Mabux: Global Bunker Prices

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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
1 139.00
+7.00
1 215.00
-45.00
Aug 10
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	1 139.00	+7.00	1 215.00	-45.00	Aug 10

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
613.00	-4.11	782.66	-3.69	1 347.67	-3.71	Aug 13

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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	530	626	-96	655	701	-46	1 215	1 402	-187	Aug 13
Singapore	633	650	-17	842	793	+49	1 220	1 395	-175	Aug 13
Fujairah	610	599	+11	810	733	+77	1 340	1 458	-118	Aug 13
Houston	490	620	-130	715	719	-4	1 265	1 365	-100	Aug 13

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Analytical Section
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Latest News
- 2026-08-13
  Oil falls on weaker demand outlook and higher US stocks
  Oil prices declined on Thursday as investors assessed prospects for weaker global demand this year and higher U.S. crude stocks, though prices found support from a lack of progress in talks over the blockaded Strait of Hormuz and disruptions to supply. Brent... Read more Oil prices declined on Thursday as investors assessed prospects for weaker global demand this year and higher U.S. crude stocks, though prices found support from a lack of progress in talks over the blockaded Strait of Hormuz and disruptions to supply.
  
  Brent futures were down $2.20, or 2.47%, at $86.78 a barrel by 1324 GMT, trimming gains accumulated over the previous six sessions.
  
  U.S. West Texas Intermediate (WTI) crude fell $2.34, or 2.81%, to $80.93 after advancing over the past five sessions.
  
  The large crude stocks build in the U.S. last week is a headwind for prices, said UBS analyst Giovanni Staunovo, adding that the downside should be limited as long as flows through the Strait of Hormuz remain depressed.
  
  U.S. commercial crude oil inventories made their largest weekly gain since January 2023 as exports slumped, data from the Energy Information Administration showed on Wednesday.
  
  Crude inventories rose by 17.4 million barrels to 424.4 million in the week ended August 7, their highest since June 5, the EIA said. A Reuters poll of analysts had predicted a draw of 1.4 million barrels.
  
  Meanwhile, OPEC lowered its world oil demand growth forecast for 2026 to 580,000 barrels per day in its monthly oil market report.
  
  The IEA said it expected a contraction of 1.6 million bpd in consumption this year, versus a forecast of 1 million bpd last month, with demand curtailed by higher prices and restricted supply due to the U.S.-Israeli war with Iran.
  
  Supply disruptions in the Middle East and the Black Sea region continued to support oil prices, with the U.S. and Iran making competing claims over the Strait of Hormuz.
  
  The strait is "under Iran’s control and management", the recently appointed head of Iran’s Basij paramilitary unit said on Thursday, a day after U.S. President Donald Trump said the United States had "total control" of the strategic waterway.
  
  Strait of Hormuz vessel crossings excluding container ships dropped to five on Wednesday, their lowest in three weeks, Kpler shipping data showed.
  
  Adding to market tightness, Russia’s seaborne oil product exports in July dropped by 33.3% on a daily basis from June and 54.7% from the same month a year ago to 3.93 million metric tons after Ukrainian drone attacks led to unplanned maintenance at key domestic refineries, industry sources said and Reuters calculations show. Source: Reuters/Investing.com
- 2026-08-13
  Alkagesta adds EU ETS scheme to its carbon markets trading offer
  Commodity trader Alkagesta has added the European Union’s Emissions Trading System (EU ETS) to its carbon markets offering. In a statement sent to ship.energy today (13 August), the company added that it will also include the expanded ETS2 which will... Read more
- 2026-08-13
  Norden reports Q2 $101 million net profit, despite one-off costs related to Middle East conflict
  Dry bulk and tanker operator Norden has posted a net profit of $100.8 million in Q2 2026, compared to $52 million in Q2 2025. The year-on-year profit boost was achieved despite the company incurring $30 million in one-off costs related to the Persian... Read more
- 2026-08-13
  Maersk posts hike of almost 10% in H1 bunker costs
  A.P. Moller – Maersk has announced that its bunker costs for the first six months of 2026 increased by 9.9% year-on-year (y-o-y) to $3.5 billion. In its Q2 results statement published today (13 August), the company said that the hike had been ‘driven... Read more
- 2026-08-13
  Rotterdam Harbour Master issues additional information on use of mass flow meters
  In a letter to bunker licence holders and bunker barge captains, René de Vries, Harbour Master at the Port of Rotterdam, notes that the start-up phase of the mandatory use of mass flow meters (MFM) at the port, which began on 1 January this year, ‘can... Read more
- 2026-08-13
  Énestas and Power LNG sign strategic partnership to develop LNG infrastructure at Port of Galveston
  Mexican LNG infrastructure company Énestas and Power LNG have signed a strategic partnership to accelerate the development of LNG infrastructure at the Port of Galveston, Texas, U.S. Under the agreement, Énestas will provide capital, LNG transportation... Read more
- 2026-08-13
  Oil drops on lower demand forecasts despite deadlock in US-Iran talks
  Oil prices fell more than $1 on Thursday as forecasters lowered global oil demand projections for 2026 because of the disruptions from the U.S.-Israeli war on Iran, though the supply constraints from the conflict provided a floor for the market. Brent... Read more Oil prices fell more than $1 on Thursday as forecasters lowered global oil demand projections for 2026 because of the disruptions from the U.S.-Israeli war on Iran, though the supply constraints from the conflict provided a floor for the market.
  
  Brent futures dropped $1.29, or 1.5%, at $87.69 a barrel by 0100 GMT. U.S. West Texas Intermediate (WTI) crude fell $1.30, or 1.6%, to $81.97.
  
  The Organisation of Petroleum Exporting Countries lowered its world oil demand growth forecast for 2026 to 580,000 barrels per day in its monthly oil market report on Wednesday.
  
  On the same day, the International Energy Agency said it expects a 1.6 million bpd contraction in consumption this year, down from a forecast of 1 million bpd last month, because of restricted fuel supplies and higher prices from the U.S.-Israeli war on Iran that have curtailed demand.
  
  Oil prices were also under pressure from a surprise build in U.S. commercial crude oil inventories, which posted their largest weekly gain since January 2023 last week as exports slumped, the Energy Information Administration said on Wednesday.
  
  Crude inventories rose by 17.4 million barrels to 424.4 million barrels in the week ended August 7, their highest since June 5, the EIA said, compared with analysts’ expectations in a Reuters poll for a 1.4 million-barrel draw.
  
  Still, the deadlocked talks between Iran and the U.S. to end the war in the Gulf have kept prices elevated.
  
  A senior Iranian source said on Wednesday that there had been no progress in talks to revive the interim deal agreed in June and define a time frame to implement it.
  
  Attacks on shipping in the Strait of Hormuz and the Bab el-Mandeb Strait on Tuesday, two crucial export routes for Middle Eastern oil and gas, highlight the risks that remain for crude supply from the region.
  
  "The safety situation for navigation in these waters has further deteriorated, forcing vessels to turn off their signals, which reduces transparency in shipping and makes it more difficult for the market to track and assess actual supply levels," analysts at Haitong Futures said in a note. Source: Reuters/Investing.com
- 2026-08-13
  EIA Sees 600,000 Bpd of Middle East Oil Still Offline by End-2027
  The longer-than-expected closure of the Strait of Hormuz means that some part of the oil production in the Middle East will remain shut in through the end of next year, the U.S. Energy Information Administration (EIA) said in its latest Short-Term Energy... Read more The longer-than-expected closure of the Strait of Hormuz means that some part of the oil production in the Middle East will remain shut in through the end of next year, the U.S. Energy Information Administration (EIA) said in its latest Short-Term Energy Outlook (STEO) this week.
  
  The renewed tensions in the Middle East that began in late July and have been simmering so far in August will keep traffic at Hormuz severely constrained through this month, which has prompted the EIA to hike its third-quarter oil price forecasts as lower supply would further deplete global inventories.
  
  Currently, the administration sees oil flows through the Strait of Hormuz to begin slowly increasing in September, and production shut-ins in the region to further ease.
  
  Most of the crude oil production in the Middle East is expected to return to near pre-conflict averages in early 2027. However, some output of about 600,000 barrels per day (bpd) will continue to be offline through the end of 2026, the EIA reckons.
  
  This forecast is based on the assumption that oil shipments through the Strait of Hormuz will remain severely constrained through August, with flows slowly increasing in September.
  
  The EIA, however, does not expect that the Houthi threats to ships transporting Saudi crude oil through the Bab el-Mandeb Strait have resulted in any additional shut-ins of crude oil production.
  Related: EIA Sees Massive Uptick in US Crude Oil Inventories
  
  “If these assumptions hold, we expect it will take until early 2027 for production and trade patterns to generally return to pre-conflict status,” the EIA said in its monthly outlook published on Tuesday.
  
  “We anticipate nonetheless that some producers around the Persian Gulf will not be able to bring oil output back to pre-conflict averages during the STEO forecast period.”
  
  The EIA estimates that shut-ins among the Middle East producers averaged 5.5 million bpd in July, nearly halved from the 10.1 million bpd shut-ins on average during the March-May period.
  
  Shut-ins in the third quarter are now seen at an average of 6.72 million bpd, higher than in the July STEO, as traffic at the Strait of Hormuz has plunged in recent weeks to more than a two-month low.
  
  Of note is that the United Arab Emirates (UAE), which quit OPEC on May 1, had fully restored its crude oil production as early as June, while all other Gulf oil producers still had some part of their supply curtailed as of July, including 2.3 million bpd in Saudi Arabia, 1.96 million bpd in Iraq, and 1.05 million bpd in Kuwait.
  
  The UAE has managed to boost its oil exports to pre-crisis levels, as it has kept pushing crude through the Strait of Hormuz and outside it. Abu Dhabi National Oil Company (ADNOC) has offered nearly 100 million barrels of crude in spot tenders since June and is increasing its production to record highs, thanks to the workarounds to shuttle crude through Hormuz to load it on larger vessels outside the Strait, maximize the use of its onshore pipeline to ship crude from the west to the east of the country, bypassing Hormuz, and ship tankers through the Strait in dark mode.
  
  The EIA sees shut-ins in the Middle East easing to just 1.68 million bpd in the first quarter of 2027. These are set to gradually decline, but about 600,000 bpd could still be off the market by the end of 2027.
  
  Due to the continued constraints at Hormuz, the EIA hiked its forecast for the Brent crude oil spot price by $11 per barrel from the July outlook and now sees Brent Crude averaging around $85 per barrel in the third quarter.
  
  Early on Wednesday in Asian trade, Brent traded at about $89 per barrel, rising this week amid fading hopes of U.S.-Iran talks on a deal to reopen the Strait of Hormuz.
  
  Of course, all these assumptions by the EIA and other analysts could quickly become irrelevant if re-escalation or de-escalation in the Middle East region changes the oil flows picture again, as it has been doing for five and a half months now. Source: Oilprice.com
- 2026-08-13
  MABUX: Global bunker market may turn into a phase of irregular changes on Aug.13 amid continued uncertainty over the Strait of H
  The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — extended its upward trend on Aug. 12 for the fourth consecutive session: 380 HSFO: USD/MT: 617.11 (+10.48) VLSFO: USD/MT: 786.35 (+9.78) MGO:... Read more The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — extended its upward trend on Aug. 12 for the fourth consecutive session:
  
  380 HSFO: USD/MT: 617.11 (+10.48)
  VLSFO: USD/MT: 786.35 (+9.78)
  MGO: USD/MT: 1 351.38 (+24.02)
  
  As of Aug. 12, the MABUX Market Differential Index (MDI), which tracks the spread between Market Bunker Prices (MBP) and the MABUX Digital Bunker Benchmark (DBP), registered the following trends across the four major global bunkering hubs—Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: Fujairah remained the only overvalued port in this fuel segment, with its premium narrowing by another $2. The other three ports stayed undervalued, with discount levels narrowing by $2 in Rotterdam, $14 in Singapore and $3 in Houston. Houston's MDI remained above the $100 mark.
  
  • VLSFO segment: Rotterdam and Houston were in the undervalued zone. Rotterdam's discount widened by $5, while Houston's MDI was unchanged. Singapore and Fujairah remained overvalued, with the premium increasing by $2 in Singapore and narrowing by $1 in Fujairah.
  
  • MGO LS segment: All four ports remained undervalued. Discount margins declined by $20 in Rotterdam, $33 in Singapore, $10 in Fujairah, and $1 in Houston. MDIs in Rotterdam, Singapore and Fujairah stayed above the $100 mark.
  
  MABUX expects the Global bunker market turn into a phase of irregular changes on Aug. 13 amid continued uncertainty surrounding the Strait of Hormuz: 380 HSFO: plus-minus 2-5 USD/MT, VLSFO: plus-minus 2-5 USD/MT, MGO LS: plus-minus 5–25 USD/MT.
  Source: MABUX
- 2026-08-13
  5 LNG Megaprojects Poised to Power the Next Gas Boom
  The war between the US and Iran has driven up natural gas prices, particularly in Europe and Asia. Asia accounts for nearly 90% of liquefied natural gas (LNG) shipments from key Middle East producers like Qatar and the UAE, while Europe imports 7-11%... Read more The war between the US and Iran has driven up natural gas prices, particularly in Europe and Asia. Asia accounts for nearly 90% of liquefied natural gas (LNG) shipments from key Middle East producers like Qatar and the UAE, while Europe imports 7-11% of its LNG from the region.
  
  During spring 2026 missile and drone attacks, Iranian strikes hit Ras Laffan LNG Trains 4 & 6, and Pearl GTL Train 2. Ras Laffan owner QatarEnergy estimates repairs to the two units will sideline about 12.8 million tonnes per year of LNG capacity for three to five years.
  
  Pearl GTL Train 2 co-owners Qatar Energy and Shell (NYSE:SHEL) anticipate the train will require a year-long outage for repairs.
  
  According to the Platts Commodities Focus podcast by S&P Global Energy, what began as rising geopolitical tension in the Middle East quickly turned into a supply chain concern, especially once shipping through the Strait of Hormuz was disrupted, a key route for Qatari exports.
  
  According to Shell’s LNG Outlook 2026, global demand for LNG is expected to increase to nearly 700 million tonnes a year by 2050, 65% higher than 2025 levels, as countries continue to prioritize flexible and reliable energy security offered by natural gas and LNG.
  
  Will the next generation of liquefied natural gas projects be enough to satisfy blockbuster demand? And who will be the suppliers? Oilprice.com has identified the five largest LNG projects under development. They appear in no particular order.
  
  Qatar is moving forward with a major expansion of its North Field gas project. QatarEnergy earlier this year awarded US oilfield services company Baker Hughes (NASDAQ:BKR) a contract for the North Field West Project. The contract covers equipment for two LNG “mega trains”, including six gas turbines, 12 centrifugal compressors and integrated power systems, which are central to gas liquefaction. According to Euronews, the North Field West project forms part of Qatar's broader strategy to increase LNG production capacity from 77 million tonnes to 142 million tonnes per year once all expansion phases are completed. The NFW phase alone is expected to add around 16 million tonnes per year through two new production lines. QatarEnergy has already awarded engineering, procurement and construction (EPC) contracts for the project to an international consortium, with first output expected towards the end of the decade.
  Designed to bring natural gas from Alaska’s North Slope to Alaskan and global markets, Alaska LNG is being developed by Glenfarne Group through Glenfarne Alaska LNG. Glenfarne is the 75% owner in partnership with the State of Alaska, which owns 25%. Phase 1 involves construction of a 739-mile, 42-inch pipeline to deliver natural gas from the North Slope to meet Alaska’s domestic energy needs. Phase 2 entails construction of the LNG liquefaction facility and related infrastructure in Nikiski, bringing the total pipeline length to 807 miles. This week, my Oilprice colleague Alex Kimani reported that Glenfarne Group is talking to two more potential buyers in a bid to secure offtake agreements for another 3 million metric tons of LNG before the company makes a final investment decision (FID). Glenfarne Group says it requires 80% of its 20-million-ton target capacity covered before making its FID, having secured offtake agreements for more than 13 million tons so far.
  Argentina LNG centers on monetizing vast shale gas reserves from the Vaca Muerta basin via the Gulf of San Matías in Río Negro province. The multi-billion-dollar effort combines a near-term floating LNG (FLNG) project targeted for 2027 with a larger 12-30 mtpa land-and-sea export buildout. Led by a partnership including Pan American Energy and Golar LNG, this smaller project utilizes the Hilli Episeyo FLNG unit. It targets an initial capacity of 2.45 mtpa. State-controlled YPF, alongside partners Eni and UAE-based XRG, is advancing a larger 12 to 30-mtpa venture. An FID is eyed for late 2026, with targeted initial shipments around 2030-31. Dedicated pipelines are planned from Vaca Muerta to the Atlantic coast, bolstered by a $70 million, 10-year marine services agreement awarded to India’s Adani Ports and the Meridian Group.
  The Rio Grande LNG Project is a massive liquefied natural gas export terminal being built by NextDecade Corporation on a nearly 1,000-acre site at the Port of Brownsville in South Texas. Designed with a multi-train layout, the facility aims to supply up to 48 million tonnes per annum of natural gas to global markets. Construction on Trains 1 and 2 has reached over 74% completion, with first LNG production expected in the first half of 2027. FID and funding for Train 4 and Train 5 were secured in late 2025, backed by major global energy buyers like TotalEnergies, ADNOC, Aramco, and ConocoPhillips (NYSE:COP). The site has capacity for up to 10 trains total, with regulatory pre-filing underway for a Train 6. Natural gas supply is routed via feeder networks, including expansions like the Enbridge Bay Runner and Blackcomb pipelines connecting the Permian Basin to South Texas. The deep-draft Brazos Island Harbor Channel Project was completed to accommodate large LNG cargo carriers coming through the Brownsville ship channel.
  The Port Arthur LNG project is a massive $25 billion natural gas export facility located on the Gulf Coast in Jefferson County, Texas. Developed by Sempra Infrastructure, the multi-phase project provides a total nameplate export capacity of approximately 26 million tonnes per annum. Under construction since 2023 as a joint venture with ConocoPhillips, featuring two liquefaction trains and two storage tanks, Train 1 commercial operations begin in 2027, and Train 2 follows in 2028. An FID has been reached on a Phase 2, $12-14 billion expansion adding two more liquefaction trains (Trains 3 and 4) to double overall capacity. Train 3 is scheduled for 2030 and Train 4 for 2031. Port Arthur LNG will ultimately have four liquefaction trains, three LNG storage tanks and two marine berths. Bechtel is serving as the engineering, procurement and construction (EPC) contractor. Phase 1 capacity is fully subscribed with global buyers including ConocoPhillips, RWE, PKN Orlen, INEOS and Engie. Source: Oilprice.com

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