Mabux: Global Bunker Prices

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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
614.29
0.00
723.00
-2.00
Apr 29
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	614.29	0.00	723.00	-2.00	Apr 29

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
553.08	+0.97	666.39	-2.72	850.26	-3.55	May 3

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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	484	530	-46	572	627	-55	723	814	-91	May 3
Singapore	528	544	-16	623	634	-11	738	823	-85	May 3
Fujairah	510	555	-45	622	630	-8	842	871	-29	May 3
Houston	491	516	-25	594	644	-50	760	745	+15	May 3

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Latest News
- 2024-05-03
  Oil steadies, heads for weekly drop on U.S. economy worries
  Oil prices edged up in early trade on Friday on the prospect of OPEC+ continuing output cuts, but the crude benchmarks were headed for weekly losses on U.S. economic uncertainty and limited crude supply disruptions caused by the Israel-Hamas war. Brent... Read more Oil prices edged up in early trade on Friday on the prospect of OPEC+ continuing output cuts, but the crude benchmarks were headed for weekly losses on U.S. economic uncertainty and limited crude supply disruptions caused by the Israel-Hamas war.
  Brent crude futures for July rose 16 cents to $83.83 a barrel by 0008 GMT. U.S. West Texas Intermediate crude for June was up 19 cents to $79.14 per barrel.
  Still, both benchmarks were on track for weekly losses as investors worried about the prospect of higher-for-longer interest rates curbing growth in the U.S., the top global oil consumer, while the war in the Middle East showed little sign of disrupting global oil supplies.
  Brent headed for a 6.3% weekly decline, while and WTI moved towards a loss of 5.6% on the week.
  The drop comes just weeks ahead of the next meeting of the Organization of the Petroleum Exporting Countries and allies led by Russia, together called OPEC+.
  Three sources from OPEC+ producers said the group could extend its voluntary oil output cuts of 2.2 million barrels per day beyond June if oil demand fails to pick up, but the group has yet to begin formal talks ahead of the June 1 meeting.
  The market is now looking towards U.S. economic data and indicators of future crude supply from the world's top producer.
  On Friday, the U.S. Bureau of Labor Statistics releases its monthly nonfarm payroll report, which is a measure of the strength of the country's job market and is considered by the Federal Reserve when setting interest rates. Higher rates typically weigh on the economy and that can reduce oil demand.
  
  Also on Friday, energy services firm Baker Hughes is due to release its weekly count of oil and gas rigs, an indicator of future crude output. [RIG/U] Source: Reuters/Investing.com
- 2024-05-03
  Aramco Leads Oil Industry Investment in AI
  Saudi Aramco is the biggest investor in artificial intelligence in the oil industry. The fact was recently revealed in a report by GlobalData, which also showed the Saudi state major was investing heavily in all sorts of cutting-edge technology. Because... Read more Saudi Aramco is the biggest investor in artificial intelligence in the oil industry. The fact was recently revealed in a report by GlobalData, which also showed the Saudi state major was investing heavily in all sorts of cutting-edge technology. Because this is where competition will be in the future.
  
  Saudi Aramco spent $3.5 billion on research and development last year, GlobalData said in its report, noting the company was active in as many as 250 areas of innovation including, besides AI, drone technology, robotics, and electric vehicles.
  
  As for AI itself, the technology was deployed in areas such as oil exploration, fault monitoring, and cyber threat detection. On the one hand, this adds to evidence about the versatility of artificial intelligence that is driving its growing popularity in the information technology sector and elsewhere. On the other, the information suggests Aramco is actively working on attaining a new sort of competitive edge: a tech-driven one.
  
  The Saudi company is not alone in this, of course. Oil and gas, while traditionally slow to adopt emerging technology, has moved quite fast recently. Bloomberg reported earlier this year that U.S. shale drillers were deploying artificial intelligence to improve drilling efficiency and increase well recovery rates.
  
  Related: Gazprom Grapples with Historic Net Loss Amidst Gas Revenue Decline
  
  The U.S. shale patch is a natural early adopter of such technology because production costs there tend to be generally higher than they are in conventional oil and gas drilling, motivating a higher appetite for new solutions. Now, thanks to tech, these costs are coming down as drilling times accelerate—and accuracy is improving too.
  
  Aramco, on the other hand, is as traditional as oil companies come, at least on the face of it. Below this face, the company appears to be—if not an early, then an eager—adopter of cutting-edge tech to improve its operations, even in lean years like 2023. It also seems Aramco is open to more adventures in tech.
  
  GlobalData reports that Aramco has set up a digital innovation ecosystem dubbed SAIL, or Saudi Accelerated Innovation Laboratory, to partner with other entities, including government agencies and startups, “to foster the development of digital innovation products,” per the report.
  
  “Aramco is also betting on futuristic technologies. The company is closely monitoring the startup ecosystem and has in the recent past invested in several companies such as Pragmatic, which develops flexible semiconductor chips, and Sunrate, a fintech company,” said Sourabh Nyalkalkar, practice head of innovation at GlobalData.
  
  It sounds like Aramco specifically and Saudi Arabia generally are trying to do what the UAE did with construction as a diversification strategy to reduce its almost exclusive income reliance on crude oil. That artificial intelligence, robots, and the rest of the new tech coming out of startups and Big Tech field, can be used to boost oil production as well must be a very welcome bonus.
  
  According to Evercore ISI, AI and other tech could bring costs in the shale patch down by double digits as soon as this year. “There’ll be significant cost savings, at a minimum double digits, but probably in the 25% to 50% of cost savings in certain scenarios,” Evercore analyst James West told Bloomberg in March.
  
  If it can bring costs down for shale drillers, AI could certainly bring them down for everyone else as well, even for the lowest-cost producers in the world – the Saudis. But cost reduction is only one of what seems like a lot of benefits that the oil industry stands to gain from using the technology such as more productive wells, more accurate exploration, and better threat detection, including not just cybersecurity but spills and leaks. Best of all, the industry has the commodities needed to power the use of electricity-thirsty AI.
  
  Source: Reuters/Investing.com
- 2024-05-03
  Turkmenistan Tops Russia in Gas Export Earnings to China
  Russia’s energy behemoth Gazprom announced with great fanfare in early 2024 that it had overtaken Turkmenistan as China’s largest supplier of natural gas in terms of volume. But when it comes to export earnings, Ashgabat still tops Moscow. The Turkmen... Read more Russia’s energy behemoth Gazprom announced with great fanfare in early 2024 that it had overtaken Turkmenistan as China’s largest supplier of natural gas in terms of volume. But when it comes to export earnings, Ashgabat still tops Moscow.
  
  The Turkmen portal, Oil & Gas, reports that during the first quarter of this year, Ashgabat generated $2.4 billion in income from gas exports to China. That figure was confirmed by Daryo, Uzbekistan’s most popular news website. The Daryo report noted that Russia earned $2 billion from its gas sales to Beijing during the same period.
  
  The reason for the volume-earnings differential is that China is hoovering up Russian gas at bargain basement prices. The Kremlin’s need for cash to keep the country afloat while maintaining its war effort in Ukraine has deprived Russia of most of its negotiating leverage in its dealings with Beijing.
  
  Russia’s edge in export volume may last only as long as the steep pricing discounts continue. An independent outlet, The Chronicle of Turkmenistan, reported that the capacity of Russia’s Power of Siberia gas pipeline to China is projected to be 38 billion cubic meters (bcm) in 2025. Meanwhile, the collective capacity of three pipelines connecting Turkmenistan and China totals 55 bcm.
  
  Turkmen state-affiliated media outlets have cast some shade on the Kremlin’s exports: in reports about Ashgabat’s gas earnings from China they have omitted mention of Russia. For example, in addition to Turkmenistan, a report published by Turkmenportal names only Australia ($3.6 billion), Qatar ($3.1 billion) and Malaysia ($1.15 billion) as key suppliers, mainly with liquefied natural gas.
  
  Meanwhile, the head of Turkmengaz, Maksat Babayev, has announced plans to develop what he described as the “world's largest gas field” at Galkynysh. The first stage of development already “stably ensures the export of 30 bcm of gas per year to China,” the second stage will bring another 25 bcm of gas per year online. A third phase of development can supply the long-planned Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline project with a projected capacity of capacity of 33 bcm, according to Turkmenportal.
  
  Source: Oilprice.com
- 2024-05-03
  MABUX: Global bunker indices to change irregular on May 03.
  MABUX World Bunker Index (as index calculated based on current prices for 380 HSFO, VLSFO and MGO) demonstrated a firm downward trajectory on May 02: 380 HSFO - USD/MT - 552.11 (-5.26) VLSFO - USD/MT – 669.11 (-12.85) MGO - USD/MT – 853.81 (-16.82) As... Read more MABUX World Bunker Index (as index calculated based on current prices for 380 HSFO, VLSFO and MGO) demonstrated a firm downward trajectory on May 02:
  
  380 HSFO - USD/MT - 552.11 (-5.26)
  VLSFO - USD/MT – 669.11 (-12.85)
  MGO - USD/MT – 853.81 (-16.82)
  
  As of May 02, the MABUX MBP/DBP Index (MDI), monitoring the correlation between market bunker prices (MBP) and the MABUX digital bunker price benchmark (DBP), observed the following price trends across major ports: Rotterdam, Singapore, Fujairah, and Houston.
  
  - HSFO segment: All four selected ports indicated undervaluation, with underprice premiums narrowing by $18 in Rotterdam, $24 in Singapore, $18 in Fujairah, and $13 in Houston.
  
  - VLSFO segment: All four ports continued to be in the undercharge zone. Underprice margins decreased in Rotterdam by $4, Singapore by $11, and Fujairah by $17, but increased in Houston by $2. Fujairah's MDI index approached the 100-percent correlation mark between market price and MABUX digital benchmark.
  
  - MGO LS segment: Houston remained the only overpriced port, with the ratio rising by $4. The other three ports were in the undercharge zone, with margins dropping in Rotterdam by $1, but increasing in Singapore by $3 and in Fujairah by $9. The MDI index in Rotterdam remained proximate to the $100 mark.
  
  We do not expect a sustainable trend in the Global bunker market on May 03: 380 HSFO – plus-minus 1-3 USD/MT, VLSFO – plus-minus 1-3 USD/MT, MGO LS –minus 2-6 USD/MT.
  Source: MABUX
- 2024-05-03
  UAE Quietly Boosts Oil Production Capacity Ahead of OPEC Meeting
  The country’s stated aim is to reach 5 million bpd capacity by 2027. OPEC’s current production cuts are set to run through the end of June, but the group may decide to extend those cuts at its next meeting. oil The United Arab Emirates state-owned... Read more The country’s stated aim is to reach 5 million bpd capacity by 2027.
  OPEC’s current production cuts are set to run through the end of June, but the group may decide to extend those cuts at its next meeting.
  oil
  The United Arab Emirates state-owned oil company, Adnoc, has updated its maximum crude oil production capacity figure—and without much fanfare.
  
  ADNOC has quietly updated the figure on its website but did not make an official announcement. The new capacity is 4.85 million barrels per day (bpd)—up from the 4.65 million bpd that it published in 2023. Its published natural gas production capacity is 11.5 bcf per day.
  
  ADNOC has plans to increase its oil production capacity to 5 million bpd by 2027—a target the state-owned oil company set years ago.
  
  The production capacity hike comes as the UAE’s oil production fell in March, according to OPEC’s secondary sources as the group struggles to bring production down to agreed-upon levels in hopes of balancing the global oil markets.
  
  The UAE—OPEC’s third-largest producer—has clashed with the OPEC group in the past as it is anxiously waiting to boost its oil production and tap its increased capacity. Last summer, the UAE said it would not join in OPEC’s voluntary production cuts and has argued for years that it should be allowed to pump more as it lifts its production capacity. And last June, OPEC+ caved and revised the UAE’s quota up to 3.219 million bpd for 2024.
  
  OPEC’s current production cuts—a “precautionary” measure—are set to run through the end of June, although a June 1 OPEC+ meeting will determine whether OPEC should extend the cuts further or whether they should begin the gradual process of unwinding them.
  
  But OPEC’s Secretary General Haitham Al Ghais warned those who were predicting the beginning of the end of oil should be careful lest those dangerous predictions “foster energy policies that stoke energy chaos.”
  
  OPEC has insisted forecasts that predict the EV revolution and green transition as a whole are not grounded in reality—and that counting on this fictitious oil demand drop-off could lead to policies that would eventually cause the oil supply and demand balance to swing to a deficit, leading to higher oil prices. Source: Oilprice.com
- 2024-05-03
  Asian Oil Imports Dropped in April
  Asian crude oil imports fell in April from March, according to estimates by LSEG Oil Research, suggesting sluggish growth in Asia’s crude purchases so far this year. Last month, Asia – the bellwether of crude imports and implied import demand – saw... Read more Asian crude oil imports fell in April from March, according to estimates by LSEG Oil Research, suggesting sluggish growth in Asia’s crude purchases so far this year.
  
  Last month, Asia – the bellwether of crude imports and implied import demand – saw imports averaging 26.89 million barrels per day (bpd), per LSEG Oil Research data cited by Reuters’s Asia Commodities and Energy Columnist, Clyde Russell.
  
  The April imports declined from 27.33 million bpd of crude oil Asia imported in March and were flat compared to the 26.68 million bpd of imports in February, the LSEG Oil Research data showed.
  
  Asia’s crude oil imports averaged 27.03 million bpd between January and April, which is only 300,000 bpd above the crude arrivals in the first four months of 2023, according to the data.
  
  While imports are not necessarily indicative of demand, the slow growth in Asia – the top-importing region – so far this year may raise some concerns about oil demand. The slippage in imports could also be a sign that importers did not rush to purchase crude while prices were rising above $80 per barrel in February and March, the months in which purchases were nominated and made for April cargo arrivals.
  
  At any rate, forecasters, including OPEC that sees Asia as its most important market, expect global oil demand to start picking up in the driving season and summer months as more people travel and go on vacation.
  
  Global oil demand in the summer is expected to be strong as consumption of transportation fuels is set to rise across the board and across regions with summer and holiday travel picking up, OPEC said in its latest Monthly Oil Market Report (MOMR) for April.
  
  The group has a “robust oil demand outlook for the summer months.”
  
  OPEC continues to expect global oil demand growth of 2.2 million bpd for 2024, broadly unchanged from the March assessment. The cartel still sees “robust growth” of 1.8 million bpd in 2025 compared to 2024.
  
  Source: Oilprice.com
- 2024-05-03
  France Crafts Offshore Wind Expansion to Meet Climate Goals
  France has revealed an ambitious strategy to amplify its offshore wind capacity, signaling a determined effort to make as much progress as neighboring nations in meeting climate objectives. In an announcement during a visit to Saint-Nazaire on the... Read more France has revealed an ambitious strategy to amplify its offshore wind capacity, signaling a determined effort to make as much progress as neighboring nations in meeting climate objectives.
  
  In an announcement during a visit to Saint-Nazaire on the Atlantic coast, Finance Minister Bruno Le Maire unveiled a comprehensive plan encompassing tenders and incentives aimed at increasing its offshore wind capacity sixfold by 2035. This ambitious endeavor comes as a response to the wind industry's recent struggles with escalating costs and supply-chain bottlenecks.
  
  "We are committed to expediting deployment. The expansion of offshore wind farms is pivotal not only for enhancing energy competitiveness but also for bolstering our energy independence," Le Maire said on Thursday.
  
  France, which is behind Germany and the UK in terms of offshore wind capacity at just 3 GW, aims to achieve a total of 18 GW by 2035 and 45 GW by 2050, which would be sufficient to power 20% of its domestic electricity demand.
  
  To facilitate the expansion, the government intends to streamline regulatory processes delaying grid connections and expedite proceedings for future tenders. Emphasizing the promotion of domestic interests, Le Maire hailed a $4.8 billion contract inked to construct three offshore substations at the Chantiers de l'Atlantique shipyard, underscoring the pivotal role of French equipment in safeguarding national interests.
  
  In contrast to Europe, offshore wind development costs in the United States remain markedly higher, as recently revealed by RWE AG CEO Markus Krebber at the CERAWeek conference. Krebber highlighted the industry's complexity in the United States, citing inflation and supply chain disruptions as prevalent challenges. RWE has projects both in Germany and in the United States. Source: Oilprice.com
- 2024-05-03
  Gazprom Grapples with Historic Net Loss Amidst Gas Revenue Decline
  Russia's Gazprom Group, a state-controlled energy giant, has disclosed its first annual net loss in 23 years, signaling a significant shift in financial performance attributed to dwindling gas shipments to Europe and pricing pressures. In the wake... Read more Russia's Gazprom Group, a state-controlled energy giant, has disclosed its first annual net loss in 23 years, signaling a significant shift in financial performance attributed to dwindling gas shipments to Europe and pricing pressures.
  
  In the wake of restricted gas flows to Europe, historically Gazprom's primary market, and plummeting gas prices exacerbated by geopolitical tensions, Gazprom Group, which encompasses oil and power ventures alongside its core gas operations, reported a substantial 629 billion-ruble ($6.84 billion) loss for the fiscal year, contrasting starkly with the net income of 1.23 trillion rubles in 2022.
  
  The market response has been notable, with Gazprom's shares experiencing a sharp 4.4% decline, reflecting investor concerns over dividend prospects. Gazprom's principal shareholder, the Russian government, faces fiscal strain amidst heightened military expenditures and ongoing Western sanctions.
  
  The decline in gas revenues, underscored by a 40% drop in gas revenue to 4.88 trillion rubles, has led Gazprom to explore revenue diversification strategies. Despite gas revenue setbacks, the group witnessed positive performances in its oil and power segments, with revenue from the oil business rising by 6.7% to 3.88 trillion rubles and sales at its power utilities business increasing by 8.8% to 617 billion rubles.
  
  Despite efforts to increase gas shipments to foreign markets, notably to China, Gazprom continues to grapple with the loss of its traditional European market. While the Power of Siberia link to China is gradually reaching its nameplate capacity, it cannot fully offset the decline in European gas demand.
  
  These financial challenges come amidst a broader context of Gazprom's diminishing profitability, with the first half of 2023 witnessing a significant decline in net profit compared to previous years, highlighting the ongoing economic pressures facing the energy giant.
  
  Source: Oilprice.com
- 2024-05-03
  Taliban Aims to Create Energy Trade Hub Eyeing Russian Oil Exports
  The Taliban, who govern Afghanistan, are working with Kazakhstan and Turkmenistan to create a regional energy trade hub that would facilitate oil sales from Russia to South Asia, Taliban acting commerce minister Nooruddin Azizi told Reuters this week. Representatives... Read more The Taliban, who govern Afghanistan, are working with Kazakhstan and Turkmenistan to create a regional energy trade hub that would facilitate oil sales from Russia to South Asia, Taliban acting commerce minister Nooruddin Azizi told Reuters this week.
  
  Representatives of Afghanistan, Kazakhstan, and Turkmenistan have recently discussed in Kabul the idea of creating an energy and logistics hub in the Herat province in western Afghanistan. The three countries plan to invest in the hub, which is expected to be a hub for oil from Russia to the oil-dependent countries in South Asia, including Pakistan, Azizi told Reuters.
  
  “Based on our discussions, a logistics center is going to be established in Herat province, which can connect the north to South Asia,” he said.
  
  After the trilateral meetings in Afghanistan last week, technical teams from Afghanistan, Turkmenistan, and Kazakhstan will draft an agreement within two months laying out the official plans for the new energy hub, Azizi told Reuters.
  
  The logistics hub is planned initially to have a capacity of 1 million tons of oil, the Taliban minister said but did not specify when such hub could start operations.
  
  Kazakhstan, for its part, is eyeing the development of roads and a railway through Afghanistan to have connections with the Gulf and South Asia, the Kazakh trade ministry told Reuters in a statement.
  
  Currently, Kazakhstan’s crude oil exports are dependent on logistics in Russia and Russian ports on the Black Sea.
  
  The Taliban will not have issues selling Russian oil—they have struck fuel deals with Iran and Russia in recent years.
  
  In the autumn of 2022, Minister Azizi said that under a deal with Russia, Afghanistan would get 1 million tons of gasoline, 1 million tons of diesel fuel, 500,000 tons of liquefied petroleum gas, and 2 million tons of wheat per year.
  
  Source: Oilprice.com
- 2024-05-03
  Canadian Natural Resources Misses Q1 Earnings Expectations
  Canadian Natural Resources (NYSE: CNQ), the top oil and gas producer in Canada, reported lower-than-expected earnings for the first quarter, dragged down by weaker prices for synthetic crude oil and natural gas. Canadian Natural Resources reported... Read more Canadian Natural Resources (NYSE: CNQ), the top oil and gas producer in Canada, reported lower-than-expected earnings for the first quarter, dragged down by weaker prices for synthetic crude oil and natural gas.
  
  Canadian Natural Resources reported on Thursday adjusted net earnings per share of US$1.00 (C$1.37), compared to the average analyst estimate of US$1.08 (C$1.48) per share, according to LSEG data cited by Reuters.
  
  While realized prices for crude were slightly higher than in Q4 2023, the realized natural gas prices and synthetic crude oil (SCO) prices were lower compared to both the previous quarter and the same quarter last year.
  
  Canadian Natural Resources expects to boost production, realized prices, and cash flows for the rest of the year, due to strengthened crude oil price forecasts for the remainder of 2024, over those prices experienced in the first quarter of 2024, “driving significant targeted free cash flow generation going forward,” Canadian Natural's President Scott Stauth said in a statement.
  
  “The company’s 2024 development plan has conventional activity strategically weighted to the second half of 2024 to better align with increased market egress and improved crude oil pricing, maximizing value for our shareholders,” Canadian Natural said.
  
  The completion of the Trans Mountain Expansion (TMX) pipeline will provide “ample egress and optionality for our crude oil products,” it noted.
  
  Canadian Natural has optionality for crude oil exports, including 94,000 barrels per day (bpd) on Trans Mountain Expansion pipeline that creates additional crude oil market diversification opportunities on the west coast, both by land and by water.
  
  “Commencing in 2024, we are returning 100% of free cash flow to shareholders, as per our free cash flow allocation policy, and continue to manage the allocation on a forward-looking annual basis,” Canadian Natural’s CFO Mark Stainthorpe said.
  
  Earlier this week, another major Canadian producer, Cenovus Energy (NYSE: CVE), reported higher-than-expected earnings for the first quarter of 2024 amid strong oil and gas production and record throughput volumes at its refineries.
  
  Source: Oilprice.com