Mabux: Global Bunker Prices

LNG BUNKER PAGE
- LNG bunker indexes
- OIL/GAS futures settlements
- LNG bunker news
- LNG fuel energy content
SEE LNG BUNKER INDEXES
MARKET BUNKER PRICES (MBP)
- 400+ ports worldwide
- Bunker Price History available from 2002
- Supplier's contact details
- Price forecast short (1 day) and long (rolling forward 2 years)
- Differentials section: VLSFO/380 HSFO, VLSFO/MGO LS, MGO LS/VLSFO
See Market Bunker Prices
DIGITAL BUNKER PRICES (DBP:ICE/NYMEX)
- Price adjustments to the Bunker Market's volatility instantly
- Completely independent
- Free from price manipulations
- Unique tool to identify overcharge/undercharge prices
See Digital Bunker Prices for free

MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
743.50
-43.00
711.00
+5.00
Jul 7
Click to see more LNG Bunker Indexes

Port	LNG$/mton	MGO LS$/mton	Date
ARA	743.50	-43.00	711.00	+5.00	Jul 7

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
468.82	+2.72	565.79	+2.40	791.89	+3.53	Jul 9

Click to see Regional Bunker Indexes

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	440	454	-14	518	510	+8	711	761	-50	Jul 9
Singapore	428	464	-36	535	555	-20	687	794	-107	Jul 9
Fujairah	415	498	-83	521	559	-38	736	947	-211	Jul 9
Houston	435	478	-43	500	598	-98	699	763	-64	Jul 9

Click to see more details

Digital Bunker Prices
Reasons, Mechanism, Benefits
Click to view presentation

Try free for 3 days

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
- API for integration with your application, custom solutions available upon demand
- Bunker market analyses upon request for required region or port
- Bunker Price seminars that allow to learn how to use MABUX tools for bunker business
- MABUX Open Bunker Directory features contact details of bunker suppliers, traders and brokers worldwide.
Latest News
- 2025-07-09
  Oil prices ease from two-week highs as investors await tariff clarity
  Oil prices edged down on Wednesday after rising to two-week highs in the previous session, as investors awaited new developments on U.S. tariffs amid expectations of rising crude inventories in the United States. Brent crude futures slipped 7 cents,... Read more Oil prices edged down on Wednesday after rising to two-week highs in the previous session, as investors awaited new developments on U.S. tariffs amid expectations of rising crude inventories in the United States.
  Brent crude futures slipped 7 cents, or 0.1%, at $70.08 a barrel by 0400 GMT. U.S. West Texas Intermediate crude fell 8 cents, or 0.1%, to $68.25 a barrel.
  U.S. President Donald Trump’s latest tariff delay provided some hope to major trade partners Japan, South Korea and the European Union that deals to ease duties could still be reached, while bewildering some smaller exporters such as South Africa and leaving companies with no clarity on the path forward.
  Trump pushed back Wednesday’s previous deadline to August 1, a date he said on Tuesday was final, declaring: "No extensions will be granted."
  Trump added that he would impose a 50% tariff on imported copper and soon introduce long-threatened levies on semiconductors and pharmaceuticals, broadening a trade war that has rattled markets worldwide.
  "Investors are constantly dealing with ’tariffs headlines’ and the potential fallout from their adverse impact on global trade," said Priyanka Sachdeva, senior market analyst at Phillip Nova.
  "... Given the backdrop of uncertainty and potential sombre economic growth going forward, it’s surprising how the energy complex can still surge with seemingly unending ’bearish headlines’ mounting pressures persistently," she added.
  There is concern that the tariffs could curb demand for oil, and while there was strong travel demand during the U.S. holiday weekend on July 4, data from industry sources showed possible crude inventory builds in the U.S. of around 7.1 million barrels, though fuel products’ stocks were lower. [API/S]
  
  "Numbers from the API overnight were bearish for oil," said ING analysts in a client note, adding that "changes in refined products were more constructive".
  Official data from U.S. Energy Information Administration is scheduled to be out at 1430 GMT later today. [EIA/S]
  © Reuters. FILE PHOTO: A pump jack operates near a gas turbine power plant in the Permian Basin oil field outside of Odessa, Texas, U.S. February 18, 2025. REUTERS/Eli Hartman/File Photo
  On the longer term supply side, the U.S. will produce less oil in 2025 than previously expected as declining oil prices have prompted U.S. producers to slow activity this year, the Energy Information Administration forecast on Tuesday in a monthly report.
  The world’s largest oil producer is projected to produce 13.37 million barrels per day of oil in 2025, versus last month’s forecast of 13.42 million bpd, the EIA said in its short-term energy outlook report.
  Source: Reuters/Investing.com
- 2025-07-09
  Can the Oil Market Absorb OPEC+ Output Hikes?
  OPEC+ never fails to surprise speculators and market analysts. This weekend’s meeting to decide August production levels was expected to be a short routine video call to announce another output hike of 411,000 barrels per day (bpd). Short it was,... Read more OPEC+ never fails to surprise speculators and market analysts. This weekend’s meeting to decide August production levels was expected to be a short routine video call to announce another output hike of 411,000 barrels per day (bpd).
  
  Short it was, but the size of the increase for August was bigger than expected— 548,000 bpd. The eight OPEC+ members that are unwinding the cuts are expected to make another supersized increase in September, with which the 2.2 million bpd cuts will all be back on the market, at least the headline figures suggest so.
  
  However, no one is really sure by how much OPEC+ is actually raising oil production these days because some producers are pumping less than quotas to compensate for previous overproduction. Analysts concur that the supersized hikes are not that supersized.
  
  Summer Demand
  
  OPEC+ continues to rely on strong summer oil demand to absorb the additional barrels. The physical market appears to be tight in the near term, although the coming glut in the autumn and beyond is likely to push oil prices further down.
  
  Oil didn’t collapse following this weekend’s OPEC+ decision—a sign that there isn’t immediate fear of oversupply and that the market hasn’t shaken off entirely geopolitics-driven volatility.
  
  Immediately after the OPEC+ meeting, Saudi Arabia raised the official selling price (OSP) for its crude destined for Asia and Europe in August, betting on robust summer demand to soak up the additional supply.
  
  Related: U.S.-Colombia Diplomatic Clash Rattles Energy and Mining Stocks
  
  Current oil prices in the $60s per barrel are likely to encourage buying in Asia, as China continues to stockpile crude with high purchases at lower oil prices.
  
  May and June arrivals are set to be strong as cargoes contracted a month or two earlier were at prices near four-year lows.
  
  But much of the July, and especially August, supply was likely contracted in June, when oil spiked to four-month highs amid the Israel-Iran war. This suggests that Asian buyers, including top Asian crude importers China and India, likely bought lower volumes when prices were high.
  
  Since the ceasefire announced by U.S. President Donald Trump at the end of June, prices have largely returned to pre-conflict levels, allowing again price-sensitive opportunistic buyers to seek more supply.
  
  The current oil price, with Brent Crude in the high $60s per barrel, is the “right place” for crude prices, AS Sahney, chairman of state-owned Indian Oil Corporation, the biggest refiner in India, said earlier this week.
  
  “There is still some room for it to go downwards. What I see is very much near to $65, plus or minus one or two dollars, is the right place where we will be comfortable,” Sahney told the NDTV Profit outlet on Monday.
  
  If the strong Asian imports in May were largely due to low oil prices, then overall Asian demand later this summer may disappoint, as volumes contracted in June will be much lower due to the war premium in prices for most of last month.
  
  Hence, demand may not be as strong as it appears to be, Reuters columnist Clyde Russell argues.
  
  Weakness Beyond Summer
  
  The market is still tight in the near term, with the tightness reflected in the strength in the prompt Brent timespread, ING commodities strategists Warren Patterson and Ewa Manthey wrote in a note on Tuesday.
  
  “The expected supply surplus won’t materialise until later this year, when we expect more sustained downward price pressure,” they added.
  
  The middle distillate market is also tightening, more so than the crude market. Gasoil refining margins are rising, while speculators hold the largest net long position – the difference between bullish and bearish bets – in gasoil for a year, according to ING.
  
  In the United States, middle distillate inventories sit at their lowest level in more than two decades for this time of the year, the bank’s strategists noted.
  
  Saudi Aramco’s crude price hikes to all regions for August-loading cargoes also signal that physical markets remain tight, “suggesting the additional barrels can be absorbed—for now,” Ole Hansen, Head of Commodity Strategy at Saxo Bank, wrote in a Monday note.
  
  “In the short term, downside risks to crude appear contained,” Hansen said.
  
  “Compensation cuts from previous overproduction are helping offset new supply, while geopolitical uncertainty in the Middle East continues to discourage aggressive short positioning by speculators.”
  
  Recent consensus-beating economic data from the United States support a steady demand outlook, but continued trade tensions and tariff announcements somewhat dampen the bullish sentiment. In addition, “seasonal demand softening into autumn could emerge as headwinds in the months ahead,” Hansen noted.
  
  Despite signs of current physical market tightness, analysts do not expect prices to top $70 per barrel for a sustained period of time, barring another major escalation in the Middle East.
  
  Growing supply from the OPEC+ group, although not as high as the monthly headline figures suggest, is set to create an oversupply on the market going into autumn, even if summer demand holds strong. On the demand side, peak summer travel season may justify higher supply, but lingering trade and economic uncertainties may cap upside to prices. Source: Oilprice.com
- 2025-07-09
  Big Oil Braces for Oil Price Hit
  Earlier this week, Shell warned its second-quarter earnings would be weaker due to lower trade in gas and oil derivatives. Now, Exxon has joined its peer in the warning series, saying weaker oil and gas prices during the second quarter would affect its... Read more Earlier this week, Shell warned its second-quarter earnings would be weaker due to lower trade in gas and oil derivatives. Now, Exxon has joined its peer in the warning series, saying weaker oil and gas prices during the second quarter would affect its financial results, and rather substantially, at that. Big Oil is having a difficult moment. The question is whether it would extend in time.
  
  Back in May, Morgan Stanley predicted that the biggest international oil companies were set to see a slump in earnings later this year and in 2026, threatening the pace of buybacks, as a substantial oil market surplus would weigh on prices.
  
  The investment bank was by far not the only one predicting that global oil markets would be panting under the weight of all that oil that there is no demand for—almost everyone was predicting it. Yet something interesting happened this week that may make some forecasters reconsider. OPEC+ said it would boost production by over 500,000 bpd next month. Oil prices rose.
  
  Now, Exxon has warned that it would suffer a financial blow of $1.5 billion from weaker second-quarter prices. Most of the impact would come from the oil prices slum during the reporting period, Bloomberg reported Monday, citing the company. Some $500 million will be the share of natural gas prices. Yet the latest on oil markets suggests this is not turning into a chronic condition.
  
  “The supply picture definitely looks to be elevating, however, the stronger demand is remaining above expectations as well,” BOK Financial senior vice president of trading, Dennis Kissler, told Reuters this week. The reason demand is above expectations is because virtually all forecasters assumed demand for oil was on a downward spiral because of EVs in China and Norway, and it was only a matter of time before the spiral reached its natural end.
  
  Instead, oil demand—as reported by the Energy Institute in its latest Statistical Review of World Energy earlier this year—has remained impressively resilient. Not only this, but grim expectations for global economic gloom and doom amid Donald Trump’s unusual approach to trade policy have begun to subside as deals get signed and the U.S. president thinks twice about punitive tariffs. The world economy, it seems, will survive, after all.
  
  All these recent developments suggest Big Oil’s second-quarter financial troubles are a temporary trip on weak prices, which tends to happen on a rather regular basis given the cyclical nature of commodity markets. The record profits of 2022 may not return anytime soon—or ever—but those were an outlier, however much some analysts like to present them as business as usual. So was the Covid pandemic just two short years earlier, and it taught Big Oil a valuable lesson.
  
  “Our organisation has planned for this. We pressure-test our plans and the financial outcomes with scenarios that are more severe than our Covid experience,” Exxon’s Darren Woods said earlier this year, saying the company had prepared for a downturn, cutting almost $13 billion in costs over five years.
  
  It’s not the only one, although Wood claimed that no other company had come close to its cost-cutting achievement. All Big Oil companies remember the pandemic, the demand drop from the lockdowns, and the resulting financial disaster. Yet it survived that and went on to make up for it two years later, when Russian troops entered Eastern Ukraine and everyone thought World War III was around the corner. So, chances are these warnings from Exxon and Shell, and probably others, are business as usual. Some quarters are good, some not so much. Big Oil, and not just Big Oil, adapts and survives—for as long as there is demand for oil and gas.` Source: Oilprice.com
- 2025-07-09
  MABUX: Global bunker market to continue trending higher on Jul.09.
  The MABUX World Bunker Index—a composite indicator tracking daily prices for 380 HSFO, VLSFO, and MGO— showed a modest upward movement on Jul.08: 380 HSFO - USD/MT - 466.10 (+2.52) VLSFO - USD/MT – 563.39 (+3.09) MGO - USD/MT – 788.36 (+3.78) As... Read more The MABUX World Bunker Index—a composite indicator tracking daily prices for 380 HSFO, VLSFO, and MGO— showed a modest upward movement on Jul.08:
  
  380 HSFO - USD/MT - 466.10 (+2.52)
  VLSFO - USD/MT – 563.39 (+3.09)
  MGO - USD/MT – 788.36 (+3.78)
  
  As of Jul.08, the MABUX Market Differential Index (MDI), monitoring the correlation between market bunker prices (MBP) and the MABUX Digital Bunker Price Benchmark (DBP)— revealed the following pricing trends across key global ports: Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: All four ports continued to show undervalued pricing. The discount widened by $3 in Rotterdam, $3 in Singapore, $4 in Fujairah, and $4 in Houston.
  
  • VLSFO segment: Rotterdam remained the only overpriced port, though its premium narrowed by $2, moving closer to a 100% correlation between MBP and DBP. Singapore, Fujairah, and Houston continued to be underpriced, with discounts increasing by $1 in Singapore, $8 in Fujairah, and $6 in Houston. Houston’s MDI approached the $100 threshold.
  
  • MGO LS segment: All four ports—Rotterdam, Singapore, Fujairah, and Houston—were undercharged. Discounts narrowed by $5 in Rotterdam and $2 in Singapore, while they widened by $4 in Fujairah and $1 in Houston. Fujairah’s MDI remained well above the $100 mark.
  
  We expect Global bunker market to maintain its upward trend on Jul.08: 380 HSFO – plus 1-3 USD/MT, VLSFO – plus 1-3 USD/MT, MGO LS – plus 4-9 USD/MT.
  Source: MABUX
- 2025-07-09
  Oil and Gas Consolidation Reshapes African Market
  Africa’s upstream oil and gas sector is undergoing a transformative shift. In recent years, majors have scaled back their exposure to mature, non-core assets across the continent, opening the door for a new wave of regional independents, traders, and... Read more Africa’s upstream oil and gas sector is undergoing a transformative shift. In recent years, majors have scaled back their exposure to mature, non-core assets across the continent, opening the door for a new wave of regional independents, traders, and non-African national oil companies (NOCs) to step in as consolidators and value creators.
  
  Angola and Nigeria have been the epicenters of this consolidation wave. Angola saw the formation of Azule Energy through the BP-Eni portfolio merger, where the new independent has already created value by reversing the declining production trend by investing more actively in the portfolio. The emergence of nimble, focused companies like Afentra, Tende Energy, and Etu Energias in Angola reflects a broader trend. These budding players are committed to tapping into incremental contingent resources, thereby extending field life.
  
  Nigeria on the other hand has witnessed the exits of Shell, Eni, and TotalEnergies from their onshore positions, and Equinor’s divesture of its offshore assets. This led to indigenous companies such as Seplat Energy, Renaissance Energy and Chappal Energies growing their footprints extensively. These companies’ focused efforts to invest further in the portfolios and unlock the contingent resources could be a game changer for Nigeria at a time when it has set ambitions to surpass its oil production beyond 2 million barrels per day (bpd) in the short term and 3 million bpd in the long term.
  
  One key change in Nigeria’s upstream player landscape has been the indigenous companies taking on the operatorship of key producing blocks. If the short-term production growth targets are met, this will be a great turnaround for the country and will place confidence in the operational execution for the new entrants.
  
  Pranav Josi, Vice President, Africa Oil & Gas
  
  Beyond traditional exploration and production (E&P) firms, traders and non-African NOCs are also stepping up their Africa game. ADNOC’s XRG, through its Arcius Energy joint venture with BP, is now active in Egypt and has also entered Mozambique through the acquisition of Galp’s stake in the Area 4 development. Brazil’s Petrobras is also actively looking at opportunities in the Atlantic margin after picking up an exploration block in South Africa. Malaysia’s Petronas took a stake in Angola’s Kaminho cluster in 2023, while Houston-based Vitol bagged 2025’s first major trader-led upstream acquisition involving assets in Côte d’Ivoire and Congo-Brazzaville.
  
  We have already started seeing announcements such as Renaissance’s investment in Nigeria of $15 billion over the next few years. At a time when countries such as Nigeria and Angola are evolving their regulatory and fiscal frameworks to attract investment, the exchange of hands from majors to regional players that understand the local communities better could not have come at a better time. The timely execution and clear development of roadmaps will be critical to trigger a new cycle of production growth. For Africa’s upstream sector, the table is set—what follows will depend on decisive action by its newest custodians.
  
  Source: Oilprice.com
- 2025-07-09
  Oil Markets Brush Off the OPEC+ Production Push
  - Diesel was widely expected to be the main refined products underperformer this year but, defying Trump tariffs and lower Chinese demand, the middle distillate has been shining lately as Europe struggles to keep its refinery operations steady. - The... Read more - Diesel was widely expected to be the main refined products underperformer this year but, defying Trump tariffs and lower Chinese demand, the middle distillate has been shining lately as Europe struggles to keep its refinery operations steady.
  
  - The front-month diesel East-West price spread rose to more than $73 per metric tonne this week, the widest it has been since December 2023, just as the ICE gasoil crack soared to $23 per barrel.
  
  - Several European refiners reported unplanned outages, including BP’s giant Rotterdam refinery, whilst the bankruptcy of the UK’s 113,000 b/d Lindsey refinery raised concerns the United Kingdom could experience fuel shortages over the upcoming weeks.
  
  - On the other hand, Asian diesel prices have been relatively stable since the Israel-Iran conflict subsided, creating huge financial incentives to move Asian or Middle Eastern middle distillates to Europe, in turn mitigating the impact of supply disruptions.
  
  Market Movers
  
  - UK-based energy major Shell (LON:SHEL) has lowered expectations for its Q2 commercial performance, giving an output guidance of 900-940,000 boe/d and LNG production of 6.4-6.8 million tonnes LNG.
  
  - Algeria’s national oil company, Sonatrach, signed a $1.35 billion hydrocarbon exploration deal with Italy’s ENI (BIT:ENI) to develop the Zemoul el Kbar oil field for the next 30 years under a production sharing contract.
  
  - China’s national oil company CNPC (SHA:601857) has opened a representative office in Madagascar, suggesting state-owned Chinese firms will be bidding into the yet unannounced 2026 licensing round.
  
  - The world’s largest container shipping company MSC is facing a high-profile lawsuit in India after authorities in the state of Kerala assessed oil spill damage from the capsizing of the ELSA 3 ship at $1.1 billion.
  
  Tuesday, July 08, 2025
  
  Oil prices have barely noticed OPEC+’s overtly aggressive policy of unwinding its production cuts, with ICE Brent remaining around $70 per barrel and even attempting a short price rally after the Houthis resumed striking commercial tankers in the Red Sea. Crude oil could remain rangebound for longer now that US President Trump postponed the July 9 negotiations deadline to August 1, giving some breathing space for oil companies in the meantime.
  
  OPEC+ to Finish the Job in September. Following a surprise 548,000 b/d production hike agreed for August, OPEC+ countries are expected to approve another big production boost for September as they complete the full unwinding of 2.2 million b/d of production cuts, starting in April 2025.
  
  The Houthis Strike Again. Two crew members of the Greek-operated bulk tanker Magic Seas were wounded, and two were missing following a suspected Houthi drone attack in the Red Sea, jeopardizing navigation through the Suez Canal again as Yemen’s militia claims to have sunk the ship.
  
  Canada Wants a New Pipeline, But Who’s to Pay? The new Carney administration in Canada is eager to support a new pipeline connecting Alberta’s oil sands to the country’s Pacific coast, mirroring TMX, although the Natural Resources Ministry bemoaned the lack of commercial interest.
  
  Glencore Keeps Bankrupt Refinery Alive. Amidst concerns that the UK’s bankrupt Lindsey refinery, heretofore operated by Prax, will be forced to shut down in less than three weeks with its 1.8 million barrels of oil in the tank, the UK government agreed to a bridge supply deal with the trading major Glencore.
  
  Russia-Loading Ships Keep on Getting Bombed. The ammonia-carrying tanker Eco Wizard became the sixth tanker this year to have incurred damage after or during loading operations in Russia, with the Eurochem-chartered ship leaking ammonia into water after two blasts hit its engine room.
  
  Cyprus Signals New Giant Gas Discovery. Cyprus’ government indicated ExxonMobil’s (NYSE:XOM) recent Pegasus-1 offshore well encountered a whopping 350 meters of gas-bearing reservoir in Block 10, prompting the island state to hold talks with the US major about future development plans.
  
  China’s Power Consumption Hits Record High. According to China’s National Energy Administration, Chinese peak power load soared to an all-time high on July 4, reaching 1,465 GW or some 150 GW higher than a year ago, boosting gas power burn as extreme heatwaves scorch the country.
  
  India Pitches Higher LPG Imports from US. As part of India’s proposals to seek trade alignment with the Trump administration, Delhi proposed to source at least 10% of the country’s cooking gas (LPG) needs from the US, equivalent to roughly 2 million metric tonnes of propane and butane.
  
  Glencore Divests Struggling Filipino Smelter. Swiss-based global energy trader Glencore (LON:GLEN) sold its Pasar copper refinery in the Philippines to local real estate billionaire Manny Villar Jr., several months after it placed the smelter on care and maintenance amid a severe pricing crisis.
  
  EU Approves Flexible Storage Targets. The European Parliament gave a green light to the EU’s revised gas storage targets, under which member states will be allowed to reach the 90% filling target at any point from October to December, getting rid of a stringent November 1 deadline.
  
  BP Mulls Complete Libyan Return. According to Libya’s NOC, UK oil major BP (NYSE:BP) is set to reopen its office in Tripoli in Q4 2025 and double down on exploration in the country, preparing to drill the deepwater Matsola well in October, potentially this year’s largest gas discovery.
  
  Trump Calls It Quits on Renewable Subsidies. Following the approval of Donald Trump’s One Big Beautiful Bill Act (OBBBA), the US President directed the Treasury Department to phase out tax credits for wind and solar projects, ending all federal support for unfinished projects after 2026.
  
  Booming Chile Supply Caps Copper. LME copper cash settlement prices fell back below the 10,000 per metric tonne threshold as inventories started to rise for the first time this year, buoyed by Chile selling 4.67 billion worth of copper in June, its best month of export revenue so far this year. Source: Oilprice.com
- 2025-07-09
  Crude Oil Inventories Spike Threaten Price Rally
  The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose sharply this week, gaining an additional 7.1 million barrels in the week ending July 4, despite analysts estimating a 2.8-million-barrel draw. So... Read more The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose sharply this week, gaining an additional 7.1 million barrels in the week ending July 4, despite analysts estimating a 2.8-million-barrel draw.
  
  So far this year, crude oil inventories are up 11 million barrels, according to Oilprice calculations of API data.
  
  Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) climbed 200,000 barrels to 403 million barrels in the week ending July 4. Inventory levels in the SPR are hundreds of millions shy of the levels in inventory prior to the SPR withdrawal that took place under the Biden Administration.
  
  At 1:30 pm ET, Brent crude was trading up $0.92 (+1.32%) on the day, landing at $70.50—up more than $3 per barrel from last Tuesday.
  
  WTI was also trading up on the day, by $0.80 (+1.18%) at $68.73—also up more than $3 per barrel from last week’s price.
  
  Gasoline inventories fell in the week ending July 4 by 2.2 million barrels, on top of last week’s 1.920-million-barrel increase in the week prior. As of last week, gasoline inventories were 1% below the five-year average for this time of year, according to the latest EIA data.
  
  Distillate inventories also fell this week, by 800,000 barrels. In the week prior, distillate inventories slipped 3.458 million barrels. Distillate inventories were already a staggering 21% below the five-year average as of the week ending June 27, the latest EIA data shows.
  
  Cushing inventories—the benchmark crude stored and traded at the key delivery point for U.S. futures contracts in Cushing, Oklahoma—rose 100,000 barrels in the week after falling 1.417 million barrels in the week prior. Source: Oilprice.com
- 2025-07-09
  Oil Prices Near 2-Week Highs On OPEC+ Output and U.S. Tariffs
  Oil prices climbed Tuesday, hovering near two-week highs as markets absorbed the impact of a larger-than-expected OPEC+ production increase and ongoing uncertainty around US trade policy. As of mid-afternoon, Brent crude was up 89 cents at $70.47 per... Read more Oil prices climbed Tuesday, hovering near two-week highs as markets absorbed the impact of a larger-than-expected OPEC+ production increase and ongoing uncertainty around US trade policy.
  
  As of mid-afternoon, Brent crude was up 89 cents at $70.47 per barrel, while US West Texas Intermediate rose 80 cents to $68.73. Both benchmarks are on track for their highest close since June 24.
  
  OPEC+ on Saturday approved a 548,000 barrel-per-day (bpd) production hike for August, outpacing the 411,000 bpd monthly increases seen earlier this summer. The move accelerates the rollback of the group’s 2.2 million bpd in voluntary cuts and hints at a similar bump likely to be announced at the group’s next meeting on August 3.
  
  Despite the higher output, tight middle distillate inventories and ongoing Red Sea shipping disruptions have helped keep prices supported. Analysts at Rystad Energy noted that actual physical supply remains tighter than headline production figures suggest.
  
  US trade policy added further volatility. President Trump announced new tariffs on 14 countries, including 25 percent duties on imports from Japan and South Korea, and up to 40 percent for others. Both Japan and South Korea have said they will attempt to negotiate exemptions ahead of the August implementation. The move has raised fears of a global economic slowdown that could dampen oil demand.
  
  Traders are also awaiting weekly US inventory data. The API and EIA are set to report Tuesday and Wednesday, respectively. Analysts expect a draw of 2.8 million barrels from crude stocks for the week ending July 4, which would be the sixth draw in seven weeks.
  
  Looking ahead, analysts at HSBC and Commerzbank both see Brent slipping back to around $65 this fall, as seasonal demand fades and OPEC+ barrels hit the market. Source: Oilprice.com
- 2025-07-09
  EIA's STEO: Geopolitics Push Oil Up, But Glut Still Looms
  Oil prices have inched up, but the EIA says don’t get used to it. The July Short-Term Energy Outlook (STEO) raised its 2025 Brent forecast by $3 to $69/bbl, citing a spike in geopolitical risk from the mid-June Iran nuclear conflict. But that bump is... Read more Oil prices have inched up, but the EIA says don’t get used to it. The July Short-Term Energy Outlook (STEO) raised its 2025 Brent forecast by $3 to $69/bbl, citing a spike in geopolitical risk from the mid-June Iran nuclear conflict. But that bump is expected to be short-lived. With inventories building, the agency sees Brent falling to $58/bbl in 2026—a dollar lower than last month’s projection.
  
  Meanwhile, U.S. crude output is peaking. Production averaged just over 13.4 million bpd in Q2, an all-time high, but is expected to decline slightly through 2026. The EIA expects average U.S. crude production to hold at 13.4 million bpd for both 2025 and 2026.
  
  The U.S. is now free to export ethane to China, following a July 2 rollback of Commerce Department restrictions. That shift led the EIA to dramatically raise its ethane export forecast: 510,000 bpd in 2025 and 640,000 bpd in 2026, up 24% and 107%, respectively, from last month.
  
  Natural gas storage is higher than previously expected. Inventories are forecast to hit 3,910 Bcf by the end of injection season in October, 5% higher than June’s estimate. That extra supply has pushed the EIA’s Henry Hub forecast down to $3.70/MMBtu for 2025 (down 7.5%) and $4.40/MMBtu for 2026 (down 10%).
  
  Despite lower gas prices, the EIA expects U.S. wholesale power prices to climb 12% this summer compared to last, driven by higher year-on-year fuel costs and the risk of heat-driven demand spikes.
  
  On trade, the STEO reflects S&P Global’s baseline: reduced tariffs on Chinese imports but an assumed return to 10% tariffs on other nations after the current 90-day pause expires in July.
  
  Bottom line: Prices may look firm for now, but the fundamentals—especially oil and gas supply—point toward softness ahead.
  
  Source: Oilprice.com
- 2025-07-09
  Saudi Arabia’s Crude Oil Exports Jumped by 400,000 Bpd in April
  Saudi Arabia’s crude exports soared by 412,000 barrels per day (bpd) in April from March, the latest data by the Joint Organizations Data Initiative (JODI) showed on Tuesday. Saudi Arabia, the world’s top crude exporter, saw its exports in April at... Read more Saudi Arabia’s crude exports soared by 412,000 barrels per day (bpd) in April from March, the latest data by the Joint Organizations Data Initiative (JODI) showed on Tuesday.
  
  Saudi Arabia, the world’s top crude exporter, saw its exports in April at an average of 6.17 million bpd, according to the JODI data which compiles self-reported figures from the individual countries.
  
  Crude oil production in Saudi Arabia rose by around 48,000 bpd in April compared to the March production level of 8.96 million bpd.
  
  Domestic refinery intake slumped in April from March, which also freed more barrels for exports.
  
  Since April, Saudi Arabia has been consistently increasing its crude oil production, as the OPEC+ group it leads is unwinding 2.2 million bpd in total oil production cuts.
  
  Since starting to unwind the cuts earlier this year, OPEC+ producers Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman made a small output increase of 138,000 bpd in April and then began to aggressively raise production quotas by 411,000 bpd for each of May, June, and July.
  
  At this weekend’s meeting, the OPEC+ group caught the market by surprise by announcing a larger-than-expected output hike of 548,000 bpd for August.
  
  This exceeded market expectations of another routine 411,000 bpd hike, while the move set the alliance on track to fully unwind 2.2 million bpd cuts nearly a year ahead of schedule. Another production boost of 550,000 bpd for September is expected, and this would allow OPEC+ to unwind all the 2.2 million bpd cuts.
  
  OPEC+ producers still have 1.6 million bpd in other production cuts spread among the group members and expiring at the end of 2026.
  
  Saudi Arabia is thus set to further increase its crude oil production, but its crude oil exports may not be as proportionately high in the summer because the Kingdom uses crude for direct burn at power plants to meet peak air-conditioning demand in the scorching temperatures. Source: Oilprice.com

Buy subscriptions via