Mabux: Global Bunker Prices

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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
1 058.00
+104.00
1 190.00
-35.00
May 18
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	1 058.00	+104.00	1 190.00	-35.00	May 18

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
781.20	-8.69	934.58	-12.81	1 395.09	-9.87	May 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	690	733	-43	762	814	-52	1 190	1 313	-123	May 21
Singapore	663	761	-98	835	904	-69	1 216	1 306	-90	May 21
Fujairah	703	706	-3	914	874	+40	1 515	1 369	+146	May 21
Houston	653	726	-73	845	849	-4	1 200	1 257	-57	May 21

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Analytical Section
- Daily and Weekly Bunker analyses and Future Curves
- World and regional Bunker indices
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Latest News
- 2026-05-21
  Oil prices gain 3% after Reuters report signals complication to US-Iran peace talks
  Oil prices were up 3% on Thursday after Reuters reported that Iran’s Supreme Leader has issued a directive that the country’s near-weapons-grade uranium should not be sent abroad, denting hopes for a swift resolution to the U.S.-Israeli war on Iran.... Read more Oil prices were up 3% on Thursday after Reuters reported that Iran’s Supreme Leader has issued a directive that the country’s near-weapons-grade uranium should not be sent abroad, denting hopes for a swift resolution to the U.S.-Israeli war on Iran.
  The report, citing two senior Iranian sources, signaled that Tehran is hardening its stance on a key U.S. demand. The directive from Ayatollah Mojtaba Khamenei could further complicate negotiations and frustrate U.S. President Donald Trump’s efforts to broker an end to the war.
  Brent crude futures gained $3.07, or 2.9%, to $108.09 a barrel at 11:12 a.m. EDT (1512 GMT). U.S. West Texas Intermediate futures rose $3.52, or 3.6%, to $101.78. Both were trading lower before the report.
  The development came a day after Iran’s announcement of a new “Persian Gulf Strait Authority,” which would oversee a "controlled maritime zone" in the Strait of Hormuz.
  Prices were volatile. Gains accelerated after U.S. Secretary of State Marco Rubio said a proposed tolling system in the Strait of Hormuz would make a diplomatic deal unfeasible. Prices pared gains later after he added that officials from Pakistan, which is acting as a mediator, will travel to Iran for talks.
  Pakistan stepped up diplomatic efforts to hasten the U.S.-Iran peace talks, as Tehran said it was reviewing Washington’s latest responses. Trump suggested he could wait a few days for "the right answers" from Tehran but was also willing to resume attacks on the country.
  
  "We’ve been in this situation multiple times before, which ultimately led to disappointment," ING analysts said in a note on Thursday, forecasting an average Brent price of $104 a barrel in the current quarter. Separately, UBS raised its oil price forecasts by $10 a barrel on Thursday, projecting Brent crude at $105 a barrel and U.S. West Texas Intermediate (WTI) crude at $97 in September.
  Iran warned against further attacks and unveiled steps entrenching its control of the Strait of Hormuz, which remains mostly closed. Before the war the strait carried oil and liquefied natural gas shipments equal to about 20% of global consumption.
  Economic activity in the euro zone shrank at its sharpest rate in more than 2-1/2 years in May as a war-driven surge in living costs hammered demand for services across Europe and firms accelerated layoffs, surveys showed on Thursday.
  Seven leading OPEC+ oil-producing countries will likely agree to a modest hike in July output when they meet on June 7, Reuters reported on Thursday, citing four sources. Typically, output decisions from the group would move markets, but that was not the case during Thursday’s session, as supply disruptions linked to the Iran war continue to affect deliveries from several producers.
  DRAWDOWNS IN STOCKPILES
  The start of peak summer fuel demand combined with the lack of new oil exports from the Middle East and depleting stocks could push the oil market into the "red zone" in July-August, International Energy Agency head Fatih Birol said on Thursday.
  Even if the Middle East conflict ended now, full oil flows through the Strait of Hormuz will not return before the first or second quarter of 2027, Sultan Al Jaber , the CEO of Abu Dhabi National Oil Company (ADNOC) said.
  Iran effectively closed the strait in response to the U.S. and Israeli attacks that started the war on February 28. Most of the fighting has stopped since an April ceasefire, but while Iran is limiting traffic through Hormuz, the U.S. has blockaded its coastline.
  Supply losses from the key Middle Eastern producing region because of the war have forced countries to tap their commercial and strategic inventories at a rapid rate, raising concerns about draining them.
  The U.S. Energy Information Administration said on Wednesday the country withdrew nearly 10 million barrels of oil from its Strategic Petroleum Reserve last week for its biggest drawdown on record. U.S. crude inventories also fell by more than expected last week, according to EIA data.
  Source: Reuters/Investing.com
- 2026-05-21
  MWA 26: ‘Sustainability is central to resilience’ of shipping and supply chains, says British Ambassador to Panama
  Speaking in the opening session of the Maritime Week America’s (MWA 26) conference today (20 May), which focused on the impact of geopolitics and commercial pressures on shipping, Ambassador Greg Houston, British Ambassador to Panama, told delegates that... Read more
- 2026-05-21
  Strait of Hormuz closure risks greatest global energy supply shock in decades, warns WoodMac
  A prolonged closure of the Strait of Hormuz poses ‘the single greatest threat to global energy markets in decades’, according to a new Horizons report from consultancy Wood Mackenzie. Summing up the current impact on energy in a statement sent to ship.energy... Read more
- 2026-05-21
  MWA 26: Ports and international collaboration will underpin maritime’s energy transition
  The importance of ports as ‘strategic platforms for energy security, resilience, digitalisation and sustainability,’ was emphasised by Ambassador Sander Cohen, Ambassador of the Kingdom of the Netherlands to Panama, in his address to delegates on the... Read more
- 2026-05-21
  WinGD posts further progress on ammonia engine development with FAT in China
  WinGD has announced that it has completed Factory Acceptance Testing (FAT) for its ammonia-fuelled two-stroke marine engine in China – building on the FAT and Type Approval Testing (TAT) that were undertaken in South Korea earlier this year. In a statement... Read more
- 2026-05-21
  MOL and Seaspan ink annual contract for LNG bunkering of car carriers in Vancouver
  Mitsui O.S.K. Lines (MOL) and Seaspan Energy have signed an annual contract for the provision of LNG bunkering for MOL car carriers at Canada’s Port of Vancouver. In a statement issued today (21 May), MOL said that the first LNG bunker delivery undertaken... Read more
- 2026-05-21
  FuelEU Maritime regulation drives increase in Gasum’s bio-LNG sales
  Gasum says the FuelEU Maritime regulation has been a ‘notable driver’ behind an uplift in its bio-LNG sales. The share of biomethane out of all gas volumes sold to the Finnish state energy company’s maritime customers increased from 0.8% in 2024 to... Read more
- 2026-05-21
  MABUX: Bunker Weekly Outlook, Week 21, 2026.
  The global bunker market remained broadly stable over the week, with limited price fluctuations continuing to define overall market dynamics. Against this backdrop, the 380 HSFO index increased by USD 16.69, rising from USD 776.06/MT last week to USD... Read more The global bunker market remained broadly stable over the week, with limited price fluctuations continuing to define overall market dynamics. Against this backdrop, the 380 HSFO index increased by USD 16.69, rising from USD 776.06/MT last week to USD 791.75/MT and once again approaching the psychological USD 800 threshold. The VLSFO index also moved higher, gaining USD 8.91 week-on-week to USD 952.60/MT, compared to USD 943.69/MT the previous week. Meanwhile, the MGO LS index recorded a more moderate increase of USD 1.96, advancing from USD 1,416.43/MT to USD 1,418.39/MT. At the time of writing, the global bunker market continued to exhibit mixed and irregular price movements, with no clear directional trend emerging.
  
  The MABUX Global Scrubber Spread (SS) — the price differential between 380 HSFO and VLSFO — narrowed by USD 7.78 over the week, declining from USD 168.63 to USD 160.85, while still remaining comfortably above the psychological USD 100.00 breakeven threshold for scrubber economics. At the same time, the weekly average of the index edged higher by USD 2.08. In Rotterdam, the SS Spread remained largely unchanged, increasing marginally by USD 1.00 from USD 73.00 to USD 74.00, whereas the port’s weekly average spread declined by USD 33.33. In Singapore, by contrast, the 380 HSFO/VLSFO spread widened by USD 8.00, rising from USD 150.00 last week to USD 158.00, while the weekly average in the port gained USD 42.50. Overall, the SS Spread continued to move without a clear trend during the week. Spread levels above USD 100.00 continue to indicate stronger cost efficiency for scrubber-equipped vessels consuming 380 HSFO compared to vessels operating on conventional VLSFO. MABUX expects mixed and irregular fluctuations in the SS Spread to persist amid the relative stability currently observed in the global bunker market. Detailed information is available in the “Differentials” section at mabux.com.
  
  By the end of the week, the Istanbul ECA Spread (ES) resumed its downward movement, declining by USD 25.00 from USD 75.00 last week to USD 50.00, after briefly reaching the USD 100.00 level during the reporting period. At the same time, the weekly average of the index increased by USD 17.50. The Venice ECA Spread is still not being calculated due to the absence of regular market quotations. Current ECA Spread levels remain well below the USD 100.00 threshold, highlighting the continued volatility and uneven pricing dynamics across the global bunker market. MABUX expects the ECA Spread to undergo a moderate upward correction next week. Detailed information is available in the “Differentials” section at mabux.com.
  
  The Institute for Energy Economics and Financial Analysis (IEEFA) has warned that the European Union’s dependence on U.S. liquefied natural gas (LNG) is expected to increase sharply, potentially accounting for up to 80% of total EU LNG imports within the next two years. According to IEEFA, the EU is already heavily reliant on U.S. LNG supplies, with imports from the United States currently representing 58% of the bloc’s total LNG intake. The organization cautioned that such concentration creates strategic and supply-security risks associated with dependence on a single dominant supplier. IEEFA also emphasized that this trend is likely to continue unless the EU accelerates investments in alternative energy solutions, including wind and solar power generation, as well as wider deployment of heat pumps to reduce gas demand.
  
  European underground gas storage levels continued to recover gradually as of May 19, reaching 36.67% of total capacity, up 1.10 percentage points week-on-week. However, storage levels remain significantly below the beginning-of-year mark, standing 24.79% lower than the 61.46% recorded at the start of the year. Meanwhile, the European TTF gas benchmark maintained an upward trend over the reporting period, increasing by €5.132/MWh to €51.816/MWh, compared to €46.684/MWh the previous week.
  
  The price of LNG as a bunker fuel at the port of Sines (Portugal) recorded a sharp increase this week, rising by USD 150.00 to USD 1,209/MT, compared to USD 1,059/MT last week. At the same time, the price spread between LNG and conventional fuel narrowed significantly, declining to USD 96 in favor of LNG versus USD 220 a week earlier. On May 18, MGO LS was quoted at USD 1,305/MT at the port of Sines. More detailed information is available in the “LNG Bunkering” section on mabux.com.
  
  At the end of Week 21, the MABUX Market Differential Index (MDI) — the ratio between market bunker prices (MBP) and the MABUX digital bunker benchmark (DBP) — reflected the following dynamics across the world’s major bunker hubs: Rotterdam, Singapore, Fujairah, and Houston:
  
  • 380 HSFO segment: Fujairah returned to the undervalued zone, resulting in all four major ports being assessed as undervalued. Discount levels widened across all hubs, increasing by 7 points in Rotterdam, 34 points in Singapore, 33 points in Fujairah, and 50 points in Houston. The MDI values in Singapore and Houston moved closer to the USD 100.00 threshold.
  
  • VLSFO segment: Fujairah remained the only overvalued port, although its premium narrowed by 26 points, bringing the MDI closer to full parity between MBP and DBP levels. The remaining ports continued to be undervalued. During the week, the discount widened by 44 points in Rotterdam and by 35 points in Houston, while Singapore recorded a marginal 5-point reduction in its undervaluation level.
  
  • MGO LS segment: Rotterdam, Singapore, and Houston all remained undervalued, with MDI levels declining by 9 points, 42 points, and 2 points respectively. Fujairah continued to be the sole overvalued port in this fuel category, with its premium increasing by 35 points. At the same time, the MDI readings in Rotterdam, Singapore, and Fujairah remained consistently above the USD 100.00 mark.
  
  Overall, the balance between overvalued and undervalued ports shifted slightly toward undervaluation during the week, primarily due to Fujairah re-entering the undervalued zone in the 380 HSFO segment. Nevertheless, the broader DBP trend continues to be characterized by limited and mixed fluctuations, a pattern that is likely to persist into next week.
  
  More detailed information on the correlation between market prices and the MABUX Digital Bunker Benchmark is available in the “Digital Bunker Prices” section on mabux.com.
  
  DNV predicts that clean hydrogen production could increase 100-fold by 2060, helping reduce more than 2 gigatons of annual emissions in sectors that are difficult to electrify. However, the development of the clean hydrogen market is expected to progress more slowly than previously anticipated, as it remains heavily dependent on government policies, financial support, regulatory mandates, and carbon pricing mechanisms to compete with conventional fossil-fuel-based hydrogen. In the transport sector, hydrogen is expected to be used mainly through derivative fuels rather than in its pure form. Meantime, in shipping, demand for alternative bunker fuels is expected to be driven primarily by ammonia and methanol, which are easier to store, transport, and bunker than pure hydrogen. According to the report, methanol is likely to see earlier adoption due to easier handling and lower vessel modification requirements. Ammonia, meanwhile, is viewed as the leading long-term solution because of its potential as a carbon-free fuel at scale. The growth of e-methanol production will largely depend on the availability of biogenic and atmospheric CO2 sources. DNV also notes that demand for ammonia and other synthetic fuels will initially grow slowly, constrained by regulatory challenges, fleet renewal cycles, and limited fuel availability. More significant growth is expected after the mid-2030s as these barriers gradually ease and ammonia gains broader acceptance as a long-term marine fuel solution.
  
  The bunker fuel market remains supported by elevated geopolitical risks, which continue to underpin global oil prices. Additional pressure stems from concerns over potential disruptions to shipping through the Strait of Hormuz, as well as ongoing uncertainty surrounding alternative regional supply routes. Against this backdrop, MABUX expects global bunker indices to continue moving in a volatile and irregular pattern, without establishing a sustained upward or downward trend. At the same time, any escalation in the military confrontation between the United States and Iran could trigger another sharp spike in bunker prices.
  Source: MABUX
- 2026-05-21
  Oil rebounds on Iran peace deal uncertainty and inventory drawdowns
  Oil prices edged up on Thursday, paring some previous losses as investors monitored peace talks between the U.S. and Iran, while supply tightness and U.S. inventory drawdowns provided some support. Brent crude futures rose 78 cents, or 0.74%, to $105.80... Read more Oil prices edged up on Thursday, paring some previous losses as investors monitored peace talks between the U.S. and Iran, while supply tightness and U.S. inventory drawdowns provided some support.
  Brent crude futures rose 78 cents, or 0.74%, to $105.80 a barrel by 0341 GMT, and U.S. West Texas Intermediate futures were up 84 cents, or 0.85%, at $99.10.
  Both benchmarks dropped more than 5.6% on Wednesday to an over one-week low after U.S. President Donald Trump said negotiations with Iran were in the final stages, but also threatened further attacks if Tehran did not agree to a peace deal.
  "The oil market remains overly sensitive to Iran-related headlines, with participants continuing to pin considerable hope on reports that talks between the U.S. and Iran are progressing," ING analysts said in a note on Thursday.
  "We’ve been in this situation multiple times before, which ultimately led to disappointment," they added, forecasting the Brent price would average $104 per barrel in the current quarter.
  Iran warned against further attacks and announced steps entrenching its control of the crucial Strait of Hormuz, which before the war carried oil and liquefied natural gas shipments equal to about 20% of global consumption but has been mostly closed.
  On Wednesday, Iran announced a new "Persian Gulf Strait Authority," saying there would be a "controlled maritime zone" in the Strait of Hormuz.
  
  Iran effectively closed the strait in response to the U.S. and Israeli attacks that started the war on February 28. Most of the fighting has stopped since an April ceasefire, but while Iran is limiting traffic through Hormuz, the U.S. has blockaded its coastline.
  The supply losses from the key Middle Eastern region because of the war have forced countries to pull from their commercial and strategic inventories at a rapid rate, raising concerns about draining them.
  The U.S. Energy Information Administration said on Wednesday the country withdrew nearly 10 million barrels of oil from its Strategic Petroleum Reserve last week, the biggest drawdown on record.
  Underlining the impact of the supply disruptions in the Middle East was EIA data showing a bigger-than-expected decline in U.S. crude oil inventories last week.
  "The drawdown in oil inventories will make it difficult for oil prices to remain low," said Mingyu Gao, chief researcher for energy and chemicals at China Futures.
  "With the Strait of Hormuz blocked, global refined-product and onshore crude inventories are expected to fall below their lowest levels for this time of year in the past five years by late May and late June," Gao said. Source: Reuters/Investing.com
- 2026-05-21
  StanChart Says Record SPR Withdrawals Are Tightening U.S. Oil Buffers
  Back in March, the 32 member countries of the International Energy Agency (IEA) unanimously pledged a record-breaking release of 400 million barrels of crude oil from their Strategic Petroleum Reserves (SPR) shortly after Iran’s blockade of the Strait... Read more Back in March, the 32 member countries of the International Energy Agency (IEA) unanimously pledged a record-breaking release of 400 million barrels of crude oil from their Strategic Petroleum Reserves (SPR) shortly after Iran’s blockade of the Strait of Hormuz triggered oil price spikes, more than double the 182.7 million barrels released during the 2022 response to the Ukraine war. As usual, the United States shouldered the lion’s share of the release, committing to 172 million barrels. For the first batch, the Department of Energy (DOE) awarded contracts to eight companies for the sale of 45.2 million barrels from sites in Texas and Louisiana on March 20. And now commodity analysts at Standard Chartered have reported that the pace of withdrawals from the U.S. Strategic Petroleum Reserve has accelerated sharply, with the latest data revealing the largest weekly decline on record.
  
  According to StanChart, U.S. SPR inventories fell by 9.9 million barrels (mb) in the week ended 15 May, following a decline of 8.6 mb the previous week, taking total SPR volumes down to 374 mb and quickly approaching operational stress limits. The physical infrastructure of the SPR limits withdrawal capacity to a maximum rate of 4.4 mb/d, while the operational minimum is a statutory limit of 150 mb.
  
  The analysts note that the current programme is being executed much more rapidly and alongside a larger global emergency response. However, StanChart says that many of the numerous mechanisms implemented to reduce the near-term supply/demand imbalance are only temporarily viable, implying that near-term dampening of physical oil prices is only temporary with a resumption of the imbalance likely to pull financial contracts higher.
  
  Oil prices continue to be largely headline-driven, taking direction from escalation and de-escalation in the US-Iran conflict in the near term. Oil prices moved sharply lower on Wednesday after U.S. President Donald Trump announced that the United States is in the "final stages" of negotiations with Iran to end the conflict. Brent crude for July delivery fell 5.9% to trade at $104.71 per barrel at 14.00 m ET on Wednesday, while the corresponding WTI crude contract declined 6.1% to trade at $97.90/bbl.
  
  There has been some rotation in the forward curve, with Brent for delivery in five years falling by $0.69/bbl w/w to $72.22/bbl. However, Trump continues his characteristic mixed messaging, making it hard to decipher Washington's next move, “We’ll see what happens,” Trump said, before adding that “we’re going to do some things that are a little bit nasty, but hopefully that won’t happen.”
  
  Previously, StanChart predicted that the recent dramatic collapse in physical crude oil premiums may be short-lived, with prompt physical barrels likely to regain large premiums. Indeed, StanChart has reported that w/w price escalations in Dated Brent (the primary physical benchmark for crude oil in the North Sea) outpaced the front-month Brent futures contract this week, rising by $9.52/bbl (9.12%) to a weekly settlement high. According to the analysts, physical oil cargo premiums have collapsed--with some grades dropping 90%--due to a combination of intentional buyer restraint, increased reliance on inventory, and increased supplies from non-disrupted regions.
  
  As the conflict escalated and Iran blocked the Strait of Hormuz, oil buyers scrambled to secure immediate, non-Middle Eastern "prompt barrels", driving up the spot price premiums for available cargoes. North Sea Forties crude spiked to nearly $150 a barrel by mid-April, exceeding the 2008 peak. Many commodity experts predicted that oil futures would eventually trade up to the physical; however, we have lately been seeing just the opposite, with the physical trading down to the futures. Whereas physical prices still indicate market tightness, they have recently returned to a more normal range.
  
  The sharp fall in the price of physical oil can be chalked up to buyers remaining hopeful the Iran conflict would be resolved rapidly, at least in terms of the Strait of Hormuz blockades, and were dissuaded from purchasing cargoes at extremely elevated prices. High volatility and regular price swings in excess of $10/bbl in a day (front-month Brent traded in a $35/bbl intraday range on 9 March ) have increased the risk of a VaR shock i.e., an acute increase in Value at Risk. Deferring purchases in the near term has also allowed buyers to benefit from strategic reserve and inventory drawdowns, reduced refinery run rates (and adjustments to maintenance schedules), and alternative supply sources, which have cushioned oil price spikes.
  
  StanChart says physical prices are likely to rise again once purchases can no longer be deferred, refinery runs pick up, and strategic reserve releases are complete, unless a deal to end the conflict can be agreed. This will likely eventually pull futures prices up towards elevated physical benchmarks. Source: Oilprice.com

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