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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
785.02
-0.05
649.00
+7.00
Oct 21
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	785.02	-0.05	649.00	+7.00	Oct 21

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
534.14	+3.22	611.36	+2.55	763.89	+3.83	Oct 22

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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	490	469	+21	550	565	-15	649	739	-90	Oct 22
Singapore	488	489	-1	594	568	+26	659	748	-89	Oct 22
Fujairah	453	499	-46	579	561	+18	756	796	-40	Oct 22
Houston	467	464	+3	535	583	-48	660	668	-8	Oct 22

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Latest News
- 2024-10-22
  Oil rises as Middle East war rages, traders focus on falling inventories
  Oil prices rose for the second consecutive session on Tuesday, as traders downplayed hopes of a Middle East ceasefire and focused on a tightening global supply and demand balance. Brent crude futures for December delivery were up $1.94, or 2.6%, to $76.23... Read more Oil prices rose for the second consecutive session on Tuesday, as traders downplayed hopes of a Middle East ceasefire and focused on a tightening global supply and demand balance.
  Brent crude futures for December delivery were up $1.94, or 2.6%, to $76.23 at 12:24 a.m. ET (1624 GMT). U.S. West Texas Intermediate futures for November delivery were up $1.98, or 2.8%, at $72.54 a barrel on the contract's last day as the front month.
  U.S. Secretary of State Antony Blinken met Israeli Prime Minister Benjamin Netanyahu on Tuesday in the first big push for a Middle East ceasefire since Israel killed the leader of Hamas last week, which Washington hopes will provide an opportunity for peace.
  However, oil traders were not convinced this push will be much different from Blinken's previous 11 visits to the region since the war in Gaza erupted last year, said Bob Yawger, director of energy futures at Mizuho.
  Oil traders are also weighing the implications for fuel demand from China's stimulus measures and a tightening global supply and demand balance, said Alex Hodes, energy analyst at brokerage StoneX.
  Both Brent and WTI rose nearly 2% on Monday, recouping some of last week's more than 7% decline, following Beijing's cut to benchmark lending rates in an effort to revive China's slowing economy.
  "I think that it is more of a signal that they are willing to support demand and we have perhaps seen the low point in demand," Hodes said. He warned the stimulus by itself may not improve China's oil demand by much in the near-term.
  
  China's oil demand growth is expected to remain weak in 2025 as the world's No. 2 economy electrifies its car fleet and grows at a slower pace, the head of the International Energy Agency said on Monday.
  Still, Saudi Aramco (TADAWUL:2222) is fairly bullish on China's oil demand especially in light of the government's stimulus package which aims to boost growth, the head of the state-owned Saudi oil giant said on Monday.
  Despite doubts over China demand, global oil stockpile data is pointing to a supply deficit in the fourth quarter, which should support oil prices in the months ahead, Hodes said.
  "Global petroleum inventories remain in a drawing phase and are now below 2023 levels. The trend is expected to continue, and the most recent week pointed to a re-acceleration," Hodes said.
  U.S. crude oil stockpiles likely rose by around 100,000 barrels last week, while distillate and gasoline stocks fell by more than 1.5 million barrels each, a preliminary Reuters poll showed. Crude stocks had dropped by 2.2 million barrels in the week ended Oct. 11. Source: Reuters/Investing.com
- 2024-10-22
  GLOBAL: 59% OF SEAFARERS WILLING TO SAIL ON AMMONIA-FUELLED VESSELS, MMMCZCS SURVEY FINDS
  A survey of 2,000 maritime workers led by the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping (MMMCZCS) has found that more than half of seafarers and ashore personnel would be willing to work with ammonia, but highlighted that acceptance of ammonia... Read more
- 2024-10-22
  ASIA PACIFIC: IEA OPENS SINGAPORE OFFICE
  The International Energy Agency’s (IEA) newly-inaugurated Regional Cooperation Centre in Singapore is its first office outside of the Paris headquarters in its 50-year history. In a statement issued yesterday (21 October), the IEA said the centre will... Read more
- 2024-10-22
  EUROPE: SMART GREEN SHIPPING RECEIVES £1 MILLION FROM DRAX FOR WIND PROPULSION DEVELOPMENT
  Renewable energy producer Drax Group has injected £1 million into Smart Green Shipping’s ongoing ‘Winds of Change’ project, which is validating the fuel savings delivered by its FastRig wing sails through sea trials, with a view to installing the wind... Read more
- 2024-10-22
  EUROPE: OHMIUM AND SWITCH2 PARTNER FOR OFFSHORE FLOATING AMMONIA PROJECT
  Ohmium International has signed an agreement with SwitcH2 BV to develop Proton Exchange Membrane (PEM) electrolyser solutions for a new 300 MW offshore floating green hydrogen and ammonia production project. Located off the coast of Southern Europe,... Read more
- 2024-10-22
  ASIA PACIFIC: OIL LEAK AT SHELL ENERGY AND CHEMICALS PARK SINGAPORE
  Shell has confirmed the occurrence of an oil leak from a pipeline at the Shell Energy and Chemicals Park Singapore on Bukom yesterday (20 October). In a statement issued yesterday, the energy major said the leak, which occurred approximately 5.30am... Read more
- 2024-10-22
  EUROPE: STARTUP HYPERMOTIVE BRINGS NEW HYDROGEN SOLUTIONS TO MARITIME SECTOR
  Hypermotive, a startup specialising in hydrogen fuel cell technology, is planning to expand its focus into the maritime industry, particularly with its X-M1 hydrogen power system, developed in collaboration with Honda. Jonathan Brown, Strategic Director... Read more
- 2024-10-22
  Oil prices dip as geopolitical risks stabilise, China demand weighs
  Oil prices eased on Tuesday as the top U.S. diplomat renewed efforts to push for a ceasefire in the Middle East and as slowing demand growth in China, the world's top oil importer, continued to weigh on the market. Brent crude futures for December delivery... Read more Oil prices eased on Tuesday as the top U.S. diplomat renewed efforts to push for a ceasefire in the Middle East and as slowing demand growth in China, the world's top oil importer, continued to weigh on the market.
  Brent crude futures for December delivery were down 19 cents, or 0.3%, at $74.1 a barrel at 0350 GMT. U.S. West Texas Intermediate crude futures for November delivery were 18 cents lower at $70.43 a barrel on the contract's last day as the front month.
  The more actively traded WTI futures for December, which will soon become the front month, lost 14 cents, or 0.2%, to $69.9 per barrel.
  Both Brent and WTI settled nearly 2% higher on Monday, recouping some of last week's more than 7% decline, with no letup of fighting in the Middle East and the market still nervous about Israel's expected retaliation against Iran potentially leading to a disruption of oil supply.
  Monday's gains can be attributed to technical profit-taking and short covering given oil's bearish trend with forecasts pointing towards softer demand and oversupplied oil markets, said Priyanka Sachdeva, senior analyst at Phillip Nova, a brokerage firm.
  U.S. Secretary of State Antony Blinken headed to the Middle East on Monday seeking to revive talks to end the Gaza war and defuse the spillover conflict in Lebanon.
  "Crude oil prices have been fluctuating in response to mixed news from the Middle East, as the situation alternates between escalation and de-escalation," Satoru Yoshida, a commodity analyst with Rakuten Securities.
  
  "The market is expected to rise if there are clearer signs of China's economic recovery, bolstered by Beijing's stimulus measures and improvement in U.S. economy following interest rate cuts," he said. But gains are likely to be limited by persistent uncertainty about the overall global economic outlook, he added.
  China on Monday cut benchmark lending rates as anticipated at the monthly fixing, following reductions to other policy rates last month as part of a package of stimulus measures to revive the economy.
  The move comes after data on Friday showed China's economy grew at the slowest pace since early 2023 in the third quarter, fuelling growing concerns about oil demand.
  China's oil-demand growth is expected to remain weak in 2025 despite recent stimulus measures from Beijing as the world's No. 2 economy electrifies its car fleet and grows at a slower pace, the head of the International Energy Agency said on Monday.
  Still, Saudi Aramco (TADAWUL:2222) is "fairly bullish" on China's oil demand especially in light of the government's stimulus package which aims to boost growth, the head of the state-owned oil giant said on Monday.
  Also contributing to the downward pressure on oil market was the U.S. dollar strength driven by a gradual easing of global inflation, Phillip Nova's Sachdeva said.
  A stronger dollar normally weighs on oil prices as it makes the greenback-priced commodity more expensive for non-dollar holders to buy.
  U.S. crude oil stockpiles likely rose last week, while distillate and gasoline inventories were seen down, a preliminary Reuters poll showed on Monday. Source: Reuters/Investing.com
- 2024-10-22
  Oil Markets Fail to Respond to Geopolitical Escalations
  Ten days ago, the Biden administration expanded sanctions on Iran’s petroleum and petrochemical sectors in response to Iran’s October 1 attack on Israel, its second direct attack on Israel this year. According to the White House, Iran’s oil exports are... Read more Ten days ago, the Biden administration expanded sanctions on Iran’s petroleum and petrochemical sectors in response to Iran’s October 1 attack on Israel, its second direct attack on Israel this year. According to the White House, Iran’s oil exports are enabled by a network of illicit shipping facilitators in multiple jurisdictions which, through obfuscation and deception, load and transport Iranian oil for sale to buyers in Asia, China in particular. The new measures essentially mean the U.S. can target any part of Iran’s oil trade, and go after almost anyone who deals with it. Washington says the expanded sanctions will limit Tehran’s ability to earn critical energy revenues to undermine stability in the region and attack U.S. partners and allies.
  
  “Our goal, and what we made very clear to the Iranians, is that if they continue with their destabilizing activity and their attacks against Israel, we’re going to be prepared to continue to do more,” U.S. Deputy Treasury Secretary Wally Adeyemo said.
  
  However, oil markets have continued to confound traders, with oil prices falling more than $5 per barrel ever since the announcement hit news feeds, defying expectations for a potentially politically damaging spike in world oil prices. Brent crude for December delivery was trading at $74.19 per barrel at 12.15 pm ET, down from $79.40 per barrel on Oct. 10 while WTI crude for November delivery was changing hands at $70.509 per barrel down from $75.85 per barrel. The fall in prices was triggered by a report that emerged last week saying that Israeli Prime Minister Netanyahu told the Biden administration that Israel is willing to strike Iran’s military infrastructure, rather than oil or nuclear facilities and that Israel would take U.S. opinion into consideration.
  
  Previously, commodity analysts at Standard Chartered reported that Iranian oil exports have spiked, with Malaysian waters becoming a conduit for ship-to-ship transfers of Iranian oil.
  
  According to StanChart, the latest China customs import data shows crude oil imports from Malaysia clocked in at 1.456 million barrels per day (mb/d) in June, the second-highest monthly average on record.
  
  The commodity experts have pointed out that Malaysia’s crude oil output is about 0.35 mb/d while exports usually average 0.2 mb/d, implying that the vast majority of the oil that China imports from Malaysia was not produced in the country. According to multiple media sources, the transfers involve a dark fleet consisting of a group of aging tankers that rarely have an identifiable insurer. These transfers can be hazardous, including the danger of spills and collisions, with so many low-quality tankers massed in a narrow trade route with their transponders off. For instance, two such vessels caught fire off Singapore after a collision on 19 July.
  
  Iran’s oil exports have seen a strong rebound under the Biden administration with the U.S. and its allies hoping to strike a new nuclear deal with Tehran after the Trump administration scuttled the Joint Comprehensive Plan of Action (JCPOA) deal of 2015. Under former President Donald Trump, Iranian oil production tumbled from 3.8 million barrels per day in early 2018 to less than 2 mb/d in late 2020; in contrast, production has surged under Biden to 3.2 mb/d. However, the ongoing war in the Middle East involving Israel against Hamas in Gaza as well as Iran-backed Hezbollah, coupled with Iran’s retaliatory attacks on Israel, have complicated matters for Washington.
  
  Back in April, Washington imposed a raft of new sanctions and export controls on Iran after it launched one of the largest missile and drone attacks against Israel.
  
  According to the White House, the sanctions targeted leaders and entities connected to the Islamic Revolutionary Guard Corps (IRGC), the Iranian government’s missile and drone program and Iran’s Defense Ministry. However, the U.S. did not try to limit Iran’s oil exports at the time.
  
  The fact that oil markets have shrugged off the latest round of more targeted sanctions tells you just how bearish oil markets have become. Perhaps the nonchalance by oil markets is due to a lack of conviction by oil traders that Washington will do anything concrete enough to trigger another oil price rally. After all, Bloomberg has reported that U.S. officials privately concede that there’s a reluctance to target the biggest Chinese oil buyers.
  
  With Democratic presidential candidate Kamala Harris expected to largely carry on with Biden’s policies if she wins the upcoming U.S. elections, oil bulls will probably be hoping that her Republican rival, Donald Trump, will be the one sitting in the Oval Office come January 2025.
  
  Source: Oilprice.com
- 2024-10-22
  Russia’s Dark Fleet of Oil Tankers is Fueling India's Refining Boom
  Chinese and Indian oil traders have been responsible for the explosive growth of dark fleet tankers hauling Russian crude to Asia, evading Western sanctions. A new report titled "BRICS+ Energy: Engine of the New World Order" from the Valdai International... Read more Chinese and Indian oil traders have been responsible for the explosive growth of dark fleet tankers hauling Russian crude to Asia, evading Western sanctions.
  
  A new report titled "BRICS+ Energy: Engine of the New World Order" from the Valdai International Discussion Club, authored by Deputy Head of the National Energy Security Fund Alexey Grivach, was first cited by Russian media outlet TASS News. The report stated that Russia's oil exports were diverted from Europe to Asia because of G7 sanctions. The largest demand for Russian crude oil in 2023 came from just two BRIC countries: India and China.
  
  "When the G7 countries decided to crush the Russian economy and energy sector with sanctions, alternative trade mechanisms, including transportation, insurance and payments for energy had to be created in a hurry and practically from scratch. Oil supplies from Russia to India in 2023 increased 18 times compared to 2021 from 4.5 mln tons to 82 mln tons, and to China - by a third from 80 mln tons to 107 mln tons. As a result, 78% of Russian crude oil exports went to these two BRICS partners, whereas in 2021 their share was 32%," the report said.
  
  Robin Brooks, senior fellow at the Brookings Institute, pointed out on X that India's imports from Russia jumped 900% versus the pre-invasion period. He said this is primarily because Russian crude gets sent to India for refining and then "shipped back to Europe," adding, "It'd be fine if this happened on Western-owned oil tankers in compliance with the G7 cap. But this happens on shadow fleet vessels. That helps Putin..."
  
  "Do you see this train of oil tankers going through the Red Sea and the troubled waters of Bab Al Mandab near Yemen? They are all carrying Russian Urals crude!" Anas Alhajji, an energy market expert based in Dallas, wrote on X.
  
  TankerTrackers.com shows how the global oil tanker Dark Fleet is being deployed. In other words, Russia and other US-sanctioned countries are running circles around Washington and Brussels.
  
  India plays a crucial role in the global oil trade with its massive refineries. Russia's crude oil is transformed into crude products and then exported to the West. We explained earlier this year how this is undermining G7 sanctions against Moscow:
  
  India's Oil Supply From Russia Threatened by New US Sanctions
  Brooks pointed out in mid-July, "India has become a massive refinery for Russian oil. That'd be fine if Russian oil went to India on Western ships operating under the G7 cap, but lots of this oil gets shipped on Putin's shadow fleet, which means India is helping fund Russia's invasion of Ukraine. This must stop."
  
  The big takeaway is that failed Western sanctions have only accelerated the de-dollarization trend by impacting the US dollar's international status in trade. In other words, dollar hegemony is in big trouble in the long run.
  
  Source: Oilprice.com