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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
832.50
-22.50
655.00
+5.00
Mar 28
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	832.50	-22.50	655.00	+5.00	Mar 28

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
503.17	-0.41	587.33	+0.92	770.55	-0.69	Mar 28

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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	453	458	-5	501	521	-20	655	649	+6	Mar 28
Singapore	464	470	-6	529	562	-33	660	682	-22	Mar 28
Fujairah	459	509	-50	525	567	-42	745	835	-90	Mar 28
Houston	442	472	-30	530	592	-62	673	703	-30	Mar 28

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Latest News
- 2025-03-28
  Oil prices drop 1% on trade war worries but post 3rd weekly gain
  Oil prices eased about 1% on Friday as traders worried that Washington’s tariff wars could spark a global recession, but for the week, prices were headed for their third weekly gain as the U.S. ramped up pressure on Venezuela and Iran. Brent crude futures... Read more Oil prices eased about 1% on Friday as traders worried that Washington’s tariff wars could spark a global recession, but for the week, prices were headed for their third weekly gain as the U.S. ramped up pressure on Venezuela and Iran.
  Brent crude futures were down 67 cents, or 0.9% to $73.36 a barrel by 12:14 pm EDT (1614 GMT). U.S. West Texas Intermediate crude futures fell 83 cents, or 1.2%, to $69.09 a barrel.
  U.S. President Donald Trump plans to announce reciprocal tariffs targeting a wide range of imports, effective on April 2. The trade war has investors worried about a potential recession, JPMorgan analysts told clients on Friday.
  "Concerns about a trade war, coupled with elevated U.S. policy uncertainty, are weighing heavily on sentiment," they said.
  Although recession risk has elevated, high-frequency oil demand indicators have held up relatively well for now, JPMorgan noted.
  Data from the Energy Information Administration showed U.S. crude inventories fell by 3.3 million barrels to 433.6 million barrels in the week ended March 21, compared with analysts’ expectations in a Reuters poll for a 956,000-barrel draw.
  On a weekly basis, Brent futures have gained nearly 2%, while WTI has risen more than 1%. Since both benchmarks hit multi-month lows in early March Brent is up about 7.7%, and WTI about 6.5%.
  "The key theme this week was the Trump administration ratcheting up the pressure on the Maduro regime in Venezuela," Barclays analyst Amarpreet Singh said.
  U.S. President Donald Trump on Monday announced new 25% tariffs on potential buyers of Venezuelan crude, days after U.S. sanctions targeting China’s imports from Iran.
  
  The measures could exacerbate an anticipated 200,000 barrel-per-day decline in Venezuelan crude oil output this year, Singh said.
  It has compounded uncertainty for buyers and saw trade of Venezuelan oil to top buyer China stall. Elsewhere, sources said India’s Reliance Industries (NSE:RELI), operator of the world’s biggest refining complex, will halt Venezuelan oil imports.
  Oil markets are readjusting global to supply expectations as a result of U.S. sanctions against Venezuela and Iran, with Trump having promised to drive the latter’s oil exports to zero. The U.S. has issued four rounds of sanctions targeting Iran’s oil sales since Trump’s return to the White House.
  © Reuters. Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. REUTERS/Drone Base/File Photo
  The second quarter should "be tighter than originally thought and if there are reductions in Venezuelan or Iranian crude oil barrels on the market this would certainly be a bullish development," StoneX analyst Alex Hodes said.
  The OPEC+ group is set to begin its program of monthly increases to oil production in April. The group, which comprises OPEC and allies led by Russia, will likely continue to raise oil output in May, Reuters reported on Monday. Source: Reuters/Investing.com
- 2025-03-28
  MARITIME WEEK AFRICA: THE BLUE ECONOMY IS ‘THE NEW FRONTIER OF AFRICAN RENAISSANCE’
  The value of Africa’s blue economy is projected to be $405 billion by 2030 and, as Ambassador Nancy Karigithu, Special Envoy & Advisor for Maritime and Blue Economy in the Executive Office of the President of Kenya, told delegates at Maritime Week Africa... Read more
- 2025-03-28
  GLOBAL: MAERSK SAYS MEPC 83 WILL BE ‘CRUCIAL’ FOR NEW FUELS UPTAKE
  Shipping ‘urgently needs’ regulation to support the uptake of low-carbon fuels, Maersk’s Chief Commercial Officer Karsten Kildahl said as the company names its latest dual-fuel methanol vessel, Adrian Maersk. ‘The dual-fuel vessels demonstrate that... Read more
- 2025-03-28
  GLOBAL: ENI AND SAIPEM EXTEND BIOREFINING COLLABORATION AGREEMENT
  Eni has extended its biorefining collaboration agreement with its fellow Italian oil field service company Saipem. The agreement, which the companies signed in November 2023, focuses in particular on the construction of new biorefinieres and the conversion... Read more
- 2025-03-28
  EUROPE: ENERGIFABRIKEN AND SCANOCEAN TEAM UP TO OFFER RENEWABLE MARINE FUEL WITH CARBON INSETS
  Sweden’s Energifabriken and ScanOcean have partnered to introduce a renewable marine fuel to the market, focusing on carbon insets to reduce greenhouse gas (GHG) emissions within the value chain. One of the first companies to take advantage of the... Read more
- 2025-03-28
  AMERICAS: MONJASA IN PANAMA BIOFUEL BUNKERING FIRST
  Monjasa says last month’s delivery of 900 metric tonnes (mt) of B30 biofuel to the NYK-operated Hestia Leader, in the Port of Cristobal, marked the ‘first ISCC-certified biofuels supply in Panama’. The ship-to-ship (STS) operation was performed by... Read more
- 2025-03-28
  Oil holds near one-month high, set for third week of gains amid supply woes
  Oil prices eased a touch but held near one-month highs on Friday as they headed for a third weekly gain on a tightening global supply outlook after the U.S. imposed tariffs against countries buying oil from Venezuela and placed curbs on Iranian oil trade. Brent... Read more Oil prices eased a touch but held near one-month highs on Friday as they headed for a third weekly gain on a tightening global supply outlook after the U.S. imposed tariffs against countries buying oil from Venezuela and placed curbs on Iranian oil trade.
  Brent crude futures lost 14 cents, or 0.2%, at $73.89 a barrel. U.S. West Texas Intermediate crude futures were down 12 cents, or 0.2%, to $69.80 a barrel at 0431 GMT.
  The moves were minor compared with the gains of over 2% for both contracts so far this week. They are up more than 7% since hitting multi-month lows in early March.
  The main driver of the price rally has been the shifting landscape of global oil sanctions, BMI analysts wrote in a market commentary.
  U.S. President Donald Trump on Monday announced new 25% tariffs on potential buyers of Venezuelan crude, days after U.S. sanctions targeting China’s imports from Iran.
  The order added fresh uncertainty to buyers and saw trade of Venezuelan oil to top buyer China stall. Elsewhere, sources said India’s Reliance Industries (NSE:RELI), operator of the world’s biggest refining complex, will halt Venezuelan oil imports.
  "The potential loss of Venezuelan crude exports to the market due to secondary tariffs and the possibility of the same being imposed on Iranian barrels has caused an apparent tightness in crude supply," said June Goh, a senior oil analyst at Sparta Commodities.
  Oil was also underpinned by signs of better demand in the U.S., the world’s top oil consumer, as the country’s crude stocks fell more than anticipated.
  
  Data by the Energy Information Administration showed U.S. crude inventories fell by 3.3 million barrels to 433.6 million barrels in the week ended March 21, compared with analysts’ expectations in a Reuters poll for a 956,000-barrel draw.
  The broader global dynamics for oil trade, however, pointed to a period of heightened uncertainty, as a blitz of U.S. tariffs against trading partner countries raises fears of a sharp economic downturn in a blow to oil demand.
  As a result, analysts don’t expect sharp gains in oil prices to be sustained in the current environment.
  "While the market is suffering under extreme uncertainties, we are holding to our forecast for Brent crude to average $76 per barrel in 2025, down from $80 per barrel in 2024," the BMI analysts wrote. Source: Reuters/Investing.com
- 2025-03-28
  Russia's Central Bank Warns of Prolonged Oil Price Slump
  Russia’s central bank issued a warning to the government that oil prices could enter a prolonged slump on the back of higher U.S. and non-OPEC production this year. The warning came earlier this year and was quite likely linked to the multiple forecasts... Read more Russia’s central bank issued a warning to the government that oil prices could enter a prolonged slump on the back of higher U.S. and non-OPEC production this year. The warning came earlier this year and was quite likely linked to the multiple forecasts anticipating just such a development. These forecasts, however, are unlikely to prove true, as signaled by the U.S. oil industry itself.
  
  Reuters reported the news about the Central Bank of Russia earlier in the week, saying the warning was included in a presentation that Prime Minister Mikhail Mishustin had prepared for a cabinet discussion. “A significant risk is the oil price,” Reuters cited one slide from the presentation as saying “a significant increase in production in the United States and outside OPEC.”
  
  It is quite unsurprising to get such a warning from a central bank that, like other state financial institutions, quite unsurprisingly follows commodity market forecasts. Such behavior is even less surprising from the central bank of one of the world’s largest oil producers. Moreover, Russian budget drafters tend to be conservative in their oil price estimates traditionally, so the central bank is likely to also err on the side of caution. In fact, the bank forecast the average price of Brent crude this year at $60 per barrel in a recent update. That’s down from $68 per barrel for 2024 and $60 for both 2026 and 2027.
  
  However, all these bearish forecasts hinge on the materialization of significant production growth outside of OPEC, especially in the United States. President Trump wants it—but oil executives don’t. Trump has campaigned for cheap energy at home and energy dominance abroad, but these targets are at odds with the priorities of the oil industry, the top of which is making money for shareholders. This would be harder in a lower oil prices environment, and the executives have not tried to conceal that.
  
  Confirming this sentiment, the latest Dallas Fed Energy Survey cited industry executives as saying that oil producers had little motivation to spend more on production ramp up and that some would even reduce output should oil fall further. The survey’s comments section featured feedback such as “There cannot be “U.S. energy dominance" and $50 per barrel oil; those two statements are contradictory” and “Oil prices have decreased while operating costs have continued to increase. To stimulate new activity, oil prices need to be in the $75-$80 per barrel range,” as well as “‘Drill, baby, drill’” is nothing short of a myth and populist rallying cry.”
  
  These comments, which come in the company of executives complaining about the heightened uncertainty in the energy space due to Trump’s tariff push, suggest strongly that there will be no major additions to U.S. oil production this year at the current level of oil prices. Yet price movements from the past two years have shown that traders don’t need actual supply changes—or the absence of such changes—to shift from bearish to bullish in a blink. All they have needed is the perception of too much or too little supply. This means that price volatility will remain greater than what it used to be in pre-algo trading times, with considerable downward risk based on supply perceptions.
  
  As regards Russia specifically, it is in a delicate position because any talk of sanction lifting will pummel oil prices, which would be a disadvantage to Russian producers. The effect might be transitory, until the market calms down that Russia will not be flooding the world with oil, but for now, it seems that, quite ironically, sanctions are better for Russian oil prices—and U.S. oil prices, too.
  
  Source: Oilprice.com
- 2025-03-28
  China's Falling LNG Imports are a Boon for Europe
  Europe’s gas storage levels this week reached an uncomfortably low level of some 34% full. Germany’s alone has dropped to 29%. Yet LNG imports are about to pick up and, for a change, prices might not surge—thanks to China. Earlier this month, Kpler... Read more Europe’s gas storage levels this week reached an uncomfortably low level of some 34% full. Germany’s alone has dropped to 29%. Yet LNG imports are about to pick up and, for a change, prices might not surge—thanks to China.
  
  Earlier this month, Kpler data showed that China’s imports of liquefied natural gas had slumped to the lowest level in five years. At 4.5 million tons in total, these imports reflected a milder February, ample gas inventories that China has been building conscientiously ever since its 2017 gas crunch, and slower industrial activity. Also, they reflected the Chinese response to Donald Trump’s tariffs, which took the form of retaliatory tariffs specifically targeting U.S. energy imports, with LNG subjected to a 15% import tariff.
  
  New data from Kpler, cited by Reuters’ Ron Bousso, suggests quarterly imports of liquefied natural gas into China are going to be 22% lower than a year earlier, which will be a true boon for Europe, boosting the availability of LNG for the continent that keeps struggling with its energy security despite bold plans to reduce reliance on hydrocarbons and increase reliance on domestic wind and solar generation.
  
  While Europe waits for this to happen, it is looking for diversification of its LNG supply due to the fresh tensions between Washington and Brussels, plus assorted European capitals. Drewry Research recently reported that it expected Europe to boost relations with other LNG suppliers, notably from Africa and Qatar. Indeed, the maritime research company said Europe was only going to become more, rather than less, dependent on imports of liquefied gas in the coming years—and U.S. LNG producers will remain the primary source of the fuel for European buyers.
  
  One obvious reason is the relative proximity of Gulf Coast LNG plants and the European LNG import terminals. Then there is the convenience of the spot market, where U.S. sellers often offer their production, and European buyers are eager to snap any available cargo when demand is on the rise. The EU had an idea of joint gas procurement after the big gas crunch of 2022, but it appears that evidence suggests only partial success for the scheme, and partial here means tiny.
  
  The FT reported in September last year that, ultimately, the joint buying scheme only covered a very modest 2% of the European Union’s total demand for natural gas. Even so, the European Union itself has called the scheme “hugely successful” and has even completed a new round of joint gas bids for this year. The period of the bids covers the next five years in recognition that the LNG spot market may be a nice place to be when you’re in urgent need of some gas, but it pays to plan your longer-term consumption as well.
  
  It is impossible to say for how long China’s LNG imports will remain subdued, so this is really an opportune time for European buyers to strike years-long deals for liquefied gas. Over the short term, Europe will likely avoid stratospheric gas prices as it starts replenishing its gas inventories—these are currently so low that the continent will need to buy an additional 20 million tons of LNG this year, according to Reuters calculations cited by Bousso in his column. That translates into some 250 cargos, which, thanks to China’s weaker demand, will be more readily available for European buyers.
  
  Even so, Europe cannot afford any sense of false security just because China’s LNG imports are lower. First of all, this may be temporary. Second of all, LNG supply, based on historical evidence, often gets interrupted by various technical problems and outages, tightening supply. Third of all, there are other countries with healthy demand for LNG just waiting for the price to turn right—meaning that at some point, Europe might once again become the top bidder for LNG cargoes to price out the competition. And this means the cost of its energy will remain challenging despite all the efforts being directed at lowering that cost.
  
  One way of reducing its vulnerability to Chinese LNG imports is the so-called “Japanese model”, which involves direct investment in overseas LNG projects and long-term supply contracts. Climate think tank the Institute for Energy Economics and Finance was quick to slam the idea as unsuitable for Europe in the context of its transition plans for wind and solar. However, the fact that China’s slump in LNG purchases is being interpreted as a godsend for Europe should give LNG critics a pause.
  
  Perhaps it is time for Europe to admit that it lacks any viable alternatives to natural gas when it comes to reliable power generation—unless it counts local coal, which is what Germany leaned into after it closed its last remaining nuclear power plants. But that looks even more awkward in the context of the transition push. The Japanese model might turn out to be a good idea to avoid having to keep fingers crossed that China will start importing less LNG next winter. Source: Oilprice.com
- 2025-03-28
  Traders Want Back In on Russian Crude—but the Door’s Still Shut
  The world’s biggest independent commodity traders will return to trading Russian energy if sanctions are relieved enough to allow it. But this could take years as any relief would be gradual and slow, the top executives of the major international trading... Read more The world’s biggest independent commodity traders will return to trading Russian energy if sanctions are relieved enough to allow it. But this could take years as any relief would be gradual and slow, the top executives of the major international trading houses said this week.
  
  The U.S. is considering some sanctions relief as the Trump Administration started engaging with Russia and Ukraine to broker an end to the war.
  
  Amid uncertainties about the talks on a ceasefire, it is not clear if or when any significant sanctions relief would come for Russia’s energy exports.
  
  What is certain is that the top Western trading houses are ready to return to the business of handling and selling Russian oil, sanctions relief permitting. The bosses of the trading giants said as much at the FT Commodities Global Summit in Lausanne, Switzerland, this week.
  
  Vitol Group, Trafigura, Gunvor, and Mercuria were the main traders of Russian oil on the international markets before the Russian invasion of Ukraine in 2022.
  
  All these ditched the handling of any Russian oil after the U.S., the EU, the UK, and the G7 imposed a series of sanctions on Russian oil exports.
  
  Related: India Turns Away Russian Oil Tanker As Sanctions Evolve
  
  The G7, supported by other Western allies, also set a price cap mechanism for Russian crude shipments. These can go to third countries and are allowed to use Western insurance and financing if cargoes are sold at or below a $60-a-barrel ceiling. The measure took effect at the end of 2022 when the EU imposed an embargo on imports of Russian crude oil. At that time, the U.S. and the UK had already banned imports of Russia’s oil.
  
  Traders Cautious But Considering Russian Oil If Sanctions Ease
  
  The top Western traders will be extremely cautious in potential Russian trades, if sanction relief allows it at some point. But they would consider returning to trade Russian energy if sanctions are eased, the top executives of the trading houses said.
  
  “If sanctions are eased in a way that we can go back in, why wouldn’t we? It’s our job,” Torbjörn Törnqvist, chief executive officer at Gunvor Group, told Bloomberg in an interview.
  
  “We don’t do anything today because we think even though there are some gray zones, we just don’t do it. But if these are removed, why wouldn’t we?” Törnqvist added.
  
  Marco Dunand, CEO at Mercuria, told the FT Commodities Global Summit that “As a company we are a bit more shy when it comes to sanctions, but if sanctions were lifted we would absolutely consider if we could bring value and go back.”
  
  “I think if the sanctions are lifted we would go back to Russia and see if we have a role to play in the commodities sector,” Dunand said.
  
  According to Trafigura’s chief executive Richard Holtum, the return of Russian oil and the legit traders to this trade would be complicated if the U.S. eases sanctions first, while the UK and the EU allow sanctions relief at a later stage.
  
  This would likely take many months, during which the addition of Russian oil to the global market wouldn’t be so material as to tip by itself the market balance into a glut.
  
  “You would need to see a wholesale winding back of all the sanctions before it's something that could even be considered,” Trafigura’s Holtum says.
  
  Vitol’s chief executive, Russell Hardy, says the world’s largest independent oil trader believes that “it's going to be a year or two” before Europe eases sanctions.
  
  Russia Conquering Asian Markets
  
  Any return of Russia’s oil to Western traders and markets will likely be different from the pre-war state of affairs. Russia has already amassed a network of traders, intermediaries, and shadow fleet tankers to ship its oil to the two biggest Asian markets—China and India.
  
  Russia may not revert back to long-term contracts with oil trading houses to handle its oil even after a potential easing of the sanctions to allow this type of deals, according to Gunvor’s Törnqvist.
  
  Even after the most aggressive U.S. sanctions on Russia’s oil exports from January, it took just two months for the Russian-Indian oil trade to readjust flows.
  
  Indian imports of crude oil from Russia appear to be rebounding in March following lower purchases earlier this year in the immediate aftermath of the U.S. sanctions on Russia’s oil trade.
  
  Traders have booked more non-sanctioned tankers to deliver crude to India, while the price of Russia’s flagship Urals grade has dropped to below the $60 per barrel price cap by the G7, allowing shipments involving Western companies, Reuters reported earlier this month, citing ship-tracking data and trading sources. Daily rates for non-sanctioned tankers on the western Russia to India route have spiked to the highest in a year, incentivizing more shippers to offer such cargoes.
  
  China has also found workarounds to continue importing Russian oil. While state oil firms in China either halt or reduce Russian oil volumes, at least for now, the independent refiners in China are picking up the slack.
  
  Source: Oilprice.com