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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
865.00
-269.00
1 475.00
+10.00
Apr 2
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	865.00	-269.00	1 475.00	+10.00	Apr 2

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
832.60	+0.71	964.80	+4.94	1 722.79	+6.74	Apr 3

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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	735	707	+28	760	785	-25	1 475	1 503	-28	Apr 3
Singapore	760	736	+24	900	877	+23	1 900	1 496	+404	Apr 3
Fujairah	735	682	+53	880	847	+33	1 880	1 559	+321	Apr 3
Houston	650	738	-88	870	864	+6	1 380	1 288	+92	Apr 3

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Latest News
- 2026-04-03
  US crude jumps more than 11%, Brent nearly 8% after Trump vows more attacks on Iran
  U.S. oil prices settled more than 11% higher and Brent soared nearly 8% on Thursday in volatile trading, as traders worried about prolonged disruptions to oil supply the day after President Donald Trump said the United States would continue attacks on... Read more U.S. oil prices settled more than 11% higher and Brent soared nearly 8% on Thursday in volatile trading, as traders worried about prolonged disruptions to oil supply the day after President Donald Trump said the United States would continue attacks on Iran.
  Brent crude futures closed $7.87, or 7.78%, higher at $109.03 a barrel. U.S. West Texas Intermediate crude futures rose $11.42, or 11.41%, at $111.54 per barrel, settling at their biggest absolute price rise since 2020.
  Both benchmarks remained below highs near $120 a barrel touched earlier in the conflict.
  Trump said military operations would be intensified, but did not specify a timeline for ending hostilities. He gave no details on any steps that could lead to a reopening of the Strait of Hormuz
  "We’re going to hit them extremely hard over the next two to three weeks," Trump said. "We’re going to bring them back to the Stone Ages, where they belong."
  Iran is drafting a protocol with Oman to monitor traffic in the strait, an Iranian foreign ministry official said, after a Bloomberg report.
  Iran has effectively shut down the narrow waterway through which a fifth of global oil and liquefied natural gas is shipped, in retaliation for U.S.-Israeli strikes that began on February 28. Reopening it has become a priority for governments around the world as energy prices soar.
  
  "The real question on traders’ minds is that if Iran’s oil infrastructure is possibly now at risk, and with more damage in the area now very likely, even if left intact the restart of oil flows in the region (is) now looking to be delayed further," said Dennis Kissler, senior vice president of trading at BOK Financial.
  WTI, which typically trades below Brent, was pricing nearly $3 over Brent as the U.S. contract was trading for May deliveries, while the Brent contract was trading for June deliveries. WTI’s premium over the global benchmark was the highest in a year.
  "Market’s expectation is that if (the) Strait of Hormuz opens up in (a) couple of weeks this risk premium will immediately go down," said John Kilduff, Partner at Again Capital.
  Federal Reserve Bank of Dallas President Lorie Logan said on Thursday that a swift war resolution may mean economic impact could be pretty moderate, adding that the economic outlook was uncertain due to the crisis. The United States has some buffers to impacts from the war, Logan said.
  Brent crude prices could average $95 a barrel in the base case and $130 a barrel in the bull case in the second half of the year, Citi said, while oil prices could climb to between $120 and $130 a barrel in the near-term, JP Morgan said. Prices could rise above $150 if the Strait remains closed into the middle of May, JP Morgan added.
  
  U.S. oil rigs, an indicator of future output, rose by two to 411 this week, energy services firm Baker Hughes said. An increase in prices for oil to be delivered in future months has producers considering adding more rigs, but they have cautioned that they would like to see the higher prices hold for longer to do so.
  Front-month WTI traded at its largest-ever premium over the second-month and seventh-month contract on Thursday.
  TALKS ON REOPENING HORMUZ
  Britain is hosting a virtual meeting of around 40 countries to discuss options for reopening the Strait of Hormuz. The United States is not due to attend.
  OPEC+, meanwhile, is likely to weigh a further oil output increase on Sunday, sources said. This would position members to add more barrels should the Strait of Hormuz reopen but is not likely to meaningfully increase supply before then.
  In Russia, Ukraine’s strikes on port infrastructure, pipelines and refineries have reduced export capability by 1 million barrels per day, or a fifth of total capacity, sources say, enough to set the stage for imminent production cuts.
  The head of the International Energy Agency also said that supply disruptions would start to affect Europe’s economy in April, after the region had previously been shielded by cargoes contracted before the start of the war. Source: Reuters/Investing.com
- 2026-04-03
  Fuel Shock Forces Airlines Into Emergency Mode
  Even if supply recovers, the market could take months to normalize, with conditions likely to worsen in the near term. Aircraft touching down on the runway Soaring jet fuel prices have hit the profitability of airlines, who have started raising air... Read more Even if supply recovers, the market could take months to normalize, with conditions likely to worsen in the near term.
  Aircraft touching down on the runway
  Soaring jet fuel prices have hit the profitability of airlines, who have started raising air fares and grounding flights to contain the fallout from the Iran war, which has more than doubled aviation fuel prices over the past month.
  
  Oil and jet fuel supplies are constrained as crude and petroleum products are trapped at the Strait of Hormuz, forcing Asian refiners to cut run rates and Asian countries to restrict or ban exports to preserve domestic supply.
  
  Jet Fuel Shock
  
  The product market came under more severe stress than the crude markets as the war dislocated oil and fuel supplies and sent jet and diesel premiums over Brent to astronomical highs.
  
  Nowhere has the stress been more severe than in jet fuel cracks and prices, signaling acute price pain for airlines and consumers going forward.
  
  The specifics of producing and storing jet fuel compared to other fuels made the kerosene market the most vulnerable to the major shifts in physical supply seen over the past weeks, analysts say.
  
  Jet fuel is the most stressed barrel, June Goh, Senior Oil Market Analyst for Sparta Commodities, says, noting that jet fuel has very specialized tank storage requirements and there isn’t much of it stored globally, unlike many other products such as diesel and gasoline.
  
  Due to these storage constraints, jet fuel supply was the hardest hit at the start, Goh said at the end of last week.
  
  “No alternatives for production and no strategic storage. Some airlines are forced to induce demand destruction. Prices have doubled,” the analyst noted.
  
  Even if the Strait of Hormuz were to open unconditionally to all traffic today, the global oil production and refining supply chains would take at least three to six months to normalize to pre-war levels, Goh said in an analysis last week.
  
  The damage is done, and it will take months to return to normal, if ‘normal’ could be applied to global oil flows from now on. Until some kind of ‘normal’ returns, the most stressed barrels – jet and diesel fuels – would become even more stressed as Asia reduces refinery runs and exports. while storage, where available, is being aggressively tapped.
  
  “A global jet supply crunch is emerging with no clear relief mechanism,” James Noel-Beswick, Head of Commodities at Sparta, said in the commodity analytics firm’s trading outlook for April.
  
  The market is signaling “a genuine shortage with limited ability to rebalance” as all major arbitrage windows into Europe and Los Angeles are closed despite extreme pricing and U.S. Gulf jet barrels are already stretched, Noel-Beswick added.
  
  Fatih Birol, the executive director of the International Energy Agency (IEA), also noted that jet fuel and diesel are the most stressed barrels in global markets today.
  
  “The biggest problem today is the lack of jet fuel and diesel; these are the main challenges and we are seeing it already in Asia, but soon, in April, or maybe beginning of May, it will come to Europe,” Birol said this week on the ‘In Good Company’ podcast hosted by Nicolai Tangen, the CEO of Norway’s sovereign wealth fund, the world’s biggest. Source: Oilprice.com
- 2026-04-03
  US Rig Count Rises For First Time in Three Weeks
  The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Thursday, bringing the total rig count in the US to 548, down 42 from this same time last year. The number... Read more The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Thursday, bringing the total rig count in the US to 548, down 42 from this same time last year.
  
  The number of active oil rigs rose by 2 to 411 during the latest reporting period, according to the data. This is 70 below this same time last year. The number of gas rigs rose by 3, reaching 130, which is 26 more than this time last year. The miscellaneous rig count stayed the same at 7.
  
  The latest EIA data showed that weekly U.S. crude oil production held steady during week ending March 27. US crude oil production averaged 13.657 million bpd during the reporting period—205,000 bpd under the all-time high.
  
  Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells, fell during the week ending March 27 by 5 after losing 8 crews in the week prior.
  
  The number of active drilling rigs in the Permian Basin rose by 1, reaching 242, which is 52 rigs under year-ago levels. The count in the Eagle Ford rose by 3, reaching 45, which is 3 fewer than this same time last year.
  
  Oil prices were up sharply on Thursday amid the ongoing conflict in the Middle East, with tanker traffic through the Strait of Hormuz still effectively stalled and Iran threatening “crushing and broader” attacks. Brent crude is currently trading at $108.60 (+7.33%) per barrel, while WTI is holding above $111, topping Brent pricing.
  
  Source: Oilprice.com
- 2026-04-03
  MABUX: Global bunker indices to surge on Apr. 03 amid elevated market volatility.
  The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — reversed into a sharp upward trajectory on Apr. 01 following President Trump’s speech on Iran, highlighting the market’s sensitivity to escalating... Read more The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — reversed into a sharp upward trajectory on Apr. 01 following President Trump’s speech on Iran, highlighting the market’s sensitivity to escalating geopolitical tensions:
  
  380 HSFO: USD/MT 831.89 (+30.22)
  VLSFO: USD/MT 959.86 (+19.82)
  MGO: USD/MT 1 716.05 (+80.61)
  
  As of Apr. 02, the MABUX Market Differential Index (MDI) — which monitors the spread between Market Bunker Prices (MBP) and the MABUX Digital Bunker Price Benchmark (DBP) – recorded a broad-based shift across all major hubs (Rotterdam, Singapore, Fujairah, and Houston) into the overcharge zone, accompanied by a notable expansion in premiums.
  
  President Trump’s statements signaling the continuation and potential escalation of military operations against Iran have significantly heightened geopolitical risk across global energy markets. In response, MBP-driven bunker indices posted strong gains, reflecting increasing concerns over potential supply disruptions—particularly in the Strait of Hormuz—and wider implications for global fuel supply chains. As a result, the divergence between MBP and DBP benchmarks widened markedly, signaling a growing risk premium embedded in prompt bunker pricing.
  
  • HSFO segment: Overcharge premiums increased by $294 in Rotterdam, $205 in Singapore, $195 in Fujairah, and $39 in Houston.
  
  • VLSFO segment: Overcharge margins widened by $188 in Rotterdam, $209 in Singapore, $223 in Fujairah, and $13 in Houston.
  
  • MGO LS segment: Overvaluation levels rose by $155 in Rotterdam, $108 in Singapore, $80 in Fujairah, and $128 in Houston.
  
  Looking ahead, MABUX expects global bunker indices to maintain their upward momentum on Apr. 03 amid persistently high market volatility: 380 HSFO: plus 15–25 USD/MT, VLSFO: plus 15–40 USD/MT, MGO LS: plus35–75 USD/MT.
  Source: MABUX
- 2026-04-03
  WTI Prices Soar Past Brent
  WTI crude spiked to $111.29 per barrel on Thursday, with Brent trading at $107.57, inverting the global benchmark structure as the market repriced accessible supply amid a prolonged disruption at the Strait of Hormuz. WTI rarely trades at a premium... Read more WTI crude spiked to $111.29 per barrel on Thursday, with Brent trading at $107.57, inverting the global benchmark structure as the market repriced accessible supply amid a prolonged disruption at the Strait of Hormuz.
  
  WTI rarely trades at a premium to Brent. Brent crude reflects seaborne crude and typically leads during global supply shocks, while WTI crude is usually discounted. The current inversion points to a breakdown in normal pricing signals tied to physical flows.
  
  Part of the move is technical: WTI’s front-month contract reflects May delivery, while Brent has already rolled to June, skewing the headline spread. But the deeper driver is extreme prompt pressure—WTI backwardation has surged to record levels—signaling immediate demand for secure, deliverable barrels. With rising uncertainty around global shipping routes, WTI has effectively gained a “security premium,” narrowing and even reversing its usual discount to Brent.
  
  Oil prices surged more than 10% after President Donald Trump said the U.S. would “hit” Iran “extremely hard” within weeks while offering no clear plan to reopen the Strait. Tanker traffic through Hormuz has collapsed, with shipments effectively stalled and cargoes unable to clear the region.
  
  The Strait normally handles roughly 20% of global oil flows. That volume is now constrained. Meanwhile, European officials are mulling the formation of a coalition to restore oil flows through the Strait.
  
  Brent is still reflecting substantial geopolitical risk. But Brent-linked barrels depend on waterborne movement. When flows are restricted, pricing loses immediacy.
  
  WTI is pricing something else. U.S. crude is accessible. It can move. It can be loaded, exported, and delivered without transiting the Strait. That shifts demand toward barrels that are physically available.
  
  Other accessible grades are moving in the same direction. Murban crude rose nearly 10% on the session, tracking the bid for barrels outside the disruption zone.
  
  When seaborne flows are constrained, inland benchmarks can temporarily lead. The spread between Brent and WTI reflects that shift.
  
  President Trump blamed the high prices on Iran “launching deranged terror attacks against commercial oil tankers and neighboring countries that have nothing to do with the conflict.” Source: Oilprice.com
- 2026-04-03
  OPEC+ Prepares Paper Oil Barrels While Exports Stall
  OPEC+ is preparing to weigh another output increase this Sunday as the world’s most critical oil artery remains effectively shut. Eight core members of the group are expected to discuss raising production again after agreeing to a 206,000 bpd increase... Read more OPEC+ is preparing to weigh another output increase this Sunday as the world’s most critical oil artery remains effectively shut.
  
  Eight core members of the group are expected to discuss raising production again after agreeing to a 206,000 bpd increase for April. Two OPEC+ sources told Reuters that the group is likely to move forward with another hike on paper, positioning itself to add barrels quickly if the Strait of Hormuz reopens.
  
  More than 20% of global oil flows normally pass through Hormuz. That flow is now constrained by the U.S.-Israeli war with Iran. Saudi Arabia, Iraq, Kuwait, and the UAE have already curtailed output as exports stall. Prices have pushed toward $120 per barrel as a result.
  
  Any increase agreed this weekend would have limited immediate impact. Barrels cannot clear the system if tankers cannot transit the Strait.
  
  One OPEC+ source told Reuters the group needs to react “at least on paper.” Another said the market now requires every available barrel. Both spoke to Reuters on condition of anonymity.
  
  Consultancy Energy Aspects expects a repeat increase of around 206,000 bpd for May. The firm noted that the move is largely academic while Hormuz disruptions persist.
  
  The group’s spare capacity is also uneven. Russia, Kazakhstan, Algeria, and Oman are not directly exposed to the Strait closure but have limited ability to raise output materially. The core Gulf producers retain capacity, but much of it is stranded without export routes.
  
  Saudi Arabia is rerouting crude through its East-West pipeline to Yanbu, with flows nearing 4.6 million bpd. The UAE is pushing volumes through Fujairah, where exports rose to 1.61 million bpd in March, according to Kpler, cited by Reuters.
  
  A pause also remains on the table, with a third source saying that the group could hold production steady given current constraints. Source: Oilprice.com
- 2026-04-03
  40% of Russia's Baltic Oil Export Capacity Offline as Gasoline Ban Widens
  Russia is banning gasoline producers from exporting the fuel until July 31, expanding the current ban that applied only to non-producers, as the Middle East war and the Ukrainian drone attacks on Russian export terminals have upended the global and domestic... Read more Russia is banning gasoline producers from exporting the fuel until July 31, expanding the current ban that applied only to non-producers, as the Middle East war and the Ukrainian drone attacks on Russian export terminals have upended the global and domestic markets.
  
  The Russian government on Thursday said it had expanded the ban on gasoline exports to producers of the fuel, Russian news agency Interfax reported.
  
  Russia has had a ban on gasoline exports by non-producers, but now the measure is expanding to gasoline producers.
  
  The new ban exempts only Russian gasoline shipments under bilateral agreements, the government said. Mongolia is one such market where gasoline exports under inter-government agreements would be allowed.
  
  “The decision was made to maintain a stable situation on the domestic fuel market during the period of high seasonal demand and agricultural field work, as well as in light of the growth of world oil prices due to the geopolitical situation in the Middle East,” the government said in a press release cited by Interfax.
  
  The Russian Energy Ministry insisted on Thursday that Russia’s oil industry is fully prepared for coming seasonal rise in fuel demand.
  
  “Currently, the domestic market has sufficient reserves of light petroleum products,” the ministry said in remarks to the TASS news agency.
  
  “There have been no disruptions in regional supply, and the industry is fully prepared for the period of seasonal growth in demand,” it added.
  
  Meanwhile, Russia cannot take full advantage of the spike in oil prices and its now unsanctioned oil that is wanted again in its key market India, as loading operations at the vital Russian oil export loading ports on the Baltic Sea have been disrupted by Ukrainian drone strikes.
  
  Ukraine intensified attacks on Russia’s Baltic Sea ports last week, crippling loading operations and forcing suspension of activities. Reuters calculations suggest that as much as 40% of Russia’s oil export capacity was offline last week, factoring in port outages, pipeline issues, and tanker-related disruptions. Source: Oilprice.com
- 2026-04-03
  China Directs Private Refiners to Maintain Fuel Output Even At A Loss
  Chinese authorities have ordered private refiners to maintain high levels of gasoline and diesel supply, even at a loss, or risk their crude import quotas slashed if they reduce run rates, anonymous sources with knowledge of the matter told Bloomberg... Read more Chinese authorities have ordered private refiners to maintain high levels of gasoline and diesel supply, even at a loss, or risk their crude import quotas slashed if they reduce run rates, anonymous sources with knowledge of the matter told Bloomberg on Thursday.
  
  As China looks to ensure its domestic fuel supply amid the oil supply shock, officials at the National Development and Reform Commission (NDRC), the country's main planning body, have directed executives at the private refiners to keep their gasoline and diesel production at least at the 2025 levels. This should be done at any economic cost to the refiners, the authorities told the executives at a meeting this week, according to Bloomberg's sources.
  
  If private refiners move to cut processing rates to preserve margins amid soaring crude prices, they would see their import quotas – handed out by the government in quarterly or semi-annual installments – reduced in the coming years, the officials warned.
  
  Until recently, most private refiners made profits because they imported cheap and sanctioned Iranian, Russian, and Venezuelan crude. But as the U.S. took control of Venezuela's oil sales and issued waivers on the sales of Iranian and Russian barrels already loaded on tankers, the prices of the crudes from these countries have jumped and significantly narrowed the discounts to the international Brent benchmark.
  
  Refining margins at the private refiners, the so-called teapots, slumped to negative this week for the worst performance since 2024, per data tracked by JLC International Ptd Ltd cited by Bloomberg.
  
  Two weeks after the war in the Middle East began and after it became clear that the Strait of Hormuz wouldn't be re-opening within days, China banned all fuel exports as crude oil supply from the Middle East crumbled and forced Asian refiners, which depend on Persian Gulf supply for a large part of their crude slates, to turn to costly alternatives.
  
  Source: Oilprice.com
- 2026-04-03
  UK Hosts 36-Country Summit to Reopen Strait of Hormuz
  The UK is hosting on Thursday a virtual meeting of senior officials from three dozen countries -- with the notable exception of the United States -- to discuss ways and measures to seek to re-open the Strait of Hormuz. The meeting, which will be chaired... Read more The UK is hosting on Thursday a virtual meeting of senior officials from three dozen countries -- with the notable exception of the United States -- to discuss ways and measures to seek to re-open the Strait of Hormuz.
  
  The meeting, which will be chaired by the UK’s Foreign Secretary Yvette Cooper, “will assess all viable diplomatic and political measures we can take to restore freedom of navigation, guarantee the safety of trapped ships and seafarers and to resume the movement of vital commodities,” the UK’s Prime Minister Keir Starmer said.
  
  The meeting is taking place as countries attempt to form coalitions and task forces to seek diplomatic and other ways, as U.S. President Donald Trump basically told the rest of the world to go and re-open the Strait of Hormuz if the countries want the oil and gas that transits through it.
  
  The U.S. has distanced itself from attempts to re-open the chokepoint, with President Trump telling the nation in last night’s address “the countries of the world that do receive oil through the Hormuz Straight must take care of that passage. They must cherish it. They must grab it and cherish it.”
  
  “We will be helpful, but they should take the lead in protecting the oil that they so desperately depend on,” President Trump said.
  
  Before the U.S.-Israeli attacks on Iran began on February 28, the Strait of Hormuz was open -- unconditionally -- to all vessel traffic and saw 20% of daily global oil and LNG supplies passing through it.
  
  Since the war began, traffic at the most critical oil chokepoint slowed to a trickle of tankers at Iran’s discretion and headed mostly to China, India, and other countries in Asia.
  
  Asian energy buyers, including India, Pakistan, and China, are negotiating directly with Iran to ensure safe passage of their tankers through the Strait of Hormuz. But such an approach is not sustainable for a long period of time.
  
  So countries in Asia, and Europe, are forming alliances to seek pathways to re-opening the Strait.
  
  France and Japan on Wednesday agreed to coordinate closely in pushing for an end to the war and the reopening of ‌the Strait of Hormuz to oil and gas tankers.
  
  The United Arab Emirates (UAE), one of the Gulf producers directly affected by the closure of the Strait of Hormuz, has called on the United Nations to authorize a range of measures, including force, to “ensure the safe and secure navigation and navigational rights and freedoms in and around the Strait of Hormuz.”
  
  The world must act together to protect the free flow of energy and avoid an economic collapse as Iran’s actions in the Strait of Hormuz represent “global economic extortion,” Sultan Al Jaber, UAE Minister of Industry and managing director and Group CEO at Abu Dhabi’s national oil firm ADNOC, wrote in a post on LinkedIn on Wednesday.
  
  Source: Oilprice.com
- 2026-04-03
  India Waives Import Tax on Petrochemicals as War Roils Supply Chains
  India on Thursday temporarily abolished the import tax on 40 key petrochemicals to provide relief to a range of industries as domestic petrochemical output is now diverted to the production of liquefied petroleum gas (LPG), the primary cooking fuel in... Read more India on Thursday temporarily abolished the import tax on 40 key petrochemicals to provide relief to a range of industries as domestic petrochemical output is now diverted to the production of liquefied petroleum gas (LPG), the primary cooking fuel in the country.
  
  India’s Ministry of Finance said today it is providing full customs duty exemption on critical petrochemical products until June 30, 2026, in light of the war in the Middle East that has upended global oil and petrochemical supply chains.
  
  “This measure has been taken as a temporary and targeted relief in order to ensure continued availability of critical petrochemical inputs for domestic industry, reduce cost pressures on downstream sectors, and safeguard supply stability in the country,” the Ministry of Finance said in a statement.
  
  In the early ways of the Iran war, the federal government invoked the so-called Essential Commodities Act, directing domestic refiners to prioritize domestic supply and allocate propane and butane streams toward LPG production.
  
  Most of India’s imported LPG supply has been severely reduced as it needs to transit the Strait of Hormuz. As the government prioritizes LPG and domestic fuel supply, petrochemicals production has declined.
  
  To ease the burden on a number of industries depending on petrochemicals, the government is now waiving the import tax on 40 key petrochemical products.
  
  “The exemption is expected to benefit a wide range of sectors dependent on petrochemical feedstock and intermediates, including plastics, packaging, textiles, pharmaceuticals, chemicals, automotive components and other manufacturing segments,” the Finance Ministry said.
  
  “This will also provide relief to consumers of final products.”
  
  The three-month exemption from import duties is aimed at preventing shortages, lowering input costs for manufacturers, stabilizing consumer goods prices, and supporting export competitiveness.
  
  Across Asia, shortages of naphtha and other key petrochemicals feedstocks due to the Iran war have already forced petrochemicals firms to curb output. Source: Oilprice.com

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