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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
1 883.00
0.00
1 355.00
-10.00
Nov 3
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	1 883.00	0.00	1 355.00	-10.00	Nov 3

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
719.28	-17.72	865.60	-12.59	1 469.88	-16.22	Nov 5

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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	625	657	-32	735	748	-13	1 355	1 514	-159	Nov 5
Singapore	800	678	+122	900	847	+53	1 250	1 507	-257	Nov 5
Fujairah	658	641	+17	900	788	+112	1 645	1 570	+75	Nov 5
Houston	515	647	-132	760	761	-1	1 325	1 340	-15	Nov 5

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Latest News
- 2026-11-05
  Vopak raises 2026 outlook as LNG tank at Rotterdam’s Gate terminal enters service
  Tank storage company Vopak has posted year to date revenues of €1,027 million as part of its Q3 2026 financial results – a year-on-year increase of €53.7 million. In a statement issued today (4 November), the Netherlands-based company said it had raised... Read more
- 2026-11-05
  PIL orders seven methanol-ready boxships
  Singapore-headquartered Pacific International Lines (PIL) has placed an order for seven methanol-ready containerships. The 1,400 TEU (twenty-foot equivalent unit), 172-metre-long vessels will be built at Huanghai Shipbuilding in China, PIL said in... Read more
- 2026-11-05
  Oil falls for a fourth day on expectations for lower risk of Iran war escalation
  Oil prices fell for a fourth day on Thursday on expectations the losses US President Donald Trump’s Republican Party suffered in Congressional elections this week may reduce the risk of further escalation of the US-Israeli war on Iran. Brent futures... Read more Oil prices fell for a fourth day on Thursday on expectations the losses US President Donald Trump’s Republican Party suffered in Congressional elections this week may reduce the risk of further escalation of the US-Israeli war on Iran.
  
  Brent futures fell 80 cents, or 0.85% to $93.82 a barrel as of 0426 GMT, while US West Texas Intermediate crude futures were down $1.2, or 1.36%, to $86.92.
  
  What would confirm oil’s geopolitical risk premium is shrinking?
  
  How could lower Iran escalation risk affect LCO supply expectations?
  Both benchmarks tumbled by more than 8% in the previous session to settle at their lowest since August 31.
  
  A weakened Trump, facing a Democratic Congress able to constrain his military options, has greater incentive to seek a deal, two sources close to Gulf government circles said on Wednesday. A full-scale assault on Iran now looks less likely, they said.
  
  A resolution to the conflict could restore oil flows from the Middle East impacted by the war, though analysts caution the way forward remains uncertain.
  
  "Markets are assessing the impact of the midterm elections on Donald Trump’s next steps with the Iran war, pricing in more likelihood for the war to end," said June Goh, senior oil analyst at Sparta Commodities.
  
  "However, there will be more volatility ahead as the path to full diplomacy to end the war is still wrought with many unknowns while the global strategic reserves have drawn very thin."
  
  Crude shipments through the Strait of Hormuz — the key waterway for most Gulf oil supplies — have recovered to close to pre-war levels, according to analysts, though at a higher cost.
  
  Which energy stocks on my watchlist moved most with crude?
  
  How have Brent and WTI performed since that selloff?
  The resumption of Gulf supply has pushed the global oil market back into surplus after months of disruption caused by the war, JPMorgan said in a note on Wednesday.
  
  JPMorgan estimates the market returned to a surplus of 1.1 million barrels per day in September, widening to 1.4 million bpd in October, nearly matching last year’s average of 1.3 million bpd.
  
  However, uncertainty remains before the Democratic-controlled Congress takes office in January, analysts said.
  
  Citi said in a note on Thursday there were concerns that with the midterms over the White House could focus on its executive powers in foreign policy and potentially escalate conflict with Iran.
  
  Eurasia Group lowered its estimate for the chance of renewed US strikes on Iran to 60% from 65%, but also cut the probability of a deal to 10% from 20%, as Iran has held firm on its demands and Trump was unlikely to accept terms seen as a defeat. It raised the likelihood of a continued standoff to 30% from 15%.
  
  Despite the recent drop in oil prices, escalation is likely to produce a sharper increase into a band of $110 to $125 per barrel for Brent, Eurasia Group said in a note.
  
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  Commercial oil inventories in major consuming countries are near their lowest in 15 years and Iran could emerge from the US election outcome with greater resolve, said Mukesh Sahdev, CEO of energy consultancy XAnalysts.
  
  US crude, gasoline and distillate inventories all fell last week as demand hit its highest in a year, the Energy Information Administration said on Wednesday. [EIA/S] Source: Oilprice.com
- 2026-11-05
  Qatar Becomes Largest Buyer of U.S. LNG Amid Hormuz Crisis
  In an extraordinary turn of events, Qatar, the world’s second-largest LNG exporter before the Iran war, will become the biggest buyer of liquefied natural gas from the United States, the producer that overtook the Gulf nation as top LNG exporter earlier... Read more In an extraordinary turn of events, Qatar, the world’s second-largest LNG exporter before the Iran war, will become the biggest buyer of liquefied natural gas from the United States, the producer that overtook the Gulf nation as top LNG exporter earlier this decade.
  
  This extraordinary turn of events is, of course, the result of the extraordinary disruption that the Iran war and the closure of the Strait of Hormuz inflicted on Qatar, the LNG producer whose expansion plans for the rest of this decade were rivaled only by the U.S.
  
  The war and the Strait of Hormuz crisis, which is still blocking much of Qatar’s LNG exports, have upended these plans. State-energy firm QatarEnergy is now scrambling to repair the damage at its LNG facilities caused by Iranian missile attacks in March. These attacks took out 17% of Qatar’s export capacity and caused an estimated loss of $20 billion in annual revenue, QatarEnergy said in March.
  
  Seven months later, Qatar is barely moving “very few” cargoes through the Strait of Hormuz as the protracted crisis chokes supply to markets of the LNG volumes that Qatar would have produced, even at reduced capacity.
  
  QatarEnergy has been forced to declare force majeure for up to five years on some long-term LNG contracts. Suddenly, Qatar faces tens of billions of dollars in losses from missed sales. More importantly, the perception that Qatar is a reliable supplier of
  
  The Qatari state-owned energy giant last week extended the force majeure on LNG deliveries to Asia and Europe by another month through the end of December 2026, as LNG cargo traffic through the Strait of Hormuz remains largely blocked.
  
  Unlike oil, LNG exporters cannot transport volumes via pipelines, Saad Sherida Al-Kaabi, President and CEO of QatarEnergy and Qatar’s Minister of State for Energy Affairs, said in September.
  
  “The problem is that LNG, our main export commodity, cannot be transported by pipelines. We will have to transport it by pipelines as gas and then liquify it at receiving terminals wherever that may be,” Al-Kaabi said at the Qatar Economic Forum Special Edition in New York in September.
  
  “This means we are building redundant facilities to the ones we are already building in Qatar as part of the North Field expansion project. This makes no economic sense,” the minister explained, and added, “We have decided not to use pipelines as an alternative based on commercial and technical criteria.”
  
  Referring to resuming LNG production and exports, “Qatar is ready to resume normal operations within a few weeks of the reopening of the Strait of Hormuz,” the official noted.
  
  As we enter the ninth month of the Hormuz crisis, Qatar is hedging against what could be a forever-changed access through the chokepoint.
  
  “Some shipments are going through the Iranian road to Pakistan, and some are going through the U.S. road to other destinations, but it’s just a few ships that are passing, that were able to pass through the Strait, but it’s not much,” Al-Kaabi said at the Qatar Economic Forum in New York.
  
  With its only route to market blocked, Qatar last month hedged its bets against future disruptions by signing two separate agreements to buy LNG from U.S. producers to diversify its portfolio.
  
  QatarEnergy signed two long-term deals with Cheniere to buy up to 4 million tons per annum of LNG from Cheniere’s Sabine Pass and Corpus Christi export facilities, with deliveries expected to begin in 2031 and continue through 2054.
  
  The Qatari firm also signed a long-term agreement to buy 3 million tons per annum of LNG from Woodside Energy’s Louisiana LNG project, which is currently under construction. Deliveries on a free-on-board (FOB) basis are set to begin in 2030 for 20 years.
  
  “These additional volumes make QatarEnergy the largest buyer of LNG from the U.S., and place us in a stronger position to meet the global growing needs for LNG,” QatarEnergy’s Al-Kaabi said.
  
  “Our Golden Pass LNG project and our expanding portfolio of U.S. LNG purchases reinforce QatarEnergy’s leadership in the LNG industry and support our long-term growth and diversification strategy.”
  
  With Hormuz out of the picture in the near term and uncertainty about disruptions in the longer term, Qatar is expanding its LNG supply options with deliveries from its biggest rival, the United States.
  
  The deal with Woodside “reflects QatarEnergy’s continued confidence in the long-term role of LNG in the global energy mix and its strategy to further develop a flexible, diversified and globally competitive LNG portfolio,” the Qatari firm said, as the Iran war fundamentally changed the global LNG supply market in both availability and reliability. Source: Oilprice.com
- 2026-11-05
  MABUX: Downward trend to prevail in Global bunker market on Nov. 05.
  The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO – extended its downward trend for the third consecutive day on Nov. 04: 380 HSFO: USD/MT: 737.00 (-19.97) VLSFO: USD/MT: 878.19 (-16.92) MGO:... Read more The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO – extended its downward trend for the third consecutive day on Nov. 04:
  
  380 HSFO: USD/MT: 737.00 (-19.97)
  VLSFO: USD/MT: 878.19 (-16.92)
  MGO: USD/MT: 1 486.10 (-9.41)
  
  As of Nov. 04, the MABUX Market Differential Index (MDI), which monitors the spread between Market Bunker Prices (MBP) and the MABUX Digital Bunker Benchmark (DBP), indicated the following developments across four major global bunkering hubs—Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: Singapore remained the only overvalued port, with its MDI premium narrowing by $26 and dropping below the $100 mark. Fujairah shifted into the undervalued zone, joining Rotterdam and Houston. MDI discounts widened by $23 in Rotterdam, $27 in Fujairah, and $33 in Houston. Houston's discount remained above the $100 threshold, while Fujairah's MDI hovered around the 100% correlation level between MBP and DBP.
  
  • VLSFO segment: Singapore and Fujairah remained overvalued, although their MDI premiums narrowed by $32 and $24, respectively. Rotterdam and Houston continued to be undervalued, with MDI discounts widening by $2 and $32, respectively. Singapore's MDI approached the 100% correlation level between MBP and DBP, indicating a narrowing gap between market prices and the digital benchmark.
  
  • MGO LS segment: Fujairah remained the only overvalued port, with its MDI premium declining by $19. The other three hubs continued to be undervalued. MDI discounts widened by $29 in Rotterdam and $54 in Houston, while remaining unchanged in Singapore. Discounts in Rotterdam and Singapore stayed above the $100 mark, with Houston also exceeding this threshold.
  
  MABUX expects the downward trend to prevail in the global bunker market on Nov. 05, amid uncertainty surrounding the U.S. election outcome and developments in the Strait of Hormuz:
  380 HSFO: minus 15-25 USD/MT, VLSFO: minus 10-25 USD/MT, MGO LS: minus 15–40 USD/MT.
  Source: MABUX
- 2026-11-05
  UAE Weighs Plans for Third Strait of Hormuz Bypass Pipeline
  The United Arab Emirates currently operates one crude export pipeline that bypasses the Strait of Hormuz and announced earlier this year that it was building a second. A third pipeline is reportedly being planned to further expand crude capacity and reroute... Read more The United Arab Emirates currently operates one crude export pipeline that bypasses the Strait of Hormuz and announced earlier this year that it was building a second. A third pipeline is reportedly being planned to further expand crude capacity and reroute energy flows around Hormuz, reducing exposure to Iranian disruption and weakening Tehran's leverage over the critical maritime chokepoint.
  
  Bloomberg reported Wednesday morning that Abu Dhabi’s state-owned energy giant, Abu Dhabi National Oil Co., is weighing plans for a third pipeline from the UAE’s western coast to Fujairah on its eastern coast that could supply Asian customers and bypass Hormuz.
  
  "Adnoc has been telling some customers in Asia about the pipeline, other people familiar with the matter said. The plans haven’t been finalized and could still change, including the route, a number of the people said," the outlet reported.
  
  The new pipeline would build on the UAE's existing pipeline, which has operated since 2012 and stretches 252 miles from Habshan in Abu Dhabi to Fujairah on the Gulf of Oman. That pipeline has a capacity of 1.5 million barrels a day, expandable to 1.8 million.
  
  Earlier this year, the UAE announced the West-East Pipeline, expected to begin operations in 2027 and double export capacity through Fujairah.
  
  Notably, Fujairah sits outside the Hormuz chokepoint, allowing tankers to load crude without entering the Persian Gulf.
  
  An ADNOC spokesperson responded to the outlet's request for comment: “We have advised Bloomberg that this report is not accurate and purely speculative.”
  
  Beyond the UAE, the biggest story of the year has been other US-allied Gulf countries expanding pipeline routes around Hormuz, including Saudi Arabia, while Kuwait is proposing new pipelines. Taken together, these projects could erode Iran's leverage over Gulf flows, which has also clearly carried into US politics, with a Democratic sweep in the midterms. Source: Oilprice.com
- 2026-11-05
  US Oil Inventories Fall Further As Demand Holds
  Crude oil inventories in the United States saw a decrease of 900,000 barrels during the week ending October 30, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles... Read more Crude oil inventories in the United States saw a decrease of 900,000 barrels during the week ending October 30, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 409.8 million barrels, according to government data, which is now 4% below the five-year average for this time of year.
  
  Total commercial petroleum inventories slipped by 8.2 million barrels during the reporting period.
  
  The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories had fallen by 5.267 million barrels in the period.
  
  Crude futures were trading down at 10:09 a.m. in New York. Brent futures were trading down at $100.71 per barrel—down $2.89 (-2.79%) on the day and down roughly $15 per barrel from this same time last week. WTI was also trading down on the day, by $2.79 per barrel (-2.90%) on Wednesday morning at $93.30, down nearly $9 per barrel since this time last week.
  
  For total motor gasoline, the EIA reported that inventories decreased by 200,000 barrels, after growing by 3.9 million barrels in the week prior. The most recent figures showed that average daily gasoline production increased to 9.7 million barrels. For middle distillates, inventories decreased by 3.6 million with production decreasing to an average of 5.2 million barrels daily. Distillate inventories are now 13% below the five-year average.
  
  Total products supplied—a proxy for U.S. oil demand—jumped to a 4 week average of 21.2 million barrels per day over the last four weeks, up 4.2% compared to the same period last year. Gasoline demand averaged 8.6 million barrels per day over the last four weeks, with the distillate four-week average supplied at 4.2 million barrels—up 8.7% year over year. Source: Oilprice.com
- 2026-11-05
  Oil Crashes 9% as Trump and Vance Blame Iran War for Midterm Rout
  Brent fell $8.94, or 8.6%, to $94.66 per barrel at 1:06 p.m. ET on Wednesday, after touching its lowest level since September 4, with traders pricing an end to the Iran war after the White House tied Tuesday’s midterm losses to the conflict. WTI dropped... Read more Brent fell $8.94, or 8.6%, to $94.66 per barrel at 1:06 p.m. ET on Wednesday, after touching its lowest level since September 4, with traders pricing an end to the Iran war after the White House tied Tuesday’s midterm losses to the conflict. WTI dropped $8.01, or 8.3%, to $88.08. Brent traded near $118 on Friday.
  
  Trump told Fox News on Tuesday night that “I think it’s the gasoline price” when explaining the Republican defeat. Vice President JD Vance wrote on X that the war was the reason for the losses, and that “any honest conversation about where we go from here must start there.” Trump had already told the Financial Times that Washington had no immediate plans to strike Iran.
  
  BOK Financial’s Dennis Kissler said rising Middle East exports and Trump’s comments were keeping pressure on crude. He added that Democratic control of Congress could tighten U.S. military spending in the region and bring a peace deal sooner. Enverus’ Carl Larry warned that an escalation in Iran could come before a resolution. Supreme Leader Mojtaba Khamenei said in a written statement that U.S. hostility would persist whichever party holds power. The Houthis said they had targeted Riyadh’s King Khalid International Airport, and Saudi authorities did not confirm an attack.
  
  Meanwhile, Qatari news outlet Al-Jadeed has once again reported significant progress in U.S.-Iran negotiations. The outlet made similar claims yesterday, suggesting Washington and Tehran had reached concessions on Iran's nuclear program and frozen assets. Those reports were swiftly dismissed by a senior Iranian official, prompting oil prices to recover some of their earlier losses.
  
  With diesel prices still at record highs, Washington is also taking steps to ease the pressure on fuel markets. The Energy Department said it would loan 300,000 barrels from the Northeast Home Heating Oil Reserve to four companies, equivalent to nearly a third of the stockpile. The move follows pressure from senators on both sides of the aisle after diesel prices surged above $6.50 a gallon. Heating oil futures subsequently dropped around 7%.
  
  The selling overrode bullish supply data. U.S. crude inventories fell 900,000 barrels to 409.8 million in the week ended October 30, 4% below the five-year average. Distillate stocks dropped 3.6 million barrels to 13% below the five-year average, according to the EIA. Gulf exports of crude, condensate and products averaged 17.1 million bpd in October, down from 18.9 million in September and roughly three-quarters of pre-war levels, according to Vortexa. Source: Oilprice.com
- 2026-11-05
  Dangote Breaks Ground on $2.5 Billion Namibia Fuel Hub for Southern Africa
  Aliko Dangote, Africa’s richest person whose Dangote Group operates the biggest refinery on the continent, on Wednesday broke ground for a planned fuel storage site in Namibia, which will serve as a fuel distribution hub in southern Africa. “We want... Read more Aliko Dangote, Africa’s richest person whose Dangote Group operates the biggest refinery on the continent, on Wednesday broke ground for a planned fuel storage site in Namibia, which will serve as a fuel distribution hub in southern Africa.
  
  “We want to heavily invest so that most of the landlocked countries will be able to access petroleum products at a cheaper price,” Dangote said at a groundbreaking event on Wednesday.
  
  The project, expected to cost $2.5 billion, includes a fuel depot outside the main port of Walvis Bay in Namibia and a 1,700-kilometer (1,056-mile) pipeline to bring fuels to Botswana and South Africa, and potentially to other countries.
  
  The fuel storage-plus-pipeline project is expected to “strengthen Namibia’s energy security and advance regional trade and industrial development across southern Africa,” Dangote said, as carried by Bloomberg.
  
  The Nigerian refinery plans to ship growing volumes of fuel to African countries, which are currently dependent on imports and are concerned about supplies and their energy security in the wake of the Iran war and the massive disruption of fuel exports from the Middle East.
  
  Earlier this year, Dangote said he would help finance a new fuel pipeline between Ethiopia and Djibouti, which is expected to cost about $660 million. The project will consist of a pipeline connecting the port of Damerjog in Djibouti to a distribution facility in Dewele, Ethiopia, and a storage hub.
  
  Dangote Group plans an expansion of fuel distribution networks in Africa after the refinery of the same name of 700,000-bpd capacity began operations two years ago.
  
  Dangote plans another major refinery in Kenya to serve the eastern African markets.
  
  Meanwhile, the initial public offering (IPO) of a minority stake in Dangote Petroleum Refinery in Nigeria closed last week, with investors from 120 countries, including all 54 African countries, applying to buy shares.
  
  The IPO could raise as much as $2.1 billion if the company exercises its greenshoe option, which is now almost a given, considering the record-high interest in the float. Proceeds are expected to be invested in a $14-billion plan to double the refinery’s crude processing capacity from nearly 700,000 barrels per day (bpd) now to 1.4 million bpd by 2029. Source: Oilprice.com
- 2026-11-05
  Brent Falls to $100 as Traders Bet on a U.S.-Iran Deal
  Oil traders are pricing a U.S.-Iran settlement and discounting the threats around it. As of 9:40 a.m. ET on Wednesday, Brent had fallen $3.04, or 2.9%, to $100.60 per barrel, its third straight loss, and WTI had dropped $2.86, or 3%, to $93.23. Murban... Read more Oil traders are pricing a U.S.-Iran settlement and discounting the threats around it. As of 9:40 a.m. ET on Wednesday, Brent had fallen $3.04, or 2.9%, to $100.60 per barrel, its third straight loss, and WTI had dropped $2.86, or 3%, to $93.23. Murban slipped $1.27 to $100.90. Both crude benchmarks traded higher early before reversing in a volatile session.
  
  President Trump told the Financial Times that Washington has no immediate plans to strike Iran. “We seem to be getting everything we want,” he said. Vice President JD Vance said on Monday that the two sides had “certainly made some progress.” A senior Iranian official said Tehran could reopen the Strait of Hormuz within two days if Washington meets its demands, including lifting oil sanctions and releasing frozen assets.
  
  Escalation headlines failed to hold prices up. Trump told Fox News a “heavy hit” on Iran was possible. Iran’s Revolutionary Guard said four tankers were destroyed by mines south of Hormuz, a claim that has not been independently confirmed. ING said markets have increasingly priced in further hostilities.
  
  Democrats won both houses of Congress in Tuesday’s midterms, and analysts said the result could constrain war funding. Kpler’s Michelle Brouhard noted that the new Congress is not seated until January 3, which leaves the administration nearly two months to act.
  
  Phillip Nova’s Priyanka Sachdeva said profit-taking and reduced speculative long positions were justified after October’s rally. JPMorgan estimated the global oil market’s surplus at 1.4 million bpd in October, up from 1.1 million in September. The bank said Middle East exports had recovered to about 20.7 million bpd from a March low of 9.8 million, and that demand had fallen 3.3 million bpd since the war began.
  
  The selling overrode a 5.27 million-barrel U.S. crude draw reported by the American Petroleum Institute against an expected build, the latest sign that U.S. inventories remain in freefall. The EIA releases its official figures at 10:30 a.m. ET. Source: Oilprice.com

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