Mabux: Global Bunker Prices

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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
1 883.00
+97.00
1 405.00
+5.00
Nov 2
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	1 883.00	+97.00	1 405.00	+5.00	Nov 2

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
775.71	-6.58	912.29	-3.82	1 515.80	-9.89	Nov 2

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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	700	800	-100	775	908	-133	1 405	1 636	-231	Nov 2
Singapore	885	862	+23	1 003	1 049	-46	1 250	1 629	-379	Nov 2
Fujairah	756	798	-42	975	998	-23	1 685	1 692	-7	Nov 2
Houston	625	746	-121	840	893	-53	1 400	1 484	-84	Nov 2

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Digital Bunker Prices
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Analytical Section
- Daily and Weekly Bunker analyses and Future Curves
- World and regional Bunker indices
- Bunker Price Forecast for 40+ ports
- Digital Bunker Prices
MABUX for Industry
- API for integration with your application, custom solutions available upon demand
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Latest News
- 2026-11-02
  Oil drops 6% as Iran signals openness to peace talks
  Oil fell about 6% on Monday as talks between Iranian and Qatari officials on ending the US-Israeli war with Iran lifted hopes for reduced Middle East supply disruptions, while Iran’s president said the supreme leader had granted the government "certain... Read more Oil fell about 6% on Monday as talks between Iranian and Qatari officials on ending the US-Israeli war with Iran lifted hopes for reduced Middle East supply disruptions, while Iran’s president said the supreme leader had granted the government "certain authorities" regarding peace talks.
  
  Iranian negotiators held days of talks with Qatari mediators aimed at ending the war with the United States, and a draft proposal is being circulated with a follow-up meeting possible, an official briefed on the talks said on Monday.
  
  Brent crude futures fell $6.78, or 6.0%, to $106.65 a barrel by 1357 GMT, while US West Texas Intermediate crude was down $6.37, or 6.1%, at $97.75.
  
  The contracts fell as low as $105.86 and $97.12, respectively, after Iranian President Masoud Pezeshkian said that Supreme Leader Ayatollah Mojtaba Khamenei had granted the government certain authorities for peace talks, boosting expectations of a diplomatic breakthrough, analysts said.
  
  Pezeshkian added Tehran "will try to resolve the problem with dialogue", without elaborating, according to state media.
  
  Brent ended October at its highest in six months on concerns that the Middle East conflict could escalate again after Tuesday’s US midterm elections.
  
  "The oil market is still reacting with extreme sensitivity to every headline out of the Middle East," UBS analyst Giovanni Staunovo said. "While fears of an imminent escalation pushed prices up last week, they have dropped sharply at the start of this week as diplomatic talks between the US and Iran continue," he added.
  
  Iranian Foreign Minister Abbas Araqchi said on Sunday that the purpose of the talks was to continue consultations with the Qatari mediators, adding that Tehran was prepared for "both defence and diplomacy".
  
  The talks followed a recent increase in attacks on oil tankers passing the Strait of Hormuz, though there have also been signs of shipments rising from some major exporters.
  
  Saudi Arabia’s crude exports increased in October compared with September, two of three ship-tracking companies said, despite attacks by Iran-aligned Yemeni Houthis on its energy infrastructure.
  
  The outbreak of the Iran war at the end of February has depleted oil stocks. The world has drained nearly 1 billion barrels from inventories since the war disrupted shipping through the Strait of Hormuz, said Sultan Al Jaber, chief executive of ADNOC, Abu Dhabi’s state-owned oil company.
  
  Oil could rise further, some analysts say. Goldman Sachs raised its price forecasts on Sunday owing to elevated supply risks and said Brent could jump to $140 in 2027 if Gulf oil output remains 3.5 million barrels per day below its 2025 average.
  
  "Intensified shipping attacks, damage to oil infrastructure, and a more persistent risk premium remain the key triggers of potential upside," the bank said in a report. Source: Reuters/Investing.com
- 2026-11-02
  ARACON: Humans will remain bunkering’s decision makers amid growing interest in AI’s role as a decision-support tool
  There is growing interest in the role of AI and digital systems as decision-support tools in bunkering, but widespread adoption will take time and require more trust, amid consensus that commercial and operational decisions will remain in human hands. These... Read more
- 2026-11-02
  ‘World’s first three ammonia-fuelled Capesize bulk carriers’ named at ceremony in China
  A naming ceremony for what Mitsui O.S.K. Lines (MOL) says are the ‘world’s first three ammonia-fuelled Capesize bulk carriers’ has taken place at CSSC Qingdao Beihai Shipbuilding Co, in Shandong Province, China. In a statement issued on 30 October,... Read more
- 2026-11-02
  Alternative-fuelled vessel orders see 77% y-o-y increase in October
  The 53 orders for alternative fuelled vessels last month marked a 77% increase on the 30 that were registered in October 2025, according to the latest figures from DNV’s Alternative Fuels Insight (AFI) platform. LNG accounted for 30 of October’s orders... Read more
- 2026-11-02
  New ultra-fast charging solution for ships proves its worth
  The European HYPOBATT project – Hyper-powered Vessel Battery Charging System – has come to an end following the development and testing of an ultra-fast charging solution for ships. Co-funded by the Horizon Europe programme, the initiative sought to... Read more
- 2026-11-02
  New $700 million shipping contract to incorporate a multi-fuel approach, says
  Wallenius Wilhelmsen has announced that a new three-year contract that it has signed with an unnamed Asian auto manufacturer will incorporate a multi-fuel approach across all trade lanes, ‘designed to accommodate the gradual introduction of alternative... Read more
- 2026-11-02
  BP completes sale of 65% stake in Castrol to Stonepeak
  Energy major BP has completed the sale of a 65% in Castrol to the investment firm Stonepeak. As previously reported, BP reached an agreement with Stonepeak on the sale in December last year. The deal will yield $6 billion in after-tax proceeds. In... Read more
- 2026-11-02
  Ports are behind the curve in developing infrastructure to support the alt. fuelled fleet, finds LR report
  A new study from Lloyd’s Register identifies a growing gap between ship capability and port readiness to support the supply of alternative fuels, and it points to the specific challenge of the ‘last mile’ delivery between the bunker supplier and the ship. The... Read more
- 2026-11-02
  MABUX: Bunker Monthly Outlook, October 2026.
  October’s global bunker market remained under strong geopolitical and supply-side pressure. Middle East tensions, disruptions to oil product flows, tight regional fuel availability and rising LNG prices continued to support bunker quotations. The key... Read more October’s global bunker market remained under strong geopolitical and supply-side pressure. Middle East tensions, disruptions to oil product flows, tight regional fuel availability and rising LNG prices continued to support bunker quotations. The key market drivers included:
  
  • Middle East Conflict: Continued instability around the Strait of Hormuz sustained elevated geopolitical risk premiums, freight costs and bunker price volatility.
  • Crude Oil Supply Constraints: Disrupted Gulf oil exports, limited supply flexibility and higher transportation costs maintained upward pressure on crude and marine fuel prices.
  • Tight Distillate Supply: Restricted gasoil availability and strong refinery margins continued to support MGO LS prices, widening premiums over residual bunker fuels.
  • Regional Fuel Imbalances: Limited HSFO and VLSFO availability, particularly in Asian bunkering hubs, contributed to significant regional price differentials and changes in scrubber spreads.
  • Higher Bunker Transportation Costs: Elevated tanker freight rates constrained fuel arbitrage flows between Europe and Asia, increasing supply pressure in major bunkering hubs.
  • Rising LNG Prices: Tight global LNG supply, stronger European gas prices and seasonal demand expectations reduced LNG's competitiveness against conventional marine fuels.
  • Alternative Fuel Transition: Continued expansion of dual-fuel and battery-powered fleets supported the longer-term diversification of marine fuel demand, although high alternative fuel costs remained a constraint.
  
  In October, the MABUX 380 HSFO Index extended its upward trend, gaining USD 76.75, from USD 701.67/MT at the end of September to USD 778.42/MT. The VLSFO Index rose by USD 70.81, reaching USD 913.07/MT compared to USD 842.26/MT a month earlier, breaking above the USD 900/MT threshold. Meanwhile, the MGO LS Index recorded only a marginal increase of USD 2.62, edging up from USD 1,521.88/MT at the end of September to USD 1,524.50/MT. The upward trend in bunker prices during October was primarily driven by the continued escalation of the military conflict between the United States and Iran, which sustained a substantial geopolitical risk premium in global crude oil and refined petroleum product prices. At the time of reporting, MABUX bunker indices remained close to their peak levels, reflecting persistent geopolitical tensions and elevated uncertainty across global energy markets.
  
  The MABUX Global Scrubber Spread (SS) – the price differential between 380 HSFO and VLSFO – continued its moderate downward trend in October, declining by USD 5.94, from USD 140.59 at the end of September to USD 134.65, while remaining above the USD 100.00 SS Benchmark. The monthly average SS value also decreased by USD 23.78. In Rotterdam, the SS Spread increased by USD 11.00, from USD 57.00 at the end of September to USD 68.00, remaining below the USD 100.00 threshold. However, the monthly average SS value declined by USD 25.63. In Singapore, the 380 HSFO/VLSFO price differential narrowed by USD 35.00, from USD 125.00 in September to USD 90.00, falling below the USD 100.00 benchmark and briefly dropping to as low as USD 20.00 during the month. The port's monthly average SS value also recorded a substantial decline of USD 80.33. The continued narrowing of the SS Spread suggests that the bunker market is gradually adjusting to the prevailing geopolitical environment. With scrubber spreads falling below the psychologically significant USD 100.00 threshold in key bunkering hubs, conventional VLSFO is becoming an increasingly competitive alternative to the 380 HSFO plus scrubber combination, potentially reducing the economic advantage of scrubber-equipped vessels. We expect the SS Spread to maintain a moderately downward trend in November, although geopolitical developments and bunker fuel price volatility may continue to influence market dynamics. More detailed information is available in the Differentials section at mabux.com.
  
  In October, the ECA Spread (ES) – the price differential between ULSFO and MGO LS – in Istanbul maintained its moderately downward trend, declining by USD 5.00, from USD 75.00 at the end of September to USD 70.00. However, the index experienced significant fluctuations during the month, ranging between USD 50.00 and USD 100.00. Meanwhile, the monthly average ES value increased by USD 6.25. Overall, the ECA Spread's sustained position below the USD 100.00 threshold suggests that the market has reached a certain degree of stabilization, despite occasional short-term volatility. We expect no significant changes in the ECA Spread dynamics in November, with the index likely to remain relatively stable around its current levels. More detailed information is available in the Differentials section at mabux.com.
  
  European natural gas prices have surged amid prolonged LNG supply disruptions caused by the Iran conflict and restrictions on shipping through the Strait of Hormuz. With most Qatari LNG supplies still offline, intensified competition for alternative cargoes pushed European and Asian gas prices in September to their highest levels since the 2022–2023 energy crisis. Although Europe faces no immediate gas shortages, continued supply uncertainty is expected to keep prices elevated, increasing energy costs for households and industry throughout the winter.
  
  As of October 29, European underground natural gas storage levels continued to increase moderately, reaching 74.89% of total capacity, up 3.63 percentage points from 71.26% at the end of September. Current storage levels were 13.43 percentage points above the beginning-of-year level of 61.46%, but remained below those recorded during the same period last year.
  Meanwhile, the European natural gas benchmark TTF recorded a sharp increase in October, surging by EUR 24.650/MWh, from EUR 73.938/MWh in September to EUR 98.588/MWh. On October 28, the TTF benchmark briefly exceeded the psychologically significant EUR 100.000/MWh threshold, reflecting heightened volatility and persistent upward pressure on European natural gas prices.
  
  The price of LNG as a bunker fuel at the port of Sines (Portugal) continued its upward trend in October, rising by USD 401 (USD 2,009/MT compared to USD 1,608/MT at the end of September). Meanwhile, the price differential between LNG and conventional fuel remained in favour of conventional fuel, widening sharply to USD 425 (compared to USD 69 in favour of conventional fuel in September). At the end of October, MGO LS was quoted at USD 1,594/MT in the port of Sines. More detailed information is available in the “LNG Bunkering” section at mabux.com.
  
  In October, the MABUX Market Differential Index (MDI) – which reflects the correlation between Market Bunker Prices (MBP) and the MABUX Digital Bunker Price Benchmark (DBP) – showed the following trends across the world's four major bunkering hubs: Rotterdam, Singapore, Fujairah and Houston.
  
  In the 380 HSFO segment, Fujairah returned to the undervalued zone, joining Rotterdam and Houston. Average weekly undervaluation levels narrowed by 10 points in Rotterdam and 40 points in Houston, while widening by 11 points in Fujairah. Meanwhile, Singapore shifted into the overvalued zone, becoming the only overvalued port in this fuel segment, with its average premium increasing by 86 points. Houston's MDI remained above the USD 100.00 mark, while Fujairah's MDI approached the MBP/DBP price parity level.
  
  In the VLSFO segment, Fujairah remained the only overvalued port, although its average premium declined by 19 points. The other three ports stayed in the undervalued zone. Average undervaluation levels widened by 39 points in Rotterdam, remained unchanged in Singapore, and narrowed by 15 points in Houston. Rotterdam's MDI exceeded the USD 100.00 threshold.
  
  In the MGO LS segment, Fujairah shifted into the overvalued zone, becoming the only overvalued port in this fuel category, with its average premium surging by 112 points. The remaining three ports continued to be undervalued. Average undervaluation levels widened by 90 points in Rotterdam and 7 points in Singapore, while narrowing by 11 points in Houston. MDI values in Rotterdam, Singapore and Houston remained above the USD 100.00 mark.
  
  Overall, the balance between bunker fuel overvaluation and undervaluation across the world's key bunkering hubs remained mixed in October, with undervaluation continuing to dominate all three fuel segments. The most notable changes were Singapore's shift into the overvalued zone in the 380 HSFO segment and Fujairah's transition to overvaluation in the MGO LS segment. Meanwhile, undervaluation intensified primarily in Rotterdam across the VLSFO and MGO LS segments, whereas Houston recorded narrowing discounts across all three fuel grades. Significant discrepancies between MBP and DBP, exceeding USD 100.00 in several ports, indicate persistent imbalances between market bunker prices and the MABUX digital benchmark. Looking ahead to November, we expect MDI dynamics to remain mixed, with an overall predominance of undervaluation, amid ongoing geopolitical uncertainty and volatility in global energy markets.
  
  More detailed information on the correlation between market bunker prices and the MABUX digital benchmark is available in the Digital Bunker Prices section at mabux.com.
  
  Other Global Bunkering Trends:
  
  • EU Methane Regulation: The European Parliament backed a three-year delay to key requirements for oil, gas and coal importers, extending the European Commission’s proposed one-year postponement. The extension would not apply to imports restricted by EU sanctions.
  • Dual-Fuel Fleet: According to the World Shipping Council (WSC), the global dual-fuel fleet expanded by 41% year-on-year to 503 vessels, with another 849 on order, bringing the combined total to 1,352 ships.
  • LNG Bunkering: Wood Mackenzie forecasts that LNG will displace over 400,000 barrels per day of conventional oil-based bunker demand by 2030, becoming the main driver of marine fuel demand growth during the near-term energy transition.
  • Nuclear-Powered Shipping: Lloyd’s Register and the British Ports Association urged ports to prepare for advanced nuclear technologies, including nuclear-powered vessels and small modular reactors (SMRs). Regulatory, insurance and safety challenges remain major obstacles.
  • Battery-Powered Fleet: According to ZESTAs, the number of battery-powered ships in operation or under construction has surged by 258% since 2023. As of October 2026, 2,124 vessels were operational, with another 925 under construction.
  • Global shipbuilding order book: According to BIMCO, the global shipbuilding order book rose by 13% year-on-year to 203.2 million CGT, remaining close to May’s record high of 210.4 million CGT. China continues to dominate the sector, securing 74% of new orders over the past year and accounting for 64% of the global order book, followed by South Korea (19%) and Japan (6%).
  
  MABUX expects the global bunker market to maintain a firm but highly volatile trend in November, with geopolitical risks and supply constraints continuing to outweigh weakening demand fundamentals. MGO LS and LNG are likely to face the strongest upward price pressure, while HSFO and VLSFO may show mixed regional movements.
  Source: MABUX
- 2026-11-02
  Oil slips more than 1% as talks continue on ending Iran war
  Oil prices slipped more than 1% on Monday after Iranian and Qatari officials held a third straight day of talks aimed at pushing for a deal to end the US-Israeli war on Iran. Brent crude futures fell $1.59, or 1.40%, to $111.84 a barrel by 0011 GMT... Read more Oil prices slipped more than 1% on Monday after Iranian and Qatari officials held a third straight day of talks aimed at pushing for a deal to end the US-Israeli war on Iran.
  
  Brent crude futures fell $1.59, or 1.40%, to $111.84 a barrel by 0011 GMT while US West Texas Intermediate crude was at $102.56 a barrel, down $1.56, or 1.50%.
  
  Brent ended October at its highest level in six months amid concerns that the US-Iran conflict could escalate again after Tuesday’s US midterm elections.
  
  "Oil is seeing a technical pullback this morning after last week’s strong gains," said Tim Waterer, chief ⁠market analyst at KCM Trade.
  
  "Lingering hopes of some form of diplomatic progress, combined with the absence of any meaningful military escalation over the weekend, have taken some of the immediate heat out of prices for now."
  
  However, the market remained alert to the possibility that rhetoric around Iran could be ratcheted higher and push Brent toward $120 after the midterm elections, Waterer said.
  
  Iranian Foreign Minister Abbas Araqchi said on Sunday that the purpose of the "ongoing and progressing" talks was to continue consultations with the Qatari mediators, adding Tehran is prepared for "both defence and diplomacy".
  
  The talks come amid attacks on oil tankers transiting the Strait of Hormuz that are driving up global energy and shipping costs. In October, Saudi Arabia increased crude exports versus September despite attacks by the Iran-aligned Yemeni Houthis on its energy infrastructure, two of three ship-tracking companies said.
  
  The Organization of the Petroleum Exporting Countries and allies including Russia, or OPEC+, kept December production targets steady on Sunday, confirming expectations that more policy adjustments will not occur until next year, as the group continues to struggle with export disruptions from the Iran war.
  
  Source: Reuters/Investing.com

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