said.
  
  Source: Oilprice.com
- 2026-10-23
  Record Fuel Prices Accelerate Europe’s EV Sales
  Record-high gasoline and diesel prices across Europe are accelerating a shift toward electric vehicles and hybrids while new registrations of conventional cars continue to plummet by double digits in key markets. Total car sales in Europe, including... Read more Record-high gasoline and diesel prices across Europe are accelerating a shift toward electric vehicles and hybrids while new registrations of conventional cars continue to plummet by double digits in key markets.
  
  Total car sales in Europe, including the UK, Norway, and Switzerland, rose by 10.2% in September from a year earlier, data from the European Automobile Manufacturers’ Association (ACEA) showed on Thursday.
  
  Battery electric vehicle (BEV) sales jumped by 60%, plug-in hybrid sales rose by 24%, and hybrid electric vehicle sales went up 5.3%.
  
  In contrast, the sales of gasoline cars slumped by 20.6% in September compared to the same month last year, while diesel car sales plunged by 28.2%.
  
  Year-to-date through September 2026, double-digit increases in BEV and plug-in hybrid sales continued to drive the rise in overall car sales in Europe, while gasoline and diesel car sales fell by nearly 20% each.
  
  Gasoline sales saw significant downturns across all major European markets. France saw the sharpest decline, with volumes plunging by 36.1%, while other key markets also posted double-digit losses: Germany (-22.7%), Spain (-19%), and Italy (-16.4%), according to ACEA’s data.
  
  The market share of gasoline cars in the European Union slumped to 21.2% for the nine months to September from 27.7% last year. Diesel sales accounted for 7.1% of new EU car registrations, down from 9.3% in 2025.
  
  Among manufacturers, of note was the rise of Chinese brands BYD, Chery, Jaecoo, Jetour, and Omoda. Sales of BYD in the EU more than doubled in September and in January-September from a year earlier, while the Chery Automobile brands Chery, Jaecoo, Jetour, and Omoda tripled sales.
  
  Record-high fuel prices and a record number of newly available affordable models have pushed electric vehicle sales in the European Union to an all-time high this year, Transport & Environment, a European advocacy group for clean transport and energy, said in a report earlier this month.
  
  Source: Oilprice.com
- 2026-10-23
  Norway's $2.3 Trillion Oil Fund Loses $30 Billion in Third Quarter
  The world’s biggest sovereign wealth fund, Norway’s $2.3-trillion Government Pension Fund Global, booked a loss of $30 billion for the third quarter as higher interest rates and market turbulence hit both its fixed-term and equity investments. Norway’s... Read more The world’s biggest sovereign wealth fund, Norway’s $2.3-trillion Government Pension Fund Global, booked a loss of $30 billion for the third quarter as higher interest rates and market turbulence hit both its fixed-term and equity investments.
  
  Norway’s Government Pension Fund Global (GPFG), which is commonly referred to as 'Norway's oil fund' because it was created with oil and gas revenues, is a shareholder in many large companies in the world, with more than half of the value of its equity investments in the U.S. market.
  
  The Norwegian fund was created in the 1990s with the aim of ensuring long-term management of revenue from Norway’s oil and gas resources. Today the wealth fund holds, on average, 1.5% of all listed companies in the world.
  
  Following a record-high profit of $185 billion for the first half of 2026, boosted by Asian tech stocks, the sovereign wealth fund booked a negative -0.5% return for the third quarter, the fund’s manager, Norges Bank Investment Management (NBIM), said on Thursday.
  
  The negative return is a loss of 278 billion Norwegian crowns, or $29.69 billion, in accounting terms, for the world’s single largest investor in Q3.
  
  “The fund’s return was close to flat, ending slightly negative as rising interest rates led to weaker results on our fixed-income investments,” said Trond Grande, Deputy CEO of Norges Bank Investment Management.
  
  “Equity returns were also close to zero, but there were large differences between sectors. Energy companies rose the most, while interest-rate-sensitive sectors such as utilities and real estate fell,” the executive added.
  
  As of September 30, 2026, the fund was valued at 22.014 trillion Norwegian crowns, or $2.35 trillion at today’s exchange rate. Of the total value, 72.1% was invested in equities, 25.8% in fixed income, 1.6% in unlisted real estate, and 0.5% in unlisted renewable energy infrastructure. Nvidia, Apple, and Microsoft are the most valuable investments of the Norwegian wealth fund. Source: Oilprice.com

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