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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
985.00
-73.00
1 070.00
-10.00
May 27
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	985.00	-73.00	1 070.00	-10.00	May 27

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
710.49	-5.69	843.06	-4.51	1 275.83	-10.46	May 29

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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	605	658	-53	703	730	-27	1 070	1 175	-105	May 29
Singapore	618	686	-68	780	816	-36	1 060	1 168	-108	May 29
Fujairah	658	631	+27	770	777	-7	1 495	1 231	+264	May 29
Houston	678	662	+16	765	767	-2	1 105	1 155	-50	May 29

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Analytical Section
- Daily and Weekly Bunker analyses and Future Curves
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Latest News
- 2026-05-29
  IMO inviting nominations for Expert Workshop on fuel chain of custody models
  The International Maritime Organization’s (IMO) Secretary-General Arsenio Dominguez is inviting nominations of experts for the ad hoc Expert Workshop on chain of custody models for fuel supply chain traceability (GHG-EW 7) that is scheduled to take place... Read more
- 2026-05-29
  Copenhagen Malmö Port appoints new CEO
  Kristian Durhuus will officially take over as CEO of Copenhagen Malmö Port (CMP) on Monday (1 June). Durhuus, who stepped down from his position as CEO of Danish ferry company Molslinjen earlier this year, succeeds Barbara Scheel Agersnap, who left... Read more
- 2026-05-29
  KN Energies appointed to advise on Gulf of Gdańsk FSRU project
  Terminal operator KN Energies has been awarded a contract by GAZ-SYSTEM S.A. to provide commercial and operational advisory services for a floating storage and regasification unit (FSRU) project in the Gulf of Gdańsk in Poland. The first stage of the... Read more
- 2026-05-29
  Platts proposes to launch Mediterranean 0.10% ULSFO bunker fuel assessments
  Platts intends to begin daily 0.10% sulphur Ultra Low Sulphur Fuel Oil (ULSFO) bunker assessments for Algeciras, Malta and Istanbul, starting on 1 September this year. The move is in response to an increase in demand for Emissions Control Area (ECA)... Read more
- 2026-05-29
  Oil falls over 1% on reports of potential US-Iran ceasefire deal
  Oil futures fell more than 1% on Friday and were on track for their steepest weekly decline since early April, following reports that the U.S. and Iran had agreed to extend a ceasefire, though it had yet to be finalised. Brent crude futures for July... Read more Oil futures fell more than 1% on Friday and were on track for their steepest weekly decline since early April, following reports that the U.S. and Iran had agreed to extend a ceasefire, though it had yet to be finalised.
  Brent crude futures for July fell 1.1% or $1.04 to $92.67 a barrel at 0330 GMT. U.S. oil futures fell $1.26, or 1.4%, to $87.64 a barrel. Brent plunged 10.5% this week - the steepest plunge since the week that ended on April 6, while WTI fell 9.2% - the biggest weekly loss since the week that ended on April 13.
  The U.S. and Iran reached an agreement on Thursday to extend a ceasefire and lift restrictions on shipping through the Strait of Hormuz, sources told Reuters, though U.S. President Donald Trump has yet to approve it and Iranian state media said it had not been finalised.
  "Consensus remains the conflict is over, and a deal is coming. As long as this narrative holds, crude oil has room to extend its decline toward trendline support in the low $80s," IG analyst Tony Sycamore said.
  Prices have been volatile in recent sessions, swinging by as much as $6 for both benchmarks on conflicting signals over a possible end to the three-month U.S.-Israeli war on Iran and the potential reopening of the Strait of Hormuz - a key conduit for roughly a fifth of the world’s oil and liquefied natural gas supplies.
  
  Traffic through the maritime chokepoint remains a small fraction of the pre-war level. Analysts at ING said a reopening of the strait would offer some immediate relief to the oil market, but a recovery is still uncertain.
  "Upstream oil production has fallen significantly since the war, with producers shutting in production in order to manage storage constraints," ING said in a note. "The recovery in upstream production will be gradual rather than immediate."
  "Refineries in the region need to ramp up output. This will take time, given that some of this infrastructure was targeted in attacks earlier in the conflict." Source: Reuters/Investing.com
- 2026-05-29
  U.S. Crude Exports Surge To All-Time Highs Amid SPR Releases
  Oil prices have pulled back sharply from recent highs, suggesting that the market was optimistically pricing in at least a partial reopening of the Strait of Hormuz and an eventual normalization, following positive statements from the US. According to... Read more Oil prices have pulled back sharply from recent highs, suggesting that the market was optimistically pricing in at least a partial reopening of the Strait of Hormuz and an eventual normalization, following positive statements from the US. According to commodity analysts at Standard Chartered, these statements were met with heavy algo-selling despite contradictory messaging from the U.S. and Iran, with Washington maintaining its aggressive rhetoric, tightening balances and accumulating lost barrels. Brent crude for July delivery fell 0.6% to trade at $93.73 per barrel at 13.40 pm ET, down more than $12 per barrel from Friday’s intraday high of $106.13/bbl. Oil prices remain largely headline-driven, taking direction from escalations and de-escalations of the U.S.-Iran conflict in the near term. However, another hidden catalyst has been driving oil prices lower–surging exports. U.S. crude and petroleum exports recently spiked to an all-time record of nearly 12.9 million barrels per day (bpd), driven by massive drawdowns from the Strategic Petroleum Reserve (SPR). The rolling four-week average also hit an all-time high of 5.57mb/d for the week ended 15th May.
  
  The U.S. has effectively become the world’s last-resort crude supplier, with exports of crude alone briefly hitting a record 6.4 million bpd. An armada of tankers continues to pull barrels toward Europe and Asia, where countries are seeking alternatives to Middle Eastern oil following the blockade at the Strait of Hormuz. To help offset global shortages, the U.S. committed to releasing 172 million barrels on a loan basis, with single-week releases peaking at nearly 10 million barrels. Data from Kpler indicates that approximately half of the crude released from the emergency stockpile in recent months was directly exported rather than refined domestically. Foreign buyers, particularly in Europe and Asia, have aggressively snapped up roughly 40 to 50 percent of the crude released from the U.S. emergency stockpile.
  
  However, there’s a clear limit to the selling spree: whereas the strategy has temporarily helped suppress extreme price spikes, analysts caution that these buffer capacities are finite. Once these emergency inventories thin out, global oil markets could face renewed upward pressure on prices. To wit, sustained export surges mean that U.S. commercial and emergency reserves are shrinking at an accelerated rate. Indeed, total stockpiles in the Strategic Petroleum Reserve (SPR) have plummeted to approximately 365 million barrels--the lowest level since mid-April 2024. U.S. crude oil inventories have tightened by 7.88 mb w/w (a 9.09 mb draw against the five-year average), taking the total crude inventory to 445.01mb, 10.28 mb below the five-year average and the fourth consecutive weekly draw. U.S. gasoline inventories are near six-month lows of 214.16 mb and are below the five-year range. Distillate inventories have also tightened and currently stand at 102.91 mb.
  
  These large drawdowns are rapidly eroding the country's safety cushion ahead of the peak summer driving season. The accelerated shrinking of both commercial and emergency reserves has prompted analysts to debate the possibility of the U.S. restricting exports to protect domestic supply and lower pump prices.
  
  Looking further ahead, StanChart has predicted that oil markets are likely to experience ‘persistent vulnerability’ even if transit through the strait fully resumes. This should be higher for Brent than for WTI, supporting strong prompt differentials. Indeed, Brent crude and WTI crude recently moved in opposite directions primarily due to recent U.S. military strikes on Iranian targets. Brent serves as the global benchmark and is highly sensitive to maritime shipping risks in the Middle East. Fresh U.S. strikes on Iranian missile sites and naval assets directly threaten traffic through the Strait of Hormuz. This raises insurance and freight costs for seaborne barrels, spiking Brent prices. Conversely, West Texas Intermediate (WTI) reflects landlocked U.S. domestic supply, leaving it mostly insulated from immediate Persian Gulf shipping disruptions.
  
  As the U.S. and Iran negotiate a fragile cease-fire extension, the two benchmarks interpret diplomatic shifts differently. Brent traders heavily price in immediate physical supply risks if the deal falters. WTI responds more aggressively to headline-driven expectations of potential government policy interventions, such as a Strategic Petroleum Reserve (SPR) release or export limits designed to keep U.S. barrels at home.
  
  Meanwhile, natural gas markets have continued coping remarkably well with the near-term loss of the majority of Middle East gas supply. Disruptions to Qatari LNG (with damage to two of the 14 LNG trains at Ras Laffan and force majeure in effect) as well as UAE LNG cargoes is being broadly balanced by expected LNG supply growth in 2026, most notably from the U.S. StanChart has predicted that prices could soften notably from current levels when the force majeure is lifted. U.S. gas prices have recently been surging, driven by lower output and higher LNG flows. Henry Hub gas prices were up 7.6% to trade at $3.27/MMBtu in Thursday’s intraday session, the highest level since February. StanChart sees prices rising towards $4/MMBtu by year-end, driven by medium-term demand for data-centre power generation, heating/cooling and LNG exports. Source: Oilprice.com
- 2026-05-29
  Summer Heatwaves May Deepen the Global LNG Crunch
  The global gas market, which has been reeling from the sudden loss of 20% of daily LNG supply, is poised to tighten even further in the coming months as higher-than-expected summer temperatures and the El Niño weather pattern are expected to raise gas... Read more The global gas market, which has been reeling from the sudden loss of 20% of daily LNG supply, is poised to tighten even further in the coming months as higher-than-expected summer temperatures and the El Niño weather pattern are expected to raise gas demand in Asia.
  
  Asian and European gas prices could rally even higher if the Strait of Hormuz remains inaccessible to most LNG tankers this summer, while Asia struggles to meet cooling demand and Europe looks to refill gas storage sites that have depleted to multi-year lows at the end of the 2025/2026 winter.
  
  Shock Supply Shortage
  
  LNG buyers have been scrambling for supply after the de facto closure of the Strait of Hormuz trapped about 20% of daily global LNG flows, those previously shipping out of Qatar and the UAE.
  
  In addition, Iranian drone and missile strikes on energy infrastructure in the region have damaged Qatar’s key LNG liquefaction complex, Ras Laffan, the world’s single largest such facility. Due to the attacks, QatarEnergy has been forced to declare force majeure for up to five years on some long-term LNG contracts and has advised that full capacity could take up to five years to restore following extensive damage from the strikes.
  
  Qatar, the world’s second-largest LNG exporter after the U.S., halted LNG processing as early as the beginning of March. It is struggling to ship cargoes stranded for months in the Persian Gulf, too.
  
  Earlier this week, QatarEnergy extended the force majeure on LNG cargo deliveries to Italian energy group Edison until at least the middle of August.
  
  The shock supply loss due to the Middle East conflict came in the so-called shoulder season, when demand for heating is relatively low in the spring before the summer heat boosts electricity demand for cooling.
  
  However, Europe needs a lot of LNG to replenish storage sites, where gas stocks have crashed below the five-year average at the end of last winter.
  
  Asian buyers of LNG managed the initial shock by price-sensitive customers withdrawing from the spot market and by many countries boosting coal-fired power generation to replace the loss of gas supply. Demand destruction has played an important role in offsetting part of the supply loss.
  
  Hot Summer for Gas Prices
  
  But the coming summer, with forecasts of hotter-than-usual weather and heatwaves, could ignite a fresh rally in gas prices and a fierce competition between Asia and Europe for the now-reduced global LNG supply.
  
  Current weather forecasts point to higher average temperatures in Asia, including in the top LNG importers China and Japan.
  
  In addition, the El Niño weather pattern is expected to raise sea surface temperatures in the equatorial Pacific, which could lead to drier weather in parts of China and hurt hydropower generation in north China. If this pans out, China could see weaker hydropower generation, which will need to be offset by the burning of additional coal and gas.
  
  Europe is in an even more precarious position, as it is currently losing the competition for spot supply to Asia, with Asian prices commanding a large enough premium to incentivize spot cargoes to turn away from Europe and opt for Asia instead.
  
  “It’s a tight gas market in Europe,” Helle Ostergaard Kristiansen, senior vice president for gas and power at Norway’s energy major and top European gas supplier, Equinor, told Bloomberg this week.
  
  “There’s simply a lack of physical gas and it is challenging to fill up the gas storage to an acceptable level for next winter,” Kristiansen said.
  
  “And for every day this conflict continues, it becomes more and more critical.”
  
  Signs have started to emerge that China’s LNG purchasing activity is rebounding from the eight-year lows in March and April. If summer heatwaves and scarce rainfall further raise demand for fossil fuel power generation, China may further boost its LNG imports.
  
  Structural Change in LNG Market
  
  The loss of LNG supply from the Middle East and the uncertainty about when and how much of the volumes would return to the market will keep gas prices for the summer and the next winter elevated and well above the levels from before the Iran war.
  
  As a whole, the LNG market faces a prolonged disruption and a structural change, according to analysts at Wood Mackenzie.
  
  Moreover, LNG charter rates have strengthened in recent weeks as traders seek to preserve trading optionality in anticipation of stronger Asian demand, Vortexa’s analysts wrote in a note earlier this week.
  
  “Asia, which is the destination for over 80% of Qatari and UAE LNG exports, is ramping up purchases of flexible cargoes from the Atlantic basin to backfill the supply shortfall from the Middle East Gulf,” the analysts said.
  
  “This comes amid an unseasonally warm spring and forecasts of above-average summer temperatures in Asia, with Europe’s slower pace of gas storage injections and seasonal decline in post-winter demand helping to rebalance the market.” Source: Oilprice.com
- 2026-05-29
  MABUX: Global bunker market may continue steady downward trend on May 29.
  The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — continued its downward trend on May 28, marking the seventh consecutive session of declines: 380 HSFO: USD/MT: 716.18 (-12.53) VLSFO: USD/MT... Read more The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — continued its downward trend on May 28, marking the seventh consecutive session of declines:
  
  380 HSFO: USD/MT: 716.18 (-12.53)
  VLSFO: USD/MT 847.57 (-18.00)
  MGO: USD/MT 1 286.29 (-24.55)
  
  As of May 28, the MABUX Market Differential Index (MDI), which monitors the spread between Market Bunker Prices (MBP) and the MABUX Digital Bunker Benchmark (DBP) — revealed the following trends across the four major global bunkering hubs: Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: Fujairah and Houston moved to the overcharge zone, with premiums increasing by $27 and $46 respectively. Rotterdam and Singapore remained undercharged. Discounts narrowed by $11 and $18 respectively.
  
  • VLSFO segment: Fujairah and Houston continued to be overpriced, although premiums narrowed further by $90 and $4 respectively, both moving closer to the 100-percent correlation mark between MBP and DBP. Rotterdam and Singapore were in the undercharge zone, with discounts declining by $16 and $37 respectively.
  
  • MGO LS segment: Fujairah continued to be overcharged, with overprice marging increasing by $26. The remaining three ports continued to be underpriced, with discounts widening by $4 in Rotterdam and $1 in Houston, while narrowing by $21 in Singapore. Rotterdam and Fujairah’s MDI remained above remained above the $100 threshold, while Singapore dropped below this level.
  
  MABUX expects the global bunker market to continue a moderate downward trend on May 29: minus 5-15 USD/MT, VLSFO: minus 5–15 USD/MT, MGO LS: minus 5–20 USD/MT. At the same time, despite the recent correction, ongoing Middle East disruptions and continued uncertainty in the tanker sector are still providing short-term support to global bunker indices.
  Source: MABUX
- 2026-05-29
  US Crude Oil, Gasoline Inventories Continue Freefall
  Crude oil inventories in the United States decreased by 3.3 million barrels during the week ending May 22, according to new data from the U.S. Energy Information Administration (EIA) released on Thursday. The decrease brings commercial stockpiles to 441.7... Read more Crude oil inventories in the United States decreased by 3.3 million barrels during the week ending May 22, according to new data from the U.S. Energy Information Administration (EIA) released on Thursday. The decrease brings commercial stockpiles to 441.7 million barrels, according to government data, which is now 2% below the five-year average for this time of year.
  
  The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories saw a draw of 2.8 million barrels in the period.
  
  Crude prices began rebounding on Thursday following Wednesday’s price drop that had Brent trading below $95 per barrel. At 8:23 a.m. in New York, Brent was trading at $96.74 per barrel—up $2.45 (+2.60%) on the day, but down a substantial $12 per barrel from this time last week. WTI was also trading up on the day, by $2.52 per barrel (+2.75%) in early morning trade at $91.12, down roughly $11 per barrel week over week.
  
  For total motor gasoline, the EIA reported that inventories had decreased by 2.6 million barrels after sinking by 1.5 million barrels in the week prior. The most recent figures showed that average daily gasoline production increased to 9.9 million barrels. For middle distillates, inventories decreased by 2.1 million barrels with production increasing to an average of 5.1 million barrels daily. Distillate inventories are now 11% below the five-year average.
  
  Total products supplied—a proxy for U.S. oil demand—averaged 20.2 million barrels per day over the last four weeks, up 1.5% compared to the same period last year. Gasoline demand averaged 8.9 million barrels per day over the last four weeks, while the distillate four-week average supplied averaged 3.6 million barrels—down 2.1% percent year over year. Source: Oilprice.com
- 2026-05-29
  Kazakhstan Sides With Russia in $1.4 Billion Gazprom Dispute
  A ruling against the Russian energy behemoth Gazprom issued by a special court in the Kazakh capital Astana will not be enforced by the government, Kazakhstan’s justice minister has stated. The comments call into question the Astana International Financial... Read more A ruling against the Russian energy behemoth Gazprom issued by a special court in the Kazakh capital Astana will not be enforced by the government, Kazakhstan’s justice minister has stated. The comments call into question the Astana International Financial Center’s (AIFC) independence from government interference and are likely to sow doubts among foreign investors that they can obtain a fair hearing in case of financial disputes involving state-connected entities.
  
  The AIFC is set up as a special economic zone to attract foreign investors and has its own court, which is supposed to operate apart from Kazakhstan’s justice system using English Common Law. In mid-May, the court issued a ruling upholding the decision made in an arbitration case in which Gazprom was ordered to pay the Ukrainian gas entity Naftogaz $1.4 billion relating to an energy transit dispute.
  
  The nominal lack of jurisdiction over the AIFC court did not stop Kazakh Justice Minister Yerlan Sarsembayev from weighing in, effectively overruling the ruling. He justified his decision, claiming the AIFC had no standing to consider the arbitration case, which was originally handled by the Paris-based ICC International Court of Arbitration. Gazprom ignored the ICC court’s decision.
  
  “The Republic of Kazakhstan will not serve as a transit venue for the enforcement of decisions that lack a legal nexus with the country,” the Zakon.kz news outlet quoted Sarsembayev as saying. “Specifically, the Republic’s legal mechanisms do not provide for the adjudication of disputes unrelated to its jurisdiction.”
  
  In its ruling, the AIFC court included a lengthy explanation of its ability to consider the Naftogaz-Gazprom case. Gazprom refused to participate in the AIFC’s judicial process.
  
  The AIFC’s ruling put the Kazakh government in a no-win position, confronted with the impossible task of striking a balance between Russia, Kazakhstan’s economically stressed and vengeful neighbor to the north, and international businesses seeking protection from political risks to their investments.
  
  It seems Kazakhstan is opting to appease Russia, which retains considerable economic leverage over Astana, especially over oil exports that generate a large share of government revenue, while hoping foreign investors discount the fact that the AIFC’s supposed extraterritorial status within Kazakhstan has been exposed as a sham.
  
  A Kremlin-friendly, Russian-language media outlet empathized with the Kazakh government’s Scylla-and-Charybdis dilemma, indicating the AIFC’s credibility has been seriously damaged.
  
  “It is Kazakhstan that has suffered the most as a result,” stated a commentary published by RTVi. “The AIFC’s greatest attraction—conceived primarily to appeal to investors from post-Soviet and Asian nations—was not even the preferential tax regime afforded to the Center’s residents, but rather the opportunity, figuratively speaking, to access the ‘High Court of London.’”
  
  “The underlying concept was to create a safe haven where businesses from the post-Soviet space could operate without fear of political risks,” the commentary continued. It was “a formula that had worked successfully until this very moment.”
  
  Vladimir Vodolatsky, deputy chair of the Russian Duma’s Foreign Affairs Committee, lauded the Kazakh government’s decision to negate the AIFC ruling, reasoning that since the old international order has completely broken down, international law is largely meaningless. Source: Oilprice.com

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