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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
1 160.00
+171.00
1 260.00
+38.00
Jul 20
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	1 160.00	+171.00	1 260.00	+38.00	Jul 20

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
664.92	+14.82	814.54	+23.04	1 309.82	+29.34	Jul 23

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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	580	656	-76	720	739	-19	1 260	1 378	-118	Jul 23
Singapore	625	682	-57	865	836	+29	1 245	1 371	-126	Jul 23
Fujairah	625	632	-7	840	778	+62	1 420	1 434	-14	Jul 23
Houston	573	645	-72	748	748	0	1 245	1 319	-74	Jul 23

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Latest News
- 2026-07-23
  Oil prices top $100 a barrel after Houthis attack Saudi tankers in Red Sea
  Oil prices surged on Thursday, with the global benchmark topping $100 a barrel, as Iran-aligned Houthi militants in Yemen said they had struck two Saudi oil tankers in the Red Sea. At 09:16 ET (13:16 GMT), Brent crude futures expiring in September... Read more Oil prices surged on Thursday, with the global benchmark topping $100 a barrel, as Iran-aligned Houthi militants in Yemen said they had struck two Saudi oil tankers in the Red Sea.
  
  At 09:16 ET (13:16 GMT), Brent crude futures expiring in September jumped 6.3% to $100.06 a barrel, surpassing that level for the first time since May 26. U.S. West Texas Intermediate (WTI) crude futures expiring in September climbed 4.8% to $90.95 a barrel.
  
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  The Houthis said they targeted the Saudi tankers after accusing them of violating a recently announced maritime blockade, raising fears of deeper supply disruptions across key Middle East shipping routes. Saudi authorities have not confirmed any damage, but the attack was the latest indication of a widening conflict that could threaten global oil shipping.
  
  Earlier this week, the Houthis claimed they would seek to block Saudi-linked vessels from sailing through the Bab el-Mandeb Strait, a busy energy transit chokepoint which connects the Red Sea to the Gulf of Aden.
  
  Any sustained disruption could force tankers to reroute around southern Africa, lengthening voyages and increasing freight costs. Several Saudi crude tankers bound for India and China altered course earlier this week following Houthi warnings.
  
  President Donald Trump criticized the Houthis in a post on social media.
  
  "A year ago the United States of America attacked, very powerfully, the Houthis, for their interference with commerce and trade, by shooting at ships. Since that time, and during our conflict with Iran, they have acted very responsibly. Unfortunately, now they are starting up again, shooting at two Saudi Arabian ships last night," Trump said.
  
  "If they do this again, the U.S. will hold Iran responsible, in that the Houthis are a Surrogate and/or Proxy of Iran, and major military punishment will be inflicted upon Iran and, of course, the Houthis, themselves, who I am very disappointed with in that they have, until now, acted very professionally and smart," he added.
  
  Meanwhile, the U.S. military completed a new round of strikes on Iran, marking a 12th successive night of attacks, adding to uncertainty around traffic through the Strait of Hormuz. Iran’s Islamic Revolutionary Guards Corps said an explosion occurred along a mined shipping route south of the Strait of Hormuz, adding that one of three oil tankers caught fire while the remaining two vessels reversed course.
  
  Iran has continued to respond to the U.S. strikes, with the IRGC claiming responsibility for attacks on U.S. military targets in Kuwait. Tehran also said it had control over the Strait of Hormuz and that the waterway was "fully closed," warning that oil tankers would not be permitted to transit without prior coordination with Iranian authorities.
  
  Together, the Strait of Hormuz and Bab el-Mandeb Strait handle a significant share of seaborne crude shipments, making them closely watched by energy markets. Traders are focused on transportation risks, rising insurance costs and the possibility of further attacks on tankers or energy facilities.
  
  “[T]he geopolitical situation continues to deteriorate as a second front opens in the Middle East war [...] while Trump remains stuck, unwilling to escalate to the extent needed to alter conditions on the ground [...], incapable of simply leaving, and unable to tolerate the status quo in perpetuity,” analysts at Vital Knowledge said in a note.
  
  Elsewhere, the U.S. government data showed an unexpected build in crude inventories. The U.S. Energy Information Administration said commercial crude inventories rose by 2.0 million barrels to 411.7 million barrels in the week ended July 17, compared with market expectations for a draw.
  
  Gasoline inventories increased by 0.8 million barrels and distillate stockpiles rose by 1.4 million barrels, while total commercial petroleum inventories climbed 11.6 million barrels. Source: Investing.com
- 2026-07-23
  DP World to develop two new terminals in Fujairah
  Dubai-headquartered DP World has announced it has reached an agreement in principle with the Fujairah Ports Authority under a 50-year concession to develop two new terminals on the UAE’s east coast — the Al Rugaylat container and multi-purpose terminal,... Read more
- 2026-07-23
  U.S. EPA transmits Californian maritime emissions waivers to Congress
  The U.S. Environmental Protection Agency (EPA) has transmitted to Congress the state of California’s Ocean-Going Vessels At Berth and Commercial Harbor Craft waivers. In a statement issued yesterday (22 July), the EPA said that two regulations – which... Read more
- 2026-07-23
  Port of Long Beach signs MoC with the U.S Maritime Administration to study nuclear energy for ship propulsion
  The Port of Long Beach has signed a Memorandum of Cooperation (MoC) with the U.S. Maritime Administration (MARAD) to study the safe deployment of small modular reactors for ship propulsion. In a post on LinkedIn yesterday (22 July), the port said the... Read more
- 2026-07-23
  Strait of Hormuz challenges drive up H1 oil throughput at Port of Rotterdam
  Total throughput at the Port of Rotterdam rose by 0.4% in the first six months of 2026, while oil and oil product volumes increased by 4.7% as a result of the closure of the Strait of Hormuz. In its announcement of H1 throughput data, the Port notes... Read more
- 2026-07-23
  The International Electric Maritime Association (IEMA) has joined the SASHA Coalition.
  The SASHA Coalition – whose acronymic name is derived from ‘Skies and Seas Hydrogen-fuels Accelerator’ – was established in 2022 in order to promote the use of green hydrogen in decarbonising both aviation and shipping. In a statement posted on LinkedIn... Read more
- 2026-07-23
  Gibraltar sees another strong month for bunker calls
  The 553 calls for marine fuel in Gibraltar last month was the second-highest total of the year to date. Last month’s total was 81 more than the 472 that was recorded in June 2025, though down on the record 599 calls that were registered in May, data... Read more
- 2026-07-23
  GAZ-SYSTEM reveals name of first FSRU
  Poland’s gas transmission and infrastructure company GAZ-SYSTEM has announced that the first of its floating storage and regasification units (FSRU), which will be situated in the Bay of Gdańsk, is to be called Solidarity. ‘Europe has learned its lesson... Read more
- 2026-07-23
  Global Refiners Are Cutting Out Oil Traders To Buy Venezuelan Crude Directly
  Commodity traders are having the rug pulled out from under one of their biggest paydays yet as refiners start bypassing oil and traders and buying Venezuelan crude directly, according to Reuters. Refiners and major oil-producing firms are rapidly gaining... Read more Commodity traders are having the rug pulled out from under one of their biggest paydays yet as refiners start bypassing oil and traders and buying Venezuelan crude directly, according to Reuters. Refiners and major oil-producing firms are rapidly gaining market share in Venezuelan crude by locking in direct supply contracts with state-run Petróleos de Venezuela, S.A. (PDVSA), bypassing the global middlemen and commodity trading houses such as Trafigura and Vitol that previously dominated the space. Six months after traders reopened Venezuela’s oil market, Phillips 66 (NYSE:PSX) and India’s Reliance Industries have already signed direct supply agreements, with Valero (NYSE:VLO) and Thailand’s Tipco expected to follow.
  
  Previously, Vitol and Trafigura enjoyed first-mover advantage, managing to become dominant in Venezuelan crude marketing because of their exclusive U.S. government licenses, pre-existing logistical infrastructure and historical ties to PDVSA. Following major political shifts in Venezuela in January, the U.S. administration brokered a deal to manage and sell the country's oil. The U.S. Department of the Treasury issued special, long-term licenses specifically to Vitol and Trafigura until June 2027, effectively giving the traders a temporary monopoly. The pair collectively moved more than 100 million barrels of crude over a six-month period while other global firms remained legally locked out.
  
  Their unmatched logistics also gave them a clear upper hand. After all, global trading houses have the fleet capacity and global reach to quickly deploy tankers and reroute large volumes of crude. They could absorb massive storage and shipping costs in a difficult market, using floating storage facilities in places like Malaysia to break up bulk shipments. When the ongoing war in Iran disrupted Middle Eastern supply chains, Vitol and Trafigura quickly diverted heavy Venezuelan grades like Merey 16 to major Asian refining hubs in India, South Korea, and Malaysia at narrower discounts.
  
  Unfortunately for Vitol and Trafigura, that access monopoly has begun to evaporate.
  
  PDVSA is now actively restoring its pre-2019 business model, which prioritizes direct supply contracts with refiners and joint-venture partners over intermediaries. After a seven-year hiatus, Phillips 66 has resumed purchasing spot cargoes directly from PDVSA. In July, the company was directly allocated three cargoes of Merey 16, a heavy sour crude grade that suits its U.S. Gulf Coast refining system.
  
  By eliminating intermediaries, PDVSA is able to raise its realized price by avoiding paying reseller premiums, reshaping Gulf Coast refining economics.
  
  Similarly, Chevron Corp.(NYSE:CVX) has significantly expanded its Venezuelan oil exports, recently hitting an average of 293,000 barrels per day (bpd) in the second quarter, up from 223,000 bpd earlier in the year. This ramp-up coincides with the company’s uptick in shipments to U.S. Gulf Coast refiners, along with its moves to secure assets and drilling deals in the Orinoco Oil Belt. Chevron and PDVSA finalized an asset swap that increased Chevron's stake in the Petroindependencia JV to 49% and granted development rights to new areas in the Orinoco Oil Belt.
  
  The U.S. Oil & Gas major aims to steadily expand its JV output, competing directly with global trading houses for a larger slice of Venezuela's total crude exports, which have risen to over 1.2 million bpd. Analysts estimate that maximizing these export and production capabilities could add up to $700 million annually to Chevron's operating cash flow, according to Bloomberg back in January.
  
  Reliance Industries, India’s top refiner, has also begun direct purchases of Venezuelan crude to complement the volumes it previously had to source through intermediaries. Back in April, Reliance loaded a 2-million-barrel cargo of heavy Venezuelan crude directly from PDVSA, navigating terms controlled by the U.S. Treasury Department.
  
  Meanwhile, European energy majors have followed suit: Spain's Repsol (OTCQX:REPYY) and Italy's Eni S.p.A. (NYSE:E) both expanded direct liftings of Venezuelan crude to supply their European refining operations. The two companies are using this to offset billions in receivables accumulated from supplying the domestic Venezuelan market with gas and diluents. Eni and Repsol co-manage the Cardón IV project and are actively pursuing agreements to sustain and expand domestic gas supply, with long-term ambitions for LNG exports.
  
  That said, the ongoing revival of the Venezuelan oil trade has hardly been smooth-sailing, with the South American country facing a severe shortage of functional oilfield services and drilling equipment. Rystad Energy estimates that while a 17% crude production increase is technically possible by 2028, real operational limits are dictating the actual pace of recovery. Backed by U.S. regulatory clearance, Venezuela’s total oil and fuel exports climbed past 1.2 million barrels per day in mid-2026, up from an average of 847,000 bpd in 2025, and now eyeing 1.37 million bpd by the end of the year. Source: Oilprice.com
- 2026-07-23
  Houthi Red Sea Blockade Could Shatter Hopes for Lower Oil Prices
  Renewed Houthi blockade of Saudi Red Sea ports threatens up to 4 million bpd of redirected Saudi crude exports, adding fresh supply risks as the Strait of Hormuz remains effectively disrupted The latest reignition of hostilities between the United... Read more Renewed Houthi blockade of Saudi Red Sea ports threatens up to 4 million bpd of redirected Saudi crude exports, adding fresh supply risks as the Strait of Hormuz remains effectively disrupted
  
  The latest reignition of hostilities between the United States and Iran led to a spike in oil prices that, contrary to some observers’ expectations proved to be temporary. After jumping, prices once again moved lower, driven by hope for peace. Yet the recent announcement by Yemen’s Houthis that they would blockade Saudi Arabia’s Red Sea ports may change that.
  
  The Houthis declared what they termed a naval blockade on neighbor Saudi Arabia on Monday, expanding the war and threatening the flow of over 4 million barrels daily in Saudi crude that Riyadh redirected from the Strait of Hormuz to the Red Sea. That redirection played a significant part in quelling trader fears of an oil shortage—which is exactly what makes the potential success of the Houthi blockade so bullish for prices.
  
  “After oil prices moved higher on escalating U.S.-Iran tensions last week and the resulting slowdown in Hormuz transits, traders are watching for catalysts that would justify a further rally,” Energy Aspects co-founder and executive director Richard Bronze said this week, as quoted by Reuters. “The Houthis resuming maritime attacks and effectively shutting the Bab el-Mandeb would certainly qualify,” Bronze added.
  Related: Europe Heads Into Winter With Its Weakest Gas Cushion In 15 Years
  
  ING’s commodity analysis team, meanwhile, reported that several tankers have already changed course to avoid passing through the Bab el-Mandeb Strait to avoid possible Houthi attacks. “This would force tankers to enter and exit the Red Sea via the Suez Canal, adding significant time and expense to voyages to Asia,” Warren Patterson and Ewa Manthey wrote.
  
  This will inevitably lead to higher oil prices—and prices are already quite high, when viewed in a broader context. Saxo Bank reported last week, citing Bloomberg data, that crude oil had gone up by as much as 65% in the year to date. Over the 12 months to July, Brent crude and West Texas Intermediate are both up by over 50%. Prices, therefore, are pretty high compared to a year ago even if they are not in three-digit land. But if the Houthi blockade succeeds in redirecting traffic away from Bab el-Mandeb, they could still move higher—and stay there as the physical market tightens further,
  
  Reuters noted in a recent report that some 7 million barrels daily and more pass through the Bab el-Mandeb Strait. Compared to pre-war daily traffic of around 20 million barrels for the Strait of Hormuz, this is not a lot. Yet this is no pre-war time, and with Hormuz shut down again, Bab el-Mandeb has become a much more significant gateway for Middle Eastern oil to the world, and especially Asia. If the Red Sea chokepoint gets shut down, that hope for a U.S.-Iran peace that has been pressuring oil would be put to a major test.
  
  “The impact is going to be massive in the first month,” Kpler commodity research director Matt Smith said this week, as quoted by Reuters. “The biggest impact is going to be on Saudi flows.”
  
  “If they really stop and severely hinder those barrels through the Red Sea, that is going to have an impact on oil prices as well as refined product prices,” Stratas Advisors president John Paisie told the publication. “It undermines the whole global economy. At some point, you could have a global recession.”
  
  The fact that the prospect of a global recession is once again on the table after just weeks ago everyone in analysis seemed convinced a final peace deal is only a matter of time demonstrates how unstable the situation is in the Middle East. Because of that instability, oil price volatility may yet grow as traders realize hopes are one thing, but the physical reality is quite another, and needs a lot of oil that may not be as readily available as previously assumed, not least because it’s not only Middle Eastern supply that has been disrupted.
  
  “The disruptions facing the market don’t end in the Middle East,” ING’s Patterson and Manthey wrote in a note today. “In the Black Sea, Russia’s CPC terminal has stopped receiving oil from Kazakhstan, with loadings suspended following ongoing attacks on tankers. The longer the suspension drags on, the greater the likelihood that Kazakhstan will be forced to curb upstream production.” Kazakhstan shipped 1.7 million barrels of crude daily via the CPC. On top of the potential choking of 3-4 million barrels of Saudi oil by the Houthis, this is quite a lot of unavailable oil.
  
  The latest supply squeeze could arguably have come at a worse time but not by much. With governments having already released several hundred million barrels of crude from inventory to keep a lid on retail fuel prices, storage levels are down—in some cases to critical levels. These need to be replenished, but with tighter instead of more abundant supply, this is going to be difficult.
  
  Source: Oilprice.com

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