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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
985.00
-73.00
1 080.00
-40.00
May 27
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	985.00	-73.00	1 080.00	-40.00	May 27

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
716.18	-12.53	847.57	-18.00	1 286.29	-24.55	May 28

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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	617	662	-45	705	734	-29	1 080	1 190	-110	May 28
Singapore	620	690	-70	783	821	-38	1 090	1 183	-93	May 28
Fujairah	658	635	+23	790	782	+8	1 490	1 246	+244	May 28
Houston	683	660	+23	770	764	+6	1 120	1 148	-28	May 28

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Latest News
- 2026-05-28
  Oil prices turn lower after U.S. and Iran said to reach deal pending Trump nod
  Oil prices on Thursday sharply pared gains and then turned lower after a report that Washington and Tehran had reached a deal to extend an ongoing ceasefire and launch further negotiations over Iran’s nuclear program, pending President Donald Trump’s... Read more Oil prices on Thursday sharply pared gains and then turned lower after a report that Washington and Tehran had reached a deal to extend an ongoing ceasefire and launch further negotiations over Iran’s nuclear program, pending President Donald Trump’s final approval.
  Crude prices had earlier ticked higher after the U.S. and Iran traded fresh strikes, denting hopes for a peace deal that would unblock the Strait of Hormuz.
  At 13:02 ET (17:02 GMT), Brent crude futures expiring in August, the global oil benchmark, were down 0.2% to $92.07 a barrel, erasing a climb of as much as 4% to $95.97 a barrel. U.S. West Texas Intermediate crude futures expiring in July edged 0.1% lower to $88.62 a barrel, erasing an increase of as much as 4.3% to $92.51 a barrel.
  Get more insights on oil prices by subscribing to InvestingPro
  U.S. and Iran deal awaits Trump approval
  Axios reported that Washington and Tehran had reached an agreement over a 60-day memorandum of understanding (MoU), but it still needed Trump’s nod, citing two U.S. officials.
  Trump had been briefed on the details of the final deal and the president had asked for a couple of days to think about it, one of the U.S. officials said, according to Axios. The MoU will include "unrestricted" shipping through the critical Strait of Hormuz and the lifting of an ongoing U.S. naval blockade of Iran’s ports and coastline. The MoU will also include a commitment by Iran to not pursue a nuclear weapon.
  
  A Fox News reporter also corroborated the Axios report, saying U.S. sources had told the White House press pool that a tentative agreement had been made, but was pending Trump’s approval.
  An agreement would represent the biggest breakthrough in a conflict that has dragged on since the end of February when the U.S. and Israel launched a joint assault on Iran. All sides have been locked in a protracted ceasefire since the beginning of April as negotiations have continued. The strait has remained effectively closed since the start of the war, leading to the biggest oil supply disruption in history.
  "If an agreement is reached, it may be because the oil market is approaching a dangerous stage for both Iran and the global oil industry. Iran faces a lack of oil storage that could force it to shut down oil production, and the global oil industry is running on such slim supplies that it could start affecting pipelines and other oil infrastructure," analysts at Yardeni Research said in a note to clients.
  More fighting in the Gulf
  Hopes for a peace deal had earlier taken a dent after a fresh exchange of fire in the Gulf. U.S. Central Command said Iran late on Wednesday launched a ballistic missile towards Kuwait that was successfully intercepted by Kuwaiti forces. CENTCOM said the "egregious ceasefire violation" occurred hours after Iranian forces launched five attack drones in and near the Strait of Hormuz.
  
  "All drones were successfully intercepted by U.S. forces which also prevented a sixth drone launch from an Iranian ground control site in Bandar Abbas," CENTCOM said.
  Meanwhile, Iran’s state media said the country’s armed forces had fired warning shots at four ships that had attempted to cross the strait without navy supervision, forcing them to turn back. State media also showed footage from the Islamic Revolutionary Guard Corps retaliating against the Bandar Abbas attacks.
  Thursday’s attacks came shortly after Trump dismissed a report that Iran and Oman will manage shipping through the strait under a deal to end the war, saying "Oman will behave just like everybody else or we’ll have to blow them up." The president also indicated that Iran wanted to make a deal, but that he was not satisfied with the agreement yet.
  Crude inventories fall less than expected
  Elsewhere, U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) fell by 3.3 million barrels in the week ending May 22, according to data from the Energy Information Administration (EIA), lower than the consensus of a draw of 3.8 million barrels.
  Total crude oil inventories now stand at 441.7 million barrels, or about 2% below the five-year average for this time of the year. The U.S. has drawn upon its ample inventories during the Middle East conflict to help fill in the supply glut created by the closure of the Strait of Hormuz, with exports hitting record highs since the start of the war.
  
  Weekly U.S. exports of crude oil and petroleum products were 12.5 million barrels per day in the week ending May 22, the EIA said. That was the seventh-highest on record since February 1991.
  Trump on Thursday told reporters that "hundred of boats" were lining up and coming to Texas, Louisiana, and Alaska to "fill up." Source: Investing.com
- 2026-05-28
  Linsen Nambi CEO to lead new Durban Shipping Chamber
  The Durban Chamber of Commerce and Industry NPC says that its newly-launched Durban Shipping Chamber will look to ‘unite stakeholders across shipping, logistics, ports, and marine services to drive collaboration, industry growth, and policy alignment’. The... Read more
- 2026-05-28
  Inchcape opens office in Brunei
  Inchcape Shipping Services has opened a new office in Brunei Darussalam, which the company describes as a strategically important market for offshore, naval and logistics operations in Southeast Asia. The office will initially focus on supporting... Read more
- 2026-05-28
  Energy export growth drives Q1 increase in Houston Ship Channel tonnage throughput
  Waterborne tonnage moving in and out of Houston in the first quarter of 2026 reached 65 million short tons, which is a 12% year-on-year (y-o-y) increase. The uplift was primarily driven by export throughput, which rose by 19% y-o-y, while imports fell... Read more
- 2026-05-28
  Maritime Blue issues request for proposals for methanol bunker barge design
  Washington Maritime Blue (Maritime Blue), in collaboration with the Port of Seattle, Port of Tacoma, Northwest Seaport Alliance (NWSA), and American Bureau of Shipping (ABS), is seeking a naval architecture firm to develop design schematics for a 30,000-barrel... Read more
- 2026-05-28
  Uni-Fuels sees strong growth in Q1 2026 revenue and bunker volumes
  Singapore-headquartered marine fuel trader Uni-Fuels has posted a 64% year-on-year increase in Q1 revenue and a 58% uplift in marine volumes, but the quarter’s results were impacted by a US$376,087 net loss which the company said was ‘primarily attributable... Read more
- 2026-05-28
  Molgas wraps up LNG bunkering of Northern Lights’ LCO2 vessel in Norway
  Molgas Energy Group has announced it has completed an LNG cool-down and bunkering operation for dual-fuel liquefied CO2 vessel Northern Pathfinder at Northern Lights’ LNG terminal in Øygarden, western Norway. The cool-down operation was executed at... Read more
- 2026-05-28
  MABUX: Bunker Weekly Outlook, Week 22, 2026.
  During the week, the global bunker market showed a downward trend amid reports of a possible peace agreement between the US and Iran. As a result, by the end of the week, the 380 HSFO index fell by USD 41.82: from USD 789.89/MT last week to USD 748.07/MT.... Read more During the week, the global bunker market showed a downward trend amid reports of a possible peace agreement between the US and Iran. As a result, by the end of the week, the 380 HSFO index fell by USD 41.82: from USD 789.89/MT last week to USD 748.07/MT. The VLSFO index decreased by USD 63.13 (USD 884.26/MT against USD 947.39/MT last week), breaking through the USD 900.00 mark. The MGO LS index, in turn, decreased by USD 80.94 (from USD 1404.96/MT last week to USD 1324.02/MT), falling below USD 1400.00 and approaching USD 1300.00. At the time of writing, the market was in a phase of multidirectional fluctuations.
  
  The MABUX Global Scrubber Spread (SS) — the price differential between 380 HSFO and VLSFO — continued to narrow during the week, declining by a further USD 21.31 from USD 157.50 last week to USD 136.19. Despite the decrease, the spread remained comfortably above the psychological USD 100.00 breakeven threshold. The weekly average of the index also fell by USD 18.09. In Rotterdam, the SS Spread moved in the opposite direction, increasing by USD 17.00 from USD 51.00 last week to USD 68.00, while its weekly average declined by USD 9.83. In Singapore, the 380 HSFO/VLSFO spread widened by USD 6.00, rising from USD 148.00 last week to USD 154.00, although the port’s weekly average edged down by USD 2.50. Overall, the SS Spread remained relatively stable throughout the week, preserving the broader trend toward improved scrubber cost-efficiency when using 380 HSFO compared to conventional VLSFO. We expect mixed movements in the SS Spread to persist in the near term amid continued uncertainty surrounding the Middle East conflict and elevated market volatility. Detailed information is available in the “Differentials” section of mabux.com.
  
  The Istanbul ECA Spread (ES) remained unchanged at USD 50.00 during the week, while its weekly average declined by USD 28.33. The Venice ECA Spread remains uncalculated due to the absence of regular market quotations. Amid the ongoing holiday period in Turkey, we expect the ECA Spread to remain relatively stable next week. Detailed information is available in the “Differentials” section of mabux.com.
  
  American LNG suppliers are urging the EU to delay enforcement of its methane emissions rules until at least 2028, warning that regulatory uncertainty is already slowing long-term gas contracting at a critical stage for the market. Under the EU methane law, gas imports from 2027 must either meet monitoring and verification standards equivalent to those in Europe or comply with strict certification requirements. The regulation is a central element of the EU’s climate agenda. The rules have faced mounting industry criticism in recent months. Earlier this year, oil and gas companies, including major European firms, called on Brussels to suspend implementation, warning the measures could disrupt fuel imports and undermine supply security.
  
  The level of natural gas reserves in European underground storage facilities continued to increase moderately as of May 26, reaching 38.52% of total capacity, up by 1.85 percentage points compared to the previous week. Nevertheless, the pace of injections remains relatively weak, with storage occupancy still 22.94% below the level recorded at the beginning of the year (61.46%). At the end of Week 22, the European gas benchmark TTF declined by EUR 4.344/MWh, falling from EUR 51.816/MWh last week to EUR 47.472/MWh.
  
  The price of LNG as a bunker fuel at the port of Sines (Portugal) declined further this week, falling by USD 115.00 to USD 1,094/MT, compared to USD 1,209/MT the previous week. At the same time, the price spread between LNG and conventional fuel widened to USD 169.00 in favor of LNG, versus USD 96.00 a week earlier. On May 25, MGO LS was assessed at USD 1,263/MT at the port of Sines. More detailed information is available in the “LNG Bunkering” section on mabux.com.
  
  The Week 22 MABUX Market Differential Index (MDI) — the ratio between Market Bunker Prices (MBP) and the MABUX Digital Bunker Benchmark (DBP) — recorded the following trends across the world’s major bunkering hubs: Rotterdam, Singapore, Fujairah, and Houston:
  
  • 380 HSFO segment: All four ports remained in the undervalued zone. The level of discount widened by 1 point in Rotterdam and by 2 points in Singapore, while narrowing by 22 points in Fujairah and by 37 points in Houston. Notably, Fujairah’s MDI approached the 100% correlation level between MBP and DBP.
  
  • VLSFO segment: Houston moved into the overvalued zone, joining Fujairah. The overpricing premium increased by 45 points in Fujairah and by 40 points in Houston, with Houston remaining close to the 100% MBP/DBP correlation mark. Rotterdam and Singapore continued to be undervalued, although the MDI discount widened by 12 points in Rotterdam and narrowed by 2 points in Singapore.
  
  • MGO LS segment: Rotterdam, Singapore, and Houston remained undervalued. MDI levels increased by 132 points in Rotterdam and by 2 points in Singapore, while declining by 4 points in Houston. Fujairah continued to be the only overvalued port in this fuel category, with its premium increasing by a further 17 points. MDI values in Rotterdam, Singapore, and Fujairah remained consistently above the USD 100.00 level.
  
  Overall, the balance between overvalued and undervalued ports shifted slightly further toward overvaluation during the week, as Houston entered the overvalued zone in the VLSFO segment. Nevertheless, this development did not alter the broader DBP trend, where multidirectional fluctuations continue to dominate amid elevated market volatility.
  
  More detailed information on the correlation between market prices and the MABUX Digital Bunker Benchmark is available in the “Digital Bunker Prices” section on mabux.com.
  
  According to Wood Mackenzie, a prolonged closure of the Strait of Hormuz represents “the single greatest threat to global energy markets in decades.” More than 11 million b/d of Gulf crude and condensate production is currently disrupted, while over 80 Mtpa of LNG supply — around 20% of global volumes — remains inaccessible to international markets. WoodMac outlined three scenarios for the conflict. In the most optimistic “Quick Peace” case, a near-term agreement leads to the Strait reopening by June, allowing the global economy to return broadly to its pre-conflict trajectory by Q4 2026. The “Summer Settlement” scenario assumes negotiations continue into late summer, keeping the Strait largely closed until September. Under this case, oil and LNG shortages persist through Q3 2026, pushing the global economy into a shallow recession in H2 2026. In the most severe “Extended Disruption” scenario, the Strait remains largely closed through end-2026, with recurring tensions causing renewed conflict and prolonged supply disruptions.
  
  The market continues to be influenced by two opposing factors. On the one hand, reports about a possible peace agreement in the Middle East are putting pressure on prices, raising expectations for more stable traffic through the Strait of Hormuz. On the other hand, ongoing geopolitical tensions and limited military activity near the strait continue to support prices, highlighting the uncertainty surrounding the current ceasefire. Against this backdrop, MABUX expects mixed movements in global bunker indices to continue in the near term, with high market volatility likely to persist.
  Source: MABUX
- 2026-05-28
  Oil surges after Iran targets US airbase in retaliation
  Oil prices jumped more than 3% on Thursday after Iran’s Revolutionary Guards said they targeted a U.S. airbase in response to a U.S. attack near Bandar Abbas airport. Brent crude futures rose $3.51, or 3.72%, to $97.8 a barrel by 0344 GMT, while the... Read more Oil prices jumped more than 3% on Thursday after Iran’s Revolutionary Guards said they targeted a U.S. airbase in response to a U.S. attack near Bandar Abbas airport.
  Brent crude futures rose $3.51, or 3.72%, to $97.8 a barrel by 0344 GMT, while the more active August contract gained $3.35 or 3.63%, to $95.6. The July contract is set to expire on Friday.
  The U.S. West Texas Intermediate futures were up $3.31, or 3.73%, at $91.99.
  Both benchmarks slipped more than 5% to touch their lowest in a month in the previous session on the possibility of a U.S.-Iran deal to end their war and reopen the Strait of Hormuz.
  Iran’s Revolutionary Guards said on Thursday they targeted a U.S. airbase after what they described as an early morning U.S. attack near Bandar Abbas airport, Tasnim news agency reported.
  They warned that any repeat of what they called aggression would draw a "more decisive".
  The U.S. military launched new strikes in Iran targeting a military site that officials believed posed a threat to U.S. forces and commercial maritime traffic in the strait, a U.S. official told Reuters.
  "Oil supply remains constrained, and key sticking points have yet to be resolved," ANZ commodity strategist Daniel Hynes said in a note.
  In the U.S., crude oil stockpiles fell by 2.8 million barrels last week, the sixth straight week of declines, according to American Petroleum Institute data. [API/S]
  
  Official inventory data from the U.S. Energy Information Administration are due on Thursday, a day later than usual due to the Memorial Day holiday on Monday. Source: Reuters/Investing.com
- 2026-05-28
  Shrinking Oil Inventories Raise Fears of Prolonged Energy Crisis
  Global oil inventories are fast approaching a critical point, with Asia the first facing “minimum operational levels” and Europe close behind. This is the latest in a growing series of warnings from industry experts about the state of oil supply and the... Read more Global oil inventories are fast approaching a critical point, with Asia the first facing “minimum operational levels” and Europe close behind. This is the latest in a growing series of warnings from industry experts about the state of oil supply and the prospects of a severe shortage. It seems the world is running out of time to avert a much bigger crisis than we already have.
  
  Asia is already struggling with supply, Jeff Currie, Senior Advisor at the Carlyle Group, told CNBC this week. Speaking on the sidelines of an industry event in Singapore, the energy market vet said, “We’ve seen explosive prices on products. Jet fuel has come down, but diesel has now gone up above jet fuel. So, the problem here in Singapore continues. It just moved from jet to diesel.”
  
  The problem is not isolated to Singapore, either, with total Asian oil stocks already on the brink of minimum operational level, Currie also said, and other parts of the world set to reach those levels by July. In that, Currie took a more pessimistic—or possibly realistic—stance on the state of inventories than his former colleagues from Goldman Sachs, who earlier this month said they did not expect global inventories of crude oil to reach minimum operational levels this summer, although they acknowledged that the situation with supply is challenging.
  
  Global oil inventories were “unlikely to hit minimum operational levels this summer, the speed of depletion and supply losses in some regions and products is concerning,” Goldman commodity analysts said in a note, adding that inventories were nearing their lowest level in eight years. Interestingly, later this month, Goldman’s analysts issued a fresh warning as they reported that April draws from inventories had run at double the rate until the end of March.
  
  Since the start of May, global draws from inventories have been running at 8.7 million barrels daily, which is the highest ever, the investment bank’s analysts said last week. “Physical markets continue to tighten, as estimated oil exports through the strait remain at a very low 5% of normal,” they said.
  
  Summer is shaping up to be much hotter than usual in energy markets, with the International Energy Agency’s head recently warning oil was about to reach the “red zone” in July or August. Last week, Fatih Birol warned that rapidly falling inventories, missing Middle Eastern exports, and rising summer demand could push global oil markets into dangerous territory by July or August. “This may be difficult and we may be entering the red zone in July-August if we don't see some improvements,” Birol said.
  
  According to Carlyle’s Currie, Europe has less than that before it meets the oil shortage head-on. It may be painful, because “All of the inventories that are drawing out of the United States out of the U.S. SPR [Strategic Petroleum Reserve] are being exported into Europe, so the Europeans think they have no problem because they’re getting all of this oil being imported from the United States, but that can’t continue on,” the commodity expert said. What’s worse, the crunch will not spare the United States either, with shortages beginning to be felt by July, Currie also said.
  
  “I would say, Asia, you’re there. Europe, give it about another month, and look for July being a problem in the U.S.,” he said, even as traders continue to focus on statements by President Trump and media reports about progress in the negotiations between Washington and Tehran instead of fundamentals.
  
  Brent crude is back below $100 today after topping the three-digit threshold on Tuesday after a round of fresh U.S. missile strikes on Iran. This prompted the latter to state the U.S. had violated the ceasefire that the two had agreed in April, further clouding hopes for a quick resolution of the conflict and a reopening of the Strait of Hormuz—and June is just four days away.
  
  Yet Carlyle’s Currie had an even grimmer message for the U.S. government. “Every day that goes by, Iran’s negotiating leverage compounds. Why? Because inventories of oil ... continue to drop,” he said, as quoted by CNBC. “The minute you think you won, that’s exactly when you know you probably lost, and their negotiating position at this point has never been stronger in the last 47 years.”
  
  Some analysts are warning that once the full extent of the supply shortage becomes felt, prices will rise and stay high, likely for years. The reason, in addition to the immediate crunch of Middle Eastern supply, is a prolonged period of underinvestment in new supply from other parts of the world—something that OPEC+ has been warning about for at least three years now, to no avail. With estimates that it would take at least a month before Hormuz reopens, even with a peace deal in place, the prospect of an oil shortage in Europe has become all but a certainty, and the U.S. will likely see higher gas prices.
  
  Source: Oilprice.com

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