Mabux: Global Bunker Prices

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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
714.50
-18.00
655.00
+4.00
Aug 18
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	714.50	-18.00	655.00	+4.00	Aug 18

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
459.17	+6.74	545.12	+6.82	753.82	+2.32	Aug 21

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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	412	434	-22	473	486	-13	655	667	-12	Aug 21
Singapore	404	444	-40	496	527	-31	644	700	-56	Aug 21
Fujairah	384	477	-93	485	531	-46	721	853	-132	Aug 21
Houston	420	440	-20	481	558	-77	662	712	-50	Aug 21

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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
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MABUX for Industry
- API for integration with your application, custom solutions available upon demand
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Latest News
- 2025-08-21
  Egypt and Japan sign MoU on green hydrogen cooperation
  Representatives of the Suez Canal Economic Zone (SCZONE) and the Tokyo Metropolitan Government today (20 August) signed an agreement to undertake ‘environmental and economic’ collaboration on green hydrogen The Egyptian Prime Minister Mostafa Madbouly... Read more
- 2025-08-21
  Svitzer electric tug set to arrive in Sweden’s Port of Helsingborg
  The Port of Helsingborg has informed ship.energy that the Svitzer Ingrid – Svitzer’s first tugboat with full electric propulsion capabilities – is due to arrive in Sweden ‘in the next week or two’. As previously reported, Svitzer took delivery of the... Read more
- 2025-08-21
  Methanol bunkering training launches at Deendayal Port Authority
  India’s Deendayal Port Authority (DPA) has inaugurated a two-day training programme on methanol bunkering in collaboration with the Gandhidham Collegiate Board. The programme ‘aims to equip the workforce with skills for future-ready, clean fuel operations,... Read more
- 2025-08-21
  Preparation key to smooth MedECA transition, says Repsol’s Martín Fuentes
  Careful planning for the introduction of the Mediterranean Sea emissions control area (MedECA) earlier this year ensured that Spain’s Repsol has been able to meet demand for 0.10% sulphur fuel oil, the company’s Cristina Martín Fuentes, Decarbonization... Read more
- 2025-08-21
  ISCC introduces voluntary carbon footprint certification
  The International Sustainability and Carbon Certification (ISCC) organisation has launched a voluntary certification scheme for Product Carbon Footprints (PCFs). The ISCC Carbon Footprint Certification (ISCC CFC) verifies the greenhouse gas (GHG) emissions... Read more
- 2025-08-21
  MABUX: Bunker Weekly Outlook, Week 34, 2025.
  At the close of the 34th week, the global bunker indices MABUX continued their moderate downward trend. The 380 HSFO index fell by 3.35 USD, from 455.63 USD/MT last week to 452.28 USD/MT, moving closer to the 450 USD mark. The VLSFO index declined by... Read more At the close of the 34th week, the global bunker indices MABUX continued their moderate downward trend. The 380 HSFO index fell by 3.35 USD, from 455.63 USD/MT last week to 452.28 USD/MT, moving closer to the 450 USD mark. The VLSFO index declined by 3.33 USD, down to 538.41 USD/MT from 541.74 USD/MT a week earlier. The MGO index also decreased, losing 2.24 USD from 752.17 USD/MT to 749.93 USD/MT, thus breaking below the 750 USD threshold. At the time of writing, the global bunker market showed no clear trend, with indices fluctuating in mixed directions.
  
  The MABUX Global Scrubber Spread (SS), which represents the price difference between 380 HSFO and VLSFO, remained virtually unchanged over the week, edging up by just $0.02 from $86.11 to $86.13. The indicator continues to stay firmly below the psychological breakeven mark of $100.00. The weekly average of the index also showed a slight increase of $0.62. In Rotterdam, the SS Spread rose by $5.00, reaching $60.00 compared to $55.00 the previous week, with the port’s weekly average gaining $3.17. In contrast, Singapore recorded no change in the 380 HSFO/VLSFO differential, which remained at $91.00, while the port’s weekly average slipped by $1.84. Amid the current stabilization of the global bunker market, significant shifts in the SS Spread are unlikely in the coming week. Conventional VLSFO fuel is expected to retain higher profitability compared with the HSFO plus Scrubber option. Further details can be found in the Differentials section of mabux.com.
  
  U.S. liquefied natural gas (LNG) exports to Europe have risen sharply by 61% year-on-year, driven by the significant depletion of gas storage at the end of the last heating season, which required additional replenishment purchases, lower wind and hydroelectric generation, and the European Union’s commitment to increase imports of U.S. energy as part of its effort to reduce its trade surplus with the United States. In light of these factors, Europe is expected to continue buying as much U.S. LNG as possible, even though prices have already averaged $8.34 per thousand cubic feet in the first eight months of the year.
  
  As of 19 August, European regional gas storage facilities were 74.21% full, reflecting an increase of 1.94% compared to the previous week. Occupancy levels are now 2.88% higher than at the beginning of the year, when they stood at 71.33%. However, the pace of injections into storage has slowed slightly. At the close of the 34th week, the European gas benchmark TTF continued its moderate decline, falling by 1.182 euros/MWh to 31.227 euros/MWh, compared with 32.409 euros/MWh a week earlier.
  
  By the end of the week, the price of LNG as a bunker fuel in the port of Sines (Portugal) fell by $27.00, reaching 741 USD/MT compared with 768 USD/MT the previous week. At the same time, the price gap between LNG and conventional fuel narrowed slightly but still favored conventional fuel. On 19 August, the difference stood at 27 USD, down from 39 USD a week earlier, as MGO LS in Sines was quoted at 714 USD/MT. More detailed information is available in the LNG Bunkering section on the mabux.com website.
  
  At the end of the 34th week, the MABUX Market Differential Index (MDI)—which reflects the ratio of market bunker prices (MBP) to the digital bunker benchmark MABUX (DBP)—continued to indicate undervaluation across all types of bunker fuel in the world’s largest hubs: Rotterdam, Singapore, Fujairah, and Houston:
  
  • 380 HSFO segment: The average weekly undervaluation rose by 4 points in Rotterdam, by 5 points in Singapore, and by 8 points in Fujairah, while it declined by 5 points in Houston. Notably, Fujairah’s MDI approached the $100 threshold.
  
  • VLSFO segment: Undervaluation levels remained unchanged in Rotterdam but climbed by 6 points in Singapore, by 9 points in Fujairah, and by 2 points in Houston.
  
  • MGO LS segment: MDI values fell by 3 points in Rotterdam, by 1 point in Singapore, and by 9 points in Fujairah, but edged up by 1 point in Houston. Rotterdam’s MDI remains close to the full 100% MBP/DBP correlation level, while Fujairah continues to trend toward the $100 mark.
  
  Overall, the structure of overvalued and undervalued ports did not undergo significant changes during the week, though there was a noticeable shift toward overvaluation in the MGO LS segment. Based on current dynamics, the emergence of several overvalued ports is likely in the coming week.
  
  More detailed information on the correlation between market bunker prices and the MABUX digital benchmark can be found in the “Digital Bunker Prices” section on the website mabux.com.
  
  In July, sales of marine fuels (including alternatives) in Singapore totaled 4,918,000 metric tons — the highest monthly figure since the start of the year. Sales of very low sulphur fuel oil (VLSFO) stood at 2,372,100 metric tons, down from 2,485,700 metric tons in July 2024 but up from 2,311,000 metric tons in June. High sulphur fuel oil (HSFO) sales reached 1,964,400 metric tons, showing increases both year-on-year and month-on-month. Marine gasoil sales came in at 3,900 metric tons, declining on both annual and monthly comparisons. In contrast, low sulphur marine gasoil sales rose to 416,000 metric tons, marking gains in both year-on-year and month-on-month terms. In the bioblends segment, sales of VLSFO with a biocomponent (80,500 tonnes) were the second-lowest monthly result of the year. HSFO with a biocomponent totaled 35,300 tonnes — up year-on-year but down from June. Bioblend LSMGO was sold for the fourth consecutive month, amounting to 1,800 tonnes. B100 sales hit a record 2,600 tonnes, the highest ever recorded at the world’s largest bunkering hub. After a sharp rise in June to 55,400 tonnes, LNG sales in July fell to 41,500 tonnes — the lowest level since March. No sales of methanol or ammonia were recorded. Over the first seven months of 2025, Singapore sold a total of 31,897,400 tonnes of marine fuel, slightly up from 31,848,200 tonnes in the same period of 2024.
  
  We expect that the global bunker market will continue to stabilize in the coming week, which may in turn support the formation of a moderate upward trend in bunker prices.
  Source: MABUX
- 2025-08-21
  Oil extends gains amid signs of strong demand
  Oil prices extended gains on Thursday, bolstered by signs of strong demand in the U.S., with uncertainty over efforts to end the war in Ukraine also lending support. Brent crude futures hit a two-week high in early trade and were up 27 cents, or 0.40%,... Read more Oil prices extended gains on Thursday, bolstered by signs of strong demand in the U.S., with uncertainty over efforts to end the war in Ukraine also lending support.
  Brent crude futures hit a two-week high in early trade and were up 27 cents, or 0.40%, to $67.11 a barrel at 0442 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 29 cents, or 0.46%, to $63 a barrel.
  Both contracts climbed over 1% in the prior session.
  U.S. crude inventories fell by 6 million barrels last week to 420.7 million barrels, the U.S. Energy Information Administration said on Wednesday, against expectations in a Reuters poll for a 1.8 million-barrel draw. [EIA/S]
  Gasoline stocks dropped by 2.7 million barrels, versus expectations for a 915,000-barrel draw, the EIA said, indicating steady driving demand during the summer travel season. That was also seen in a jump in the four-week average for jet fuel consumption to its highest since 2019.
  "Crude oil prices rebounded as signs of strong demand in the U.S. boosted sentiment," Daniel Hynes, senior commodity strategist at ANZ, said in a note on Thursday.
  Hynes cautioned, though, that some "bearish sentiment remains evident as traders continue to monitor negotiations to end Russia’s war against Ukraine."
  Traders and analysts expect oil prices to fall once a peace deal is reached, but any continued lack of concrete progress in negotiations could underpin the market.
  
  As U.S. and European military planners began exploring post-conflict security guarantees for Ukraine, Russia said on Wednesday that attempts to resolve security issues without Moscow’s participation were a "road to nowhere".
  The drawn-out efforts to secure peace in Ukraine mean Western sanctions on Russian oil supply remain in place, and that the possibility of tougher sanctions and more tariffs on Russian oil buyers still hangs over the market.
  Russia, meanwhile, remains adamant it will keep providing crude to willing buyers, with Russian diplomats in India saying the country expects to continue supplying oil to India despite warnings from the United States.
  
  U.S. President Donald Trump has announced an additional tariff of 25% on Indian goods from August 27 because of their Russian crude purchases. The European Union has also sanctioned Indian private refiner Nayara Energy, which is backed by Russian oil company Rosneft.
  Indian refiners initially backed off buying Russian oil but company officials at state-run Indian Oil and Bharat Petroleum (NSE:BPCL) have bought Russian crude for September and October delivery, resuming purchases after discounts widened. Source: Reuters/Investing.com
- 2025-08-21
  StanChart: Limited Russian Supply Cushion Even if Sanctions Ease
  Oil prices have been trading in a narrow range over the past week, with Brent crude sinking to an intra-day low of $65.01 per barrel (bbl) on 13 August before rising to an intra-day high of $67.06/bbl on 15 August with momentum skewed to the downside... Read more Oil prices have been trading in a narrow range over the past week, with Brent crude sinking to an intra-day low of $65.01 per barrel (bbl) on 13 August before rising to an intra-day high of $67.06/bbl on 15 August with momentum skewed to the downside thanks to a potential peace deal between Russia and Ukraine. Recent meetings between U.S. President Donald Trump, Russian President Vladimir Putin, Ukrainian President Volodymyr Zelenskyy and European leaders have weighed on prompt prices, pushing them below several key moving averages.
  
  Trump has revealed that arrangements are being made for another meeting between Putin and Zelenskyy, the first between the two leaders ever since the war began three and a half years ago. Zelenskyy has described his latest talks with Trump as "very good" and acknowledged potential U.S. security guarantees for Ukraine, although no specifics of Washington's support have been divulged.
  
  "The odds of a peace deal are rising, which would very likely lead to easing sanctions on Russian oil product,s moving global supplies to more of a surplus," Dennis Kissler of BOK Financial said in a note.
  
  Meanwhile, upcoming refinery maintenance in the U.S. coupled with fading summer demand, has been weighing on WTI prices. According to the Energy Information Administration (EIA), crude inventories at the Cushing hub have increased for six consecutive weeks and currently stand at 23.1 million barrels. However, inventory levels remain significantly below the five-year average clip of 35.1mb. The high pressure on WTI has triggered a widening spread between Brent and WTI, growing from a low of $2.24/bbl in late June (for the prompt contracts) to $3.87/bbl intraday on 19 August.
  
  Meanwhile, Erin has become the first major hurricane of the 2025 Atlantic season, reaching Category-5 status on 16 August following an unusually rapid atmospheric pressure drop. However, its trajectory has swung north eastwards along the eastern seaboard of the U.S. through the week, taking it away from critical oil and gas infrastructure. The 2025 hurricane season has so far been relatively quiet, with storm duration also curtailed. Hurricane activity in the country tends to escalate from mid-August onwards, and current models are pointing to another potentially active season. The National Oceanic and Atmospheric Administration (NOAA) continues to forecast an above-average season, but has moderated its May pre-season predictions. NOAA now sees the country being hit by 5-9 hurricanes in the current season, with 3-5 being major ones (above Category 3).
  
  Despite these developments, commodity analysts at Standard Chartered see very limited potential for Russian energy commodities returning to Europe any time soon. Last week, we reported that fears that oil prices will crash if Trump manages to negotiate a truce with Putin are overdone. First off, StanChart says that Russia has been producing unsustainably at its maximum capacity with long-term consequences for its reservoirs. The country’s oil production averaged 9.01 million barrels per day (mb/d) in H1-2025, about 610,000 b/d lower than the 2021 annual average before the invasion of Ukraine. A lifting of export sanctions will mean a return of Western service companies and Russia being able to access quality replacement parts; however, Russia just doesn’t have a lot of spare production capacity to flood the oil markets.
  
  Second, the removal of the oil price cap on Russian oil would disincentivize India and China, the biggest buyers of discounted Russian. India’s imports of Russian crude have surged since the war began, jumping from $2.31 billion four years ago to $52.2 billion in 2024. Further, Europe is unlikely to put itself at Putin’s mercy again by buying large quantities of Russian oil and gas.
  
  In the same vein, StanChart sees limited scope for Russian pipeline gas returning to European markets. According to the analysts, Russian LNG represents the biggest tail risk, with a possibility of formerly sanctioned cargoes returning to Asia. European benchmark gas Dutch Title Transfer Facility (TTF) for September delivery has continued its recent slide, falling to a 15-month intra-day low of 30.30/MWh on 18 August, before settling at EUR 32.21/MWh on Wednesday. As discussed in last week’s Commodity Roadmap. However, Europe’s gas injections have slowed down relative to the five-year average over, with data from Gas Infrastructure Europe (GIE) showing that inventories increased by 2.30 billion cubic metres (bcm) w/w to 85.99 bcm (74% of technical maximum fill capacity) but 8.11 bcm below the five-year average fill. Last week’s refill rate was nearly 8% below the five-year average and 3% lower than the same week in 2024.
  
  Source: Oilprice.com
- 2025-08-21
  M&A Frenzy Reshapes U.S. Oil Patch Into 40 Power Players
  Strategic acquisitions of premier assets and the drive for efficiency and scale led to a stellar year for mergers and acquisitions in the U.S. oil and gas industry in 2024. Following a 331% surge in deal value to $206.6 billion last year, the number... Read more Strategic acquisitions of premier assets and the drive for efficiency and scale led to a stellar year for mergers and acquisitions in the U.S. oil and gas industry in 2024.
  
  Following a 331% surge in deal value to $206.6 billion last year, the number of the top publicly traded exploration and production companies in the American oil and gas sector has declined from 50 to just 40, Ernst & Young LLP said in a new study published this week.
  
  Despite the smaller number of the top players, the resulting 40 large listed U.S. oil and gas firms continued to account for about 41% of America’s oil and gas production, EY said.
  
  This highlights the industry trend that the companies active in M&As were looking at strategic consolidation and access to advantaged resources that add scale and efficiency to their portfolios.
  
  “Fewer, stronger players are emerging, and they are better capitalized, more efficient and laser-focused on resilient growth,” said Pat Jelinek, EY Americas Oil & Gas and Chemicals Leader.
  
  “The new top 40 companies aren’t just survivors; they’re poised to shape the future of American energy.”
  
  Capital allocation strategies among the big players shifted to more funds for M&As in 2023 and 2024, as companies accelerated strategic asset repositioning for long-term growth.
  
  Last year, 42% of the value of the acquired assets was allocated to unproved properties, up from just 18% in 2023. This suggests “a clear intent to build future drilling inventory and secure long-term production potential,” EY said.
  
  The $206 billion worth of deals in 2024 was largely driven by mega mergers and acquisitions, including Exxon’s $60-billion acquisition of Pioneer Natural Resources, Diamondback Energy’s purchase of Endeavor Energy for $26 billion in cash and stock, and the $22.5-billion ConocoPhillips acquisition of Marathon Oil.
  
  Five megadeals of more than $10 billion in value helped lift the 2024 deal value by 331% compared to 2023, EY noted in its report.
  
  With the shift of capital toward M&As, exploration and development costs declined 7% year-over-year, according to EY’s study of SEC-reported data from the 40 largest publicly traded oil and gas companies, as determined by their 2024 year-end U.S. oil and gas reserves.
  
  Despite the decline in exploration and development costs, production replacement rates remained strong, exceeding 100% from finding and development (excluding revisions). This demonstrates “the sector’s ability to grow reserves even while spending less on traditional exploration,” EY noted.
  
  But the stellar M&A year is now behind us, and U.S. firms are turning their focus on how to navigate the many new uncertainties in the macro environment this year.
  
  “With ongoing uncertainty around supply and demand, pricing, tariffs, and geopolitics, operational efficiency and capital discipline will be critical,” said
  
  Herb Listen, lead author of the study and Oil & Gas Assurance Partner at Ernst & Young LLP.
  
  “The companies that adapt quickly, invest strategically and integrate effectively will define the next chapter of U.S. energy.”
  
  M&A activity in the U.S. upstream sector hit the brakes in the second quarter of 2025 amid volatile energy commodities and equity markets, Enverus said in its quarterly report last month.
  
  The wild swings in oil prices due to the U.S. trade policy and the Israel-Iran war added to emerging constraints for M&As, such as a lack of remaining attractive opportunities for the listed companies, especially in the Permian, said Andrew Dittmar, principal analyst at Enverus Intelligence Research (EIR).
  
  “The engine of M&A over the last few years has sputtered and stalled, given there are just a few remaining targets,” Dittmar added, noting that “the race to add economic locations is pushing buyers into a more geographically diverse set of deals.” Source: Oilprice.com
- 2025-08-21
  MABUX: Global bunker indices to start upward movement on Aug.21.
  The MABUX World Bunker Index — a composite indicator tracking daily prices for 380 HSFO, VLSFO, and MGO — moved irregularly without a firm trend on Aug. 20: 380 HSFO: USD/MT 452.43 (-1.90) VLSFO: USD/MT 538.30 (-1.64) MGO: USD/MT 751.50 (+3.91) As... Read more The MABUX World Bunker Index — a composite indicator tracking daily prices for 380 HSFO, VLSFO, and MGO — moved irregularly without a firm trend on Aug. 20:
  
  380 HSFO: USD/MT 452.43 (-1.90)
  VLSFO: USD/MT 538.30 (-1.64)
  MGO: USD/MT 751.50 (+3.91)
  
  As of Aug.20, the MABUX Market Differential Index (MDI) — which monitors the correlation between Market Bunker Prices (MBP) and the MABUX Digital Bunker Price Benchmark (DBP) — indicated underpricing across all bunker fuel segments in the key hubs of Rotterdam, Singapore, Fujairah, and Houston.
  
  • HSFO segment: Underpricing margin narrowed by $3 in Rotterdam, $6 in Singapore, $4 in Fujairah, and $7 in Houston.
  
  • VLSFO segment: The discount decreased by $4 in Rotterdam, $6 in Singapore, $5 in Fujairah, and $7 in Houston. Rotterdam’s MDI came close to achieving a 100-percent correlation between MBP and DBP.
  
  • MGO LS segment: Rotterdam shifted back into the undercharge zone, making all four hubs underpriced. The undercharge margin rose by $11 in Rotterdam, $6 in Singapore, and $9 in Fujairah, while declining by $4 in Houston. Rotterdam’s MDI remained near a full correlation between MBP and DBP, while Fujairah stayed well above the $100 mark.
  
  We expect Global bunker indices to resume an upward trend on Aug.21: 380 HSFO – plus 2 -5 USD/MT, VLSFO – plus 2-6 USD/MT, MGO LS – plus 3-7 USD/MT.
  Source: MABUX

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