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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
704.83
-23.94
940.00
-3.00
Sep 25
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	704.83	-23.94	940.00	-3.00	Sep 25

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
585.74	+1.26	695.36	+5.54	1 016.80	-1.47	Sep 27

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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	587	593	-6	620	698	-78	940	1 024	-84	Sep 27
Singapore	541	599	-58	682	704	-22	943	1 033	-90	Sep 27
Fujairah	512	612	-100	655	699	-44	964	1 081	-117	Sep 27
Houston	560	571	-11	654	707	-53	990	1 004	-14	Sep 27

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Latest News
- 2023-09-27
  Oil jumps 3% as steep US crude stockdraw adds to supply concerns
  Oil prices surged about 3% on Wednesday, after U.S. crude stocks fell more than expected, adding to worries of supply tightness amid OPEC+ production cuts. Brent crude futures breached $97 a barrel, and was trading up $2.55 to $96.51 a barrel by 11:40... Read more Oil prices surged about 3% on Wednesday, after U.S. crude stocks fell more than expected, adding to worries of supply tightness amid OPEC+ production cuts.
  Brent crude futures breached $97 a barrel, and was trading up $2.55 to $96.51 a barrel by 11:40 a.m. ET (1540 GMT). U.S. West Texas Intermediate crude futures (WTI) climbed $3.16 to $93.54. Both benchmarks touched their highest in intraday trading for this year.
  U.S. crude stocks fell by 2.2 million barrels last week to 416.3 million barrels, government data showed, compared with analysts' expectations in a Reuters poll for a 320,000-barrel drop.
  Crude stocks at the key Cushing, Oklahoma, storage hub and the delivery point for U.S. crude futures, fell by 943,000 barrels in the week to just under 22 million barrels, the lowest since July 2022, data showed.
  "The big news was the storage in Cushing. And that's causing the whole complex to rally. The biggest concern for traders is Cushing getting near multi month, operational lows. That's a bullish force for crude prices," said Dennis Kissler, senior vice president of trading at BOK Financial.
  "The market is overbought and a correction is definitely needed," he cautioned.
  Stockpiles at Cushing have been falling closer to historic low levels due to strong refining and export demand, prompting concerns about the quality of the remaining oil at the hub and the potential to fall below minimum operating levels.
  The drawdown in U.S. crude stocks come as Saudi Arabia and Russia - as part of the Organization of the Petroleum Exporting Countries and allies, known together as OPEC+ - have extended voluntary production cuts of 1.3 million barrels a day to the end of the year, worrying markets about supply tightness heading into winter.
  "Until a decision to raise production is made, the global energy market will remain tight," Ole Hansen, Head of Commodity Strategy at Saxo Bank, said.
  The lack of spare supply was reflected at the front end of the pricing curve, he said, as the premium for barrels for near-term delivery of WTI has reached almost $2 a barrel compared with those for next month.
  WTI's discount to Brent also hit its narrowest since late April.
  Potentially adding to the supply tightness, Russian President Vladimir Putin ordered his government to make sure retail fuel prices stabilise after a jump caused by an increase in exports.
  In response, his deputy prime minister said there are proposals to restrict grey fuel export, or the purchase of oil products for domestic use that are exported instead.
  The government last week imposed a temporary ban on gasoline and diesel exports to most countries to stabilise the domestic market, though it later softened restrictions.
  The impact of tight global supplies could be mitigated if interest rates curb demand.
  In a hawkish signal in the U.S., Minneapolis Federal Reserve Bank President Neel Kashkari said it was not clear whether the central bank has finished raising rates.
  Higher interest rates increase borrowing costs, which could slow economic growth and reduce oil demand. Source: Reuters/Investing.com
- 2023-09-27
  EUROPE: GALP TAKES FID ON BIOFUELS, GREEN HYDROGEN PROJECTS
  Portugal’s Galp has announced it has taken the final investment decision on two large scale projects which it says will reduce the carbon footprint of its Sines refinery and of its products. The projects include a 270 kilo-tonnes per annum (ktpa) advanced... Read more
- 2023-09-27
  ASIA PACIFIC: SINGAPORE’S MPA STRENGTHENS MARITIME TIES WITH CHINESE PARTNERS
  The Maritime and Port Authority of Singapore (MPA) has this week signed three memorandums of understanding (MoU) with regional maritime administrations and partners in China to advance collaboration on digitalisation, decarbonisation, talent development,... Read more
- 2023-09-27
  GLOBAL: SUPERYACHT SECTOR TURNING TO ENVIRONMENTALLY FRIENDLY PROPULSION TECHNOLOGIES
  Propulsion firm Schottel says it is providing its 360-degree azimuth thruster, EcoPeller (SRE), to an increasing number of super- and gigayachts. With lengths of up to 100 metres, these vessels will each be equipped with two SREs ranging from power... Read more
- 2023-09-27
  EUROPE: PORT OF KIEL INAUGURATES TWO SHORE POWER FACILITIES
  The German Port of Kiel inaugurated two shore power facilities at the Ostuferhafen on Saturday (23 September). The facilities, which were funded in equal parts by the Federal Government and the State of Schleswig-Holstein, comprise a 50/60 Hz shore... Read more
- 2023-09-27
  Oil prices climb as markets focus on supply tightness
  Oil prices rose nearly $1 on Wednesday as markets focused on supply tightness heading into winter and a "soft landing" for the U.S. economy. Brent crude futures rose 86 cents, or 0.9%, to $94.82 a barrel by 0340 GMT, while U.S. West Texas Intermediate... Read more Oil prices rose nearly $1 on Wednesday as markets focused on supply tightness heading into winter and a "soft landing" for the U.S. economy.
  Brent crude futures rose 86 cents, or 0.9%, to $94.82 a barrel by 0340 GMT, while U.S. West Texas Intermediate crude futures climbed 86 cents, or 0.9%, to $91.25.
  Industry data released on Tuesday showed U.S. crude oil stockpiles rose last week by about 1.6 million barrels, against analysts' expectations for a drop of about 300,000 barrels.
  However, markets continued to worry about U.S. crude stockpiles at the key Cushing, Oklahoma, storage hub falling below minimum operating levels.
  Further drawdowns at Cushing, the delivery point for U.S. crude futures, could also provide new upward pressure on oil markets as it would compound supply tightness stemming from supply cuts by the Organization of the Petroleum Exporting Countries and allies, together called OPEC+.
  "Oil prices are overall relatively strong amid the current tightening of supply," said CMC Markets (LON:CMCX) analyst Leon Li, however adding that price support from Russia and Saudi Arabia supply cuts may be limited through the year-end.
  "(Economic) Data from countries in Europe and the United States have recently weakened ... Oil prices in October may show a volatile trend as a whole. It is unlikely to exceed $100 in the short term, but it is expected to be strong."
  U.S. government data on oil inventories is expected at 10:30 a.m. (1430 GMT).
  While some analysts expect refineries' seasonal autumn maintenance will help build crude stocks a bit, others worry that high export demand could draw barrels away.
  Additionally, analysts at ANZ Research said in a Wednesday note that Russia's recent export ban on gasoline and diesel "means upward pressure on crude oil demand from refineries."
  Russia last week imposed a temporary ban on gasoline and diesel exports to all countries outside a circle of four ex-Soviet states with immediate effect in order to stabilise the domestic market, but later softened restrictions.
  Exports of products already accepted by Russian Railways and Transneft can go ahead, while higher-sulphur gasoil and fuel used for bunkering will be exempt from the ban.
  Meanwhile, a "soft landing" for the U.S. economy is more likely than not, Minneapolis Federal Reserve Bank President Neel Kashkari said on Tuesday, but there is also a 40% chance that the Fed will need to raise interest rates "meaningfully" to beat inflation.
  Kashkari pegged the probability at about 60% that the Fed "potentially" raises rates one more quarter of a percentage point and then holds borrowing costs steady "long enough to bring inflation back to target in a reasonable period of time."
  The Bank of England has concluded its tightening cycle and will likely keep the Bank Rate at 5.25% until at least July, a Reuters poll of economists showed, although a significant minority said it would hike rates again this year.
  Higher interest rates increase borrowing costs, which could slow economic growth and reduce oil demand. Source: Reuters/Investing.com
- 2023-09-27
  Oil Traders Overstretch Futures Market
  Oil traders have been gobbling up futures in the six most traded crude and fuel contracts on that market for four weeks now. It's easy to see why: it was enough for Saudi Arabia and Russia to announce an extension of their 1.3-million-bpd combined supply... Read more Oil traders have been gobbling up futures in the six most traded crude and fuel contracts on that market for four weeks now. It's easy to see why: it was enough for Saudi Arabia and Russia to announce an extension of their 1.3-million-bpd combined supply cut, and traders stopped obsessing over demand in China.
  
  By now, however, traders have placed so many bullish bets that, according to Reuters' market analyst John Kemp, oil prices are due for a correction.
  
  In his latest column on oil buying among institutional traders, Kemp pointed out that over the past four weeks, traders had bought a total of 183 million barrels of crude and fuel futures. That has brought the total up to 525 million barrels. More importantly, the ratio of bullish to bearish bets on oil and fuels had risen to almost 8:1.
  
  According to Kemp, this is a sign that oil prices may start reversing their gains before too long. Others, however, anticipate even higher prices, with JP Morgan saying this week that Brent could reach $150 per barrel. Other commodity analysts see Brent hitting $100 before this year's end. "The oil market has held relatively steady in recent days with tightness in the physical market coupled with Russia's recent export ban on diesel and gasoline offset by a fairly hawkish FOMC meeting last week. As a result, Brent continues to hold above US$93/bbl," ING's Warren Patterson and Ewa Manthey said in a note earlier today.
  
  This may not last very long, however, according to some analysts. A Reuters report from this week noted that high interest rates could soon begin to undermine demand for oil while supply from non-OPEC nations grows. Also, supply from Russia is projected to expand, too, at some point in the near future.
  
  "If energy prices increase and stay high, that'll have an effect on spending, and it may have an effect on consumer expectations for inflation, things like that. That's just things that we have to monitor," Fed chairman Jerome Powell said last week.
  
  Indeed, energy prices are certainly things to be monitored—and monitored closely. The Fed has been balancing between recession and growth for months now, and it has proved it was willing and able to make risky moves such as an extended series of rate hikes to fix the U.S. economy.
  
  This has made life more expensive for everyone, but it appears it has not been enough to sap the demand for oil. According to analysts from Morgan Stanley, the price rise "must be sustained for some time to have a greater, more durable effect on core prices."
  
  Regarding non-OPEC supply growth, it usually refers to U.S. supply growth, which is not exactly a certainty these days. Indeed, Occidental Petroleum's chief executive Vicki Hollub said this week that the company had no intention of changing its production plans despite oil's surge above $90 per barrel.
  
  "We don't increase oil significantly in a market where we don't see the balance," Hollub told Bloomberg in an interview. "Only in a market where we see balance would we increase our production — and even then, it would be at a moderate pace."
  
  This suggests that demand destruction is indeed on the way as supply remains constrained and inflation bites into the Western world's spending habits. It is virtually a certainty if conditions remain unchanged. Luckily for the regular driver, they are unlikely to remain unchanged for very long. It is a fine balancing act between pushing prices higher and pushing them too high—and OPEC's leader, Saudi Arabia, and its partner in the cuts, Russia, both know it.
  
  Source: Oilprice.com
- 2023-09-27
  What Russia’s Fuel Export Ban Means For The Markets
  Russia’s temporary ban on diesel and gasoline exports—while intended to address domestic shortages and soaring prices—could exacerbate an already tight global diesel market and drive crude and middle distillate prices higher ahead of the winter. And... Read more Russia’s temporary ban on diesel and gasoline exports—while intended to address domestic shortages and soaring prices—could exacerbate an already tight global diesel market and drive crude and middle distillate prices higher ahead of the winter.
  
  And its relaxation of the ban on low-grade diesel won’t stave off much tightness.
  
  Most analysts believe the ban will not last long as it would lead to stock builds in Russia, which lacks spare storage capacity. But many observers also believe that Russia is weaponizing energy supplies again, trying to roil central banks’ efforts to tame inflation ahead of yet another winter.
  
  The Ban
  
  At the end of last week, Russia surprised the markets by announcing a temporary ban on exports of gasoline and diesel to stabilize fuel prices on the domestic market amid soaring prices and shortages due to higher crude prices and a weak Russian ruble.
  
  Diesel and gasoline exports are now temporarily banned to all countries except to four former Soviet states—Belarus, Armenia, Kazakhstan, and Kyrgyzstan. The export restrictions don’t have an end date, so Moscow could decide at any time to lift the fuel export ban or amend it as it pleases.
  
  Earlier this week, Russia did tweak its export limitations on fuels, lifting the temporary ban on exports of low-quality diesel and marine fuel and allowing the export of fuel supplies that already have loading papers and are accepted for export to proceed.
  
  The key question is how long the diesel export ban will last. If it extends beyond October, it could threaten a more acute global middle distillate shortage, especially in Europe just ahead of the winter heating season when middle distillate demand typically rises.
  
  The Market
  
  Since the EU, the U.S., and other Western allies banned imports of Russian seaborne fuel in February, Moscow has exported its gasoline and diesel to Turkey, the Middle East, and South America. Those markets are now temporarily off limits for Russian diesel and gasoline. Saudi Arabia, for example, is thought to have been snapping up Russian diesel at knockdown prices and sending its own diesel to Europe. With a longer-than-expected ban on its diesel exports, Russia could indirectly further tighten the diesel markets in Europe and Asia.
  Related: Key Oil Pipeline May Spring Back To Life After Months-Long Stalemate
  
  Before the Russian fuel export ban, refinery margins had already hit the highest level in eight months in August, as refiners were struggling to keep up with oil demand growth, especially for middle distillates, the International Energy Agency (IEA) said in its latest monthly report.
  
  It will take up to two weeks for the market to feel the impact of the Russian diesel export ban, Viktor Katona, lead analyst with Kpler, wrote in a Friday note cited by CNBC.
  
  But “By that point, however, the government might already annul this specific piece of legislation, as abruptly as it was published,” Katona noted.
  
  Most analysts concur that the export ban would be short-lived and as abruptly lifted as it was implemented with immediate effect last Thursday.
  
  “How severe of an impact the loss of Russian diesel has on the global market will really depend on how long the export ban is in place. Although, given the likely domestic stock build we will see as a result of the ban, we would not expect it to be prolonged,” Warren Patterson, Head of Commodities Strategy at ING, wrote on Friday.
  
  Also on Friday, industry consultants FGE noted that “A key point to remember is that the diesel ban cannot last long. Once domestic supplies are replenished, Russia will have to resume exports due to a lack of spare storage capacity.”
  
  If Russia doesn’t lift the diesel ban soon, refineries will be forced to shut down in the face of no storage capacity. Thus, the export limitations will backfire on Russia via higher pump prices and domestic fuel shortages—the very issues Moscow is trying to solve with the ban, according to FGE.
  
  Refinery shutdowns could also lead to lower crude oil production in Russia.
  
  “We expect Russian diesel exports to resume latest in two weeks, and likely earlier,” FGE said on Friday, adding that the gasoline ban could last longer than the diesel ban, but with a small impact on the wider gasoline market.
  
  JP Morgan and Citigroup also see a short-lived diesel ban in place. JP Morgan’s analysts see the diesel export restrictions lasting a “couple of weeks, until harvest concludes in October,” they said in a note carried by Bloomberg.
  
  The Energy Weapon Game
  
  The ban could also be an attempt by Russia to weaponize energy once again, analysts say.
  
  “They’re showing that they’re not finished using their power over energy markets,” Henning Gloystein at Eurasia Group told the Financial Times.
  
  The export restrictions could be politically motivated because of the timing—just ahead of the winter, analysts at RBC Capital Markets say.
  
  The ban may “reduce some of the complacency that had crept into the market about a Russian disruption threat,” RBC analysts including Helima Croft and Christopher Louney wrote in a note carried by Bloomberg.
  
  Source: Oilprice.com
- 2023-09-27
  MABUX: Global bunker market awaits new direction on Sep.27.
  MABUX World Bunker Index (as index calculated on current prices for 380 HSFO, VLSFO and MGO), demonstrated a slight downward movement on Sep. 26: 380 HSFO - USD/MT - 584.48 (-1.83) VLSFO - USD/MT – 689.82 (-4.32) MGO - USD/MT – 1 018.27 (-9.97) As... Read more MABUX World Bunker Index (as index calculated on current prices for 380 HSFO, VLSFO and MGO), demonstrated a slight downward movement on Sep. 26:
  
  380 HSFO - USD/MT - 584.48 (-1.83)
  VLSFO - USD/MT – 689.82 (-4.32)
  MGO - USD/MT – 1 018.27 (-9.97)
  
  As of Sep. 26, the MABUX MBP/DBP Index (MDI) (the correlation between market bunker prices (MBP) and the MABUX digital bunker price benchmark (DBP)), registered the underpricing in all bunker fuel segments in four selected ports: Rotterdam, Singapore, Fujairah and Houston:
  
  - HSFO segment: The underprice premium widened by $3 in Rotterdam, $5 in Singapore and $7 in Houston while in Fujairah MDI index remained unchanged.
  
  - VLSFO segment: The undercharge ratio increased in all ports: by $2 in Rotterdam, by $5 in Singapore, by $4 in Fujairah and by $7 in Houston.
  
  - MGO LS segment: The underprice ratio surged by $11 in Singapore and by $10 in Houston. In Rotterdam and in Fujairah MBP/DBP Index remained unchanged.
  
  We expect Global bunker indices to change irregular on Sep. 27: 380 HSFO – plus 2-4 USD/MT, VLSFO – plus 2-5 USD/MT, MGO LS – minus 3-8 USD/MT.
  Source: MABUX
- 2023-09-27
  Hydrogen Economy Gets A Boost With Advanced Catalyst
  Gwangju Institute of Science and Technology (GIST) researchers have developed a new tantalum oxide-supported iridium catalyst that significantly boosts the oxygen evolution reaction speed. The study paper was published in the Journal of Power Sources.... Read more Gwangju Institute of Science and Technology (GIST) researchers have developed a new tantalum oxide-supported iridium catalyst that significantly boosts the oxygen evolution reaction speed.
  
  The study paper was published in the Journal of Power Sources. The study was co-authored by Dr. Chaekyung Baik, a post-doctoral researcher at Korea Institute of Science and Technology (KIST).
  
  Proton exchange membrane water electrolyzers converts surplus electric energy into transportable hydrogen energy as a clean energy solution. However, slow oxygen evolution reaction rates and high loading levels of expensive metal oxide catalysts limit its practical feasibility. The GIST catalyst also shows high catalytic activity and long-term stability in prolonged single cell operation.
  
  The energy demands of the world are ever increasing. In the quest for clean and eco-friendly energy solutions, transportable hydrogen energy offers considerable promise. In this regard, proton exchange membrane water electrolyzers (PEMWEs) that convert excess electric energy into transportable hydrogen energy through water electrolysis have garnered remarkable interest.
  
  However, their wide scale deployment for hydrogen production remains limited due to slow rates of oxygen evolution reaction (OER) – an important component of electrolysis – and high loading levels of expensive metal oxide catalysts, such as iridium (Ir) and ruthenium oxides, in electrodes. Therefore, developing cost-effective and high-performance OER catalysts is necessary for the widespread application of PEMWEs.
  
  Recently, a team of researchers from Korea and USA, led by Professor Chanho Pak from Gwangju Institute of Science and Technology in Korea, has developed a novel mesoporous tantalum oxide (Ta2O5)-supported iridium nanostructure catalyst via a modified formic acid reduction method that achieves efficient PEM water electrolysis.
  
  Prof. Pak explained, “The electron-rich Ir nanostructure was uniformly dispersed on the stable mesoporous Ta2O5 support prepared via a soft-template method combined with an ethylenediamine encircling process, which effectively decreased the amount of Ir in a single PEMWE cell to 0.3 mg cm-2. Importantly, the innovative Ir/Ta2O5 catalyst design not only improved the utilization of Ir but also facilitated higher electrical conductivity and a large electrochemically active surface area.
  
  Additionally, X-ray photoelectron and X-ray absorption spectroscopies revealed strong metal-support interaction between Ir and Ta, while density functional theory calculations indicated a charge transfer from Ta to Ir, which induced the strong binding of adsorbates, such as O and OH, and maintained Ir (III) ratio in the oxidative OER process. This, in turn, led to the enhanced activity of Ir/Ta2O5, with a lower overpotential of 0.385 V compared to a 0.48 V for IrO2.
  
  The team also demonstrated high OER activity of the catalyst experimentally, observing an overpotential of 288 ± 3.9 mV at 10 mA cm-2 and a mass activity of 876.1 ± 125.1 A g-1 of Ir at 1.55 V, significantly higher than the corresponding values for Ir Black. In effect, Ir/Ta2O5 exhibited excellent OER activity and stability, as further confirmed through membrane electrode assembly single cell operation of over 120 hours.
  
  The proposed technology offers the dual benefit of reduced Ir loading levels and an enhanced OER efficiency. “The improved OER efficiency complements the cost-effectiveness of the PEMWE process, enhancing its overall performance. This advancement has the potential to revolutionize the commercialization of PEMWEs, accelerating its adoption as a primary method for hydrogen production,” speculated an optimistic Prof. Pak.
  
  ***
  
  This looks like real progress on the water splitting effort. And by any means a 120 hour run without a productivity drop off is worthwhile news by itself.
  
  But still, this work is on producing pure hydrogen.
  
  One day someone will write a post about just what a straight hydrogen economy might be actually like. Something in gaseous form that ignites at 4% to 96% and is nearly impossible to keep stored for transport without it simply slipping out of the container. Sounds like quite a challenge.
  
  Widely observant folks do understand the mechanics of the positioning. To the hysterics and the media carbon is evil. One wonders how long they would last if the was no carbon in their lives at all.
  
  Perhaps the realization that hydrogen is best hooked up to some carbon for practical use will gain traction one day. Which means this team’s work is useful, important, and a step into a better future. Source: Oilprice.com