Mabux: Global Bunker Prices

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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
547.94
-83.81
665.00
+20.00
May 31
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	547.94	-83.81	665.00	+20.00	May 31

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
474.08	+6.88	593.65	+8.11	777.26	+11.64	Jun 2

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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	442	465	-23	530	558	-28	665	742	-77	Jun 2
Singapore	437	476	-39	568	551	+17	690	751	-61	Jun 2
Fujairah	407	502	-95	542	555	-13	817	799	+18	Jun 2
Houston	407	438	-31	518	546	-28	695	724	-29	Jun 2

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Digital Bunker Prices
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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
- Digital Bunker Prices
MABUX for Industry
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Latest News
- 2023-06-02
  Oil prices jump after US debt deal and jobs data as focus turns to OPEC
  Oil prices rose on Friday after a U.S. debt ceiling deal averted a default in the world's biggest oil consumer and jobs data indicated a possible rate hike pause, while attention turned to a meeting of OPEC ministers and their allies at the weekend. Brent... Read more Oil prices rose on Friday after a U.S. debt ceiling deal averted a default in the world's biggest oil consumer and jobs data indicated a possible rate hike pause, while attention turned to a meeting of OPEC ministers and their allies at the weekend.
  Brent crude futures were up $1.88, or 2.5%, at $76.16 a barrel by 1328 GMT, while U.S. West Texas Intermediate crude (WTI) rose $1.85, or 2.6%, to $71.95 a barrel. Still, both contracts were headed for their first weekly loss in three weeks.
  Markets were reassured by a bipartisan deal to suspend the limit on the U.S. government's $31.4 billion debt ceiling, which staved off a sovereign default that would have rocked global financial markets.
  Earlier signals of a potential pause in rate hikes by the Federal Reserve also provided support to oil prices, not least by weighing on the U.S. dollar, making oil cheaper for holders of other currencies. [FRX/]
  U.S. employment increased more than expected in May, but a moderation in wages could allow the Federal Reserve to skip an interest rate hike this month for the first time since embarking on a policy tightening campaign more than a year ago.
  Investor attention is also fixed on the June 4 meeting of the Organization of the Petroleum Exporting Countries and allies including Russia, collectively called OPEC+.
  OPEC+ in April announced a surprise cut of 1.16 million barrels per day, but the gains from that move have since been retraced and prices are below pre-cut levels.
  Sources told Reuters fresh output cuts are unlikely.
  On the demand side, the U.S. Institute for Supply Management (ISM) said its manufacturing PMI fell to 46.9 last month, the seventh-straight month below 50, indicating a contraction in activity.
  Meanwhile, manufacturing data out of China, the world's second biggest oil consumer, painted a mixed picture. Source: Reuters/Investing.com
- 2023-06-02
  EUROPE: PORT OF BARCELONA APPROVES ELECTRIFICATION WORK FOR OPS
  The Port of Barcelona's Board of Directors have approved the start of the procedure for building a battery of seven underground conduits that will connect the Energy and Adossat wharves and support its plans for onshore power supply (OPS). In a statement... Read more
- 2023-06-02
  EUROPE: UAS MONITORING VESSEL EMISSIONS FOR EMSA ACROSS NORTH SEA
  Unmanned Air System (UAS) manufacturer Schiebel, under contract to the European Maritime Safety Agency (EMSA), is providing ship emission monitoring for the German Federal Police and Federal Maritime and Hydrographic Agency using its CAMCOPTER S-100 UAS. Stationed... Read more
- 2023-06-02
  ASIA PACIFIC: TSUNEISHI SHIPBUILDING: ‘OUR GOAL IS TO PRODUCE ONLY DUAL-FUELLED VESSELS BY 2035’
  In a presentation on its CO2 emissions reduction roadmap uploaded to Youtube yesterday (1 June), Japan-based Tsuneishi Shipbuilding declared: ‘Our goal is to produce only dual-fuelled vessels by 2035, shifting away from ships with crude oil-based engines.' As... Read more
- 2023-06-02
  EUROPE: BUNKER ONE ANNOUNCES CHARTER OF ITS FIRST METHANOL-READY BUNKER TANKER
  Bunker One says the signing of a long-term charter for the NORE tanker, together with the receipt of bunkering permits, marks a ‘major step’ for the company in offering future methanol bunkering in Scandinavian waters and Northwest Europe. In a statement... Read more
- 2023-06-02
  Oil prices rise as Congress approves US debt ceiling bill
  Oil prices rose on Friday amid bullish sentiment following the passage of a U.S. debt ceiling bill in Washington, while markets weighed the likelihood of price-supportive OPEC+ production cuts over the weekend. Brent crude futures rose 34 cents, or 0.46%... Read more Oil prices rose on Friday amid bullish sentiment following the passage of a U.S. debt ceiling bill in Washington, while markets weighed the likelihood of price-supportive OPEC+ production cuts over the weekend.
  Brent crude futures rose 34 cents, or 0.46% to $74.62 a barrel by 0302 GMT, while U.S. West Texas Intermediate crude (WTI) rose 30 cents, or 0.43%, to $70.40, following two consecutive days of losses.
  Markets were reassured by Congress' passage of a bill suspending the U.S. government's $31.4 billion debt ceiling, as well as by earlier signals of a potential pause in rate hikes by the Federal Reserve.
  The bill was approved by the Senate on Thursday night U.S. time, staving off a calamitous sovereign default that would have rocked global financial markets.
  Market sentiment was also buoyed by Thursday's U.S. crude stock data from the Energy Information Administration, which indicated that crude imports had jumped last week.
  Investor attention is now fixed on the June 4 meeting of the Organization of the Petroleum Exporting Countries and allies including Russia, collectively called OPEC+.
  Ministers from key oil producing countries will decide whether to further trim output to support government revenues.
  Further reductions in OPEC+ output following their surprise cut of 1.16 million barrels per day in April would be bullish for crude prices.
  Signals on any such cut have been varied, with Reuters reporting and analysts from banks including HSBC and Goldman Sachs (NYSE:GS) indicating that further outputs cuts are unlikely and that the bloc would adopt a "wait and see" approach.
  Other market observers have pointed to weak manufacturing data out of China and the U.S. as making OPEC+ cuts more likely.
  "Oil prices are stabilizing after a round of disappointing global manufacturing data supported the case for OPEC+ to deliver another production cut," said Edward Moya, a senior market analyst at OANDA.
  In the U.S., Institute for Supply Management (ISM) said on Thursday that its manufacturing PMI fell to 46.9 last month from 47.1 in April, the seventh-straight month that the PMI stayed below the 50 threshold, indicating a contraction in manufacturing activity in the world's largest oil consumer.
  Manufacturing data out of China painted a mixed picture, with Thursday's better-than-expected Caixin/S&P Global China manufacturing PMI contrasting with the previous day's official government data that reported factory activity in May had contracted to the lowest level in five months.
  However, traders are "thinking that Russia might not necessarily stick to a hard stance on output cuts, especially since they are struggling to commit to their quotes,"Moya added. Source: Reuters/Investing.com
- 2023-06-02
  U.S. Crude Joins Biggest Oil Benchmark
  Starting today, U.S. oil will be part of the Brent crude basket that underlies the world's most traded benchmark contract. It will be the first non-European grade included in the basket, highlighting the change that the U.S. shale revolution brought... Read more Starting today, U.S. oil will be part of the Brent crude basket that underlies the world's most traded benchmark contract.
  
  It will be the first non-European grade included in the basket, highlighting the change that the U.S. shale revolution brought about for the global oil market.
  
  "Since the restart of U.S. crude exports in 2015, WTI Midland has become a baseload grade for European refiners and a core part of the North Sea oil market," Vera Blei, who is in charge of oil market price reporting at S&P Global Platts, said in 2020.
  
  At the time, she added that the inclusion of WTI to the Brent basket "would provide additional volume and ensure the continued robustness of Dated Brent for the next decade and beyond."
  
  Bloomberg reported on the ratings agency's plans to include U.S. crude in the Brent benchmark three years ago, but these plans understandably lost the spotlight to Covid. But now that the pandemic is not the number-one news everywhere, S&P Global Platts' plans re-entered the news space and, beginning today, the change is a fact.
  
  Brent used to be made up of five oil grades, produced at five North Sea fields: Brent, Ekofisk, Troll, Forties, and Oseberg. But the combined production of these five fields has fallen to less than 700,000 bpd from some 850,000 bpd in late 2020.
  
  Meanwhile, U.S. crude oil sold abroad has soared by more than 700% in less than ten years. From about half a million barrels daily right after the export ban was lifted at the end of 2015, to date, U.S. crude oil exports have expanded to over 4 million barrels daily.
  Related: WTI Screams Back Up Past $70 Despite Crude Inventory Builds
  
  U.S. crude arriving in Europe specifically has topped 1 million barrels daily, reaching 1.25 million bpd in March. This is unlikely to change anytime soon as the EU, to its own displeasure perhaps, still uses quite a lot of oil and has to get it from somewhere that is not Russia. What better source than the U.S.?
  
  "WTI Midland is the best candidate for this because it already has a fairly similar refining slate to most of the North Sea grades," said S&P Global's director for crude and fuel oil markets in April, speaking to Reuters.
  
  It is also the best candidate because its production has been growing strongly in the past decade, unlike the production of Brent, Ekofisk, Troll, Forties, and Oseberg. By including WTI Midland in the Brent basket, S&P Global will make that basket more accurately representative of the physical oil trade situation.
  
  The more interesting part, however, is how the addition of WTI Midland would affect prices. Some analysts argue that, because it is cheaper, the addition of the U.S. crude will bring overall Brent prices down with it. Others note that the addition would increase the influence of U.S. events on global oil prices.
  
  "Bottom line for Brent is that it will be much more influenced by U.S. fundamentals such as Strategic Petroleum Reserve releases and Permian production," Rebecca Babin, senior energy trader at IBC Private Wealth US, told Reuters in April.
  
  "Once you become a benchmark, you have influence over all the other grades of crude," Surrey Clean Energy director Adi Imsirovic told the Wall Street Journal this week.
  
  This influence will continue, not only because there is now a U.S. crude grade added to the Brent benchmark. It is because U.S. oil production, even at a slower growth rate, will continue to be much stronger than European production. [if !supportLineBreakNewLine][endif]
  
  After all, Britain's potential future Prime Minister just vowed to ban new oil and gas licensing for the North Sea if his Labour Party wins the next elections. Perhaps in the future, Brent crude will become even more international. Source: Oilprice.com
- 2023-06-02
  MABUX: Global bunker prices to rebound on June 02.
  MABUX World Bunker Index (as index calculated on current prices for 380 HSFO, VLSFO and MGO) continued trending down on Jun. 01: 380 HSFO - USD/MT - 467.20 (-7.28) VLSFO - USD/MT – 585.54 (-2.44) MGO - USD/MT – 765.62 (-8.37) As of Jun. 01, the... Read more MABUX World Bunker Index (as index calculated on current prices for 380 HSFO, VLSFO and MGO) continued trending down on Jun. 01:
  
  380 HSFO - USD/MT - 467.20 (-7.28)
  VLSFO - USD/MT – 585.54 (-2.44)
  MGO - USD/MT – 765.62 (-8.37)
  
  As of Jun. 01, the MABUX MBP/DBP Index (MDI) (the correlation between market bunker prices (MBP) and the MABUX digital bunker price benchmark (DBP), recorded the following changes:
  
  - HSFO segment: the underprice premium declined in all selected ports, ranging from $3 to $13, except for Singapore, where the MDI remained unchanged.
  
  - VLSFO segment: the undercharge ratio did not show any significant changes, with a slight increase in Fujairah but a decrease in Rotterdam. Houston remained unchanged. Singapore continued to be the only overpriced port, with the overcharge premium slightly increasing by $3.
  
  - MGO LS segment: the undervalue margins narrowed Rotterdam by $6 and in Singapore by $9 but widened in Houston by $15. The overprice premium increased in Fujairah by $11.
  
  We expect Global bunker indices to change in an uptrend on Jun. 02: 380 HSFO –plus 5-10 USD/MT, VLSFO – plus 5-12 USD/MT, MGO LS –plus 7-15 USD/MT.
  Source: MABUX
- 2023-06-02
  Oil Jumps As EIA Reports Surprise Crude Build
  Crude oil prices moved higher moments before the Energy Information Administration reported an inventory build of 4.5 million barrels for the week to May 26. At 459.7 million barrels, crude oil inventories in the U.S. are around 2% below the five-year... Read more Crude oil prices moved higher moments before the Energy Information Administration reported an inventory build of 4.5 million barrels for the week to May 26.
  
  At 459.7 million barrels, crude oil inventories in the U.S. are around 2% below the five-year average for this time of the year.
  
  Last week’s change compares with a substantial draw of 12.5 million barrels for the previous week, which caused prices to jump but only for a short while.
  
  This week, the American Petroleum Institute surprised markets with a large inventory build estimate that pressured prices on Wednesday but Thursday presented a chance for a reversal as the House of Representatives voted for the debt ceiling suspension deal agreed by President Biden and House Speaker Kevin McCarthy.
  
  Meanwhile, the EIA reported a 200,000-barrel inventory draw in gasoline, with production averaging 10 million barrels daily in the week to May 26.
  
  This compared with a draw of 2.1 million barrels for the previous week, when production averaged 10.3 million barrels daily.
  
  In middle distillates, the authority estimated an inventory build of 1 million barrels for the week to May 26, and a production rate of 5 million bpd.
  
  This compared with an inventory draw of 600,000 barrels for the previous week, when production averaged 4.9 million bpd.
  
  At the time of writing, Brent crude traded at $73.11 per barrel, with West Texas Intermediate at $68.86 per barrel, both up since opening on the day when Midland crude joins the Brent basket.
  
  This is the first time a non-European crude oil grade will be part of the global benchmark.
  
  Meanwhile, a poll Reuters ran among economists has suggested that prices will not be able to top $100 this year, remaining below $90 per barrel for the remainder of the year.
  
  According to the respondents in the poll, Brent will average $84.73 per barrel this year, while West Texas Intermediate will average $79.20 per barrel. Both figures were downward revisions on earlier forecasts. Source: Oilprice.com
- 2023-06-02
  Iraq’s Crude Oil Exports Stay Flat As Kurdistan Saga Continues
  Iraq, OPEC’s second-largest oil producer, exported on average 3.3 million barrels per day (bpd) of oil in May, flat compared to April, according to the Iraqi oil ministry. Iraq’s revenues from oil stood at $7.3 billion last month, as sales were made... Read more Iraq, OPEC’s second-largest oil producer, exported on average 3.3 million barrels per day (bpd) of oil in May, flat compared to April, according to the Iraqi oil ministry.
  
  Iraq’s revenues from oil stood at $7.3 billion last month, as sales were made at an average of $71.30 per barrel, the ministry said in a statement carried by Reuters.
  
  Iraq is currently exporting oil only via its southern oil export terminals, with around 450,000 bpd of exports from the northern fields and from the semi-autonomous region of Kurdistan still shut in due to a dispute over who should authorize the Kurdish exports.
  
  Amid fears of a recession and concerns about slower-than-expected Chinese recovery, the oil market hasn’t particularly missed Kurdistan’s exports. Oil prices registered monthly losses in both April and May. Oil actually had the seventh consecutive month of monthly losses in May.
  
  Kurdistan’s exports—shut-in since March 25—have yet to resume. Earlier this week, reports emerged that a flare-up between the regional government in Kurdistan and the federal Iraqi government in Baghdad added risk for the resumption of oil flows from the northern Iraqi region.
  
  Rudaw reports that the spike in tension followed amendments in relation to Kurdistan that the Iraq government had made to the federal budget last week. The Kurdish government slammed the changes as unconstitutional.
  
  Kurdistan’s crude oil exports—around 400,000 bpd shipped through an Iraqi-Turkey pipeline to Ceyhan and then on tankers to the international markets—were halted on March 25 by the federal government of Iraq.
  
  The suspension of oil flows out of northern Iraq and Kurdistan via Ceyhan forced companies to either curtail or suspend production because of limited capacity at storage tanks.
  
  Iraq is now waiting for a final go-ahead from Turkey, but the recent Baghdad-Kurdistan flare-up could delay the approval of the budget and may destroy the delicate balance that Baghdad and Erbil achieved in the wake of the oil export halt from Kurdistan.
  
  Source: Oilprice.com