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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
1 221.00
0.00
1 180.00
+20.00
Mar 16
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	1 221.00	0.00	1 180.00	+20.00	Mar 16

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
801.25	-6.71	962.88	-15.87	1 394.52	-7.25	Mar 17

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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	715	643	+72	766	713	+53	1 180	1 180	0	Mar 17
Singapore	850	659	+191	1 115	787	+328	1 825	1 173	+652	Mar 17
Fujairah	867	611	+256	1 086	763	+323	1 543	1 236	+307	Mar 17
Houston	590	600	-10	770	701	+69	1 200	1 128	+72	Mar 17

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Latest News
- 2026-03-17
  More emergency oil stocks could be released down the line, says IEA Executive Director
  The International Energy Agency’s (IEA’s) decision on 11 March to authorise the largest emergency oil stock release in the Agency’s history has calmed energy markets but its Executive Director Fatih Birol has now stated that further drawdowns could be... Read more
- 2026-03-17
  ORLEN names two new dual-fuelled LNG carriers
  Polish energy company ORLEN held a naming ceremony last week at the Hanwha Ocean shipyard in Geoje, South Korea for two new dual-fuelled LNG carriers. The Danuta Siedzikówna-Inka and Rotmistrz Witold Pilecki each has a capacity of 174,000 cubic metres... Read more
- 2026-03-17
  Port of Brownsville says planned new refinery will strengthen its role as a ‘critical US energy logistics hub’
  The Portd of Brownsville in Texas says that the planned new America First Refining facility – which will be the first new U.S. Gulf oil refinery in nearly 50 years if it goes ahead – will strengthen the port’s role as ‘a critical US energy logistics hub’. The... Read more
- 2026-03-17
  Oil gains over 2% as market weighs Iran war supply risks
  Oil prices rose more than 2% in early trade on Tuesday, reversing some of the previous session’s losses, on worries about supply with the Strait of Hormuz mostly shut and U.S. allies rebuffing calls to send warships to help tankers move through the vital... Read more Oil prices rose more than 2% in early trade on Tuesday, reversing some of the previous session’s losses, on worries about supply with the Strait of Hormuz mostly shut and U.S. allies rebuffing calls to send warships to help tankers move through the vital waterway.
  
  Brent futures jumped $2.48, or 2.5%, to $102.69 a barrel by 0058 GMT, while U.S. West Texas Intermediate crude gained $2.42, or 2.6%, to $95.92.
  
  In the previous session, Brent futures settled 2.8% lower while U.S. West Texas Intermediate (WTI) crude slid 5.3% after some vessels sailed through the critical waterway.
  
  The Strait of Hormuz - a chokepoint for about 20% of the world’s oil and liquefied natural gas trade - has been largely disrupted by the U.S.-Israeli war on Iran, now in its third week, raising concerns about supply shortages, higher energy costs and rising inflation.
  
  Several U.S. allies rebuffed Donald Trump’s call on Monday to send warships to escort shipping through the Strait of Hormuz, drawing criticism from the U.S. president, who accused Western partners of ingratitude after decades of support.
  
  "The risks remain stark: It only takes one Iranian militia to fire a missile or plant a mine on a passing tanker to reignite the entire situation," IG market analyst Tony Sycamore said in a note.
  
  Iran has asked India to release three tankers seized in February as part of talks seeking the safe passage of Indian-flagged or India-bound vessels out of the Gulf via the Strait of Hormuz, three sources with knowledge of the matter told Reuters.
  
  The effective closure of the strait has forced the United Arab Emirates, the Organization of the Petroleum Exporting Countries’ third-largest producer, to shut in production, reducing its output by more than half, two sources told Reuters.
  
  To curb rising energy costs, the head of the International Energy Agency suggested member countries could release more oil, in addition to the 400 million barrels they have already agreed to draw from strategic reserves.
  
  Some banks raised their longer-term price outlooks, reflecting a potentially prolonged supply disruption. Bank of America lifted its 2026 Brent forecast to $77.50 a barrel from $61, while Standard Chartered raised its projection to $85.50 from $70.
  
  BofA said in a note its updated view reflects two equally likely paths: a quick resolution that restores flows by April and puts Brent near $70, or a longer disruption spilling into the second quarter that lifts prices toward $85.
  
  Israel said it has detailed plans for at least three more weeks of war as its military struck sites across Iran overnight. Source: Reuters/Investing.com
- 2026-03-17
  The Global Campaign to Control Oil Prices
  Governments are rushing to curb oil prices after the loss of roughly one-fifth of global supply, but reserve releases and policy interventions appear too small to offset the scale of the disruption. Some actors are attempting to jawbone oil prices... Read more Governments are rushing to curb oil prices after the loss of roughly one-fifth of global supply, but reserve releases and policy interventions appear too small to offset the scale of the disruption.
  
  Some actors are attempting to jawbone oil prices lower rather than materially increase supply, while others are attempting to control domestic demand and price spikes.
  
  Ultimately, prices are unlikely to fall sustainably unless the war ends or the Strait of Hormuz is reliably reopened, neither of which appears likely soon.
  
  Governments around the world are desperate to bring down oil prices in the wake of a cutoff of about one-fifth of the world's supply due to the Iran war. Here are some of the moves we've seen so far:
  
  The International Energy Agency, a consortium of 32 countries that coordinate energy policy and emergency readiness, called an emergency meeting to discuss the release of strategic petroleum reserves to ease prices. The countries agreed to a release of 400 million barrels from reserves held in underground caverns and above ground in storage tanks, the largest release ever of such reserves.
  
  With about 20 million barrels per day no longer available from Persian Gulf exports because of the Iranian closure of the Strait of Hormuz, the narrow passage from the gulf to the open sea, this release represents just 20 days of oil deliveries. But it is unlikely that the daily release of oil will be more than a fraction of the lost barrels, given constraints on how fast the reserve can be accessed. So it's not surprising that oil prices actually went up after the announcement.
  
  Of course, I would be remiss in not pointing out that Iran's closure of the Strait of Hormuz was the initial manipulation of the world oil price as it vowed to push oil prices to $200 per barrel.
  
  Some countries are implementing price caps, rationing, and reducing the workweek in order to cope with shortages of oil products such as gasoline and diesel and to shield consumers from the rising cost of such products.
  
  The U.S. Department of the Treasury announced that it may intervene in the futures market for oil to tamp down speculation. Oil market participants were somewhat skeptical that such intervention would have much effect because the oil futures market must ultimately take its cues from physical supply and demand. Oil futures contracts call for delivery of crude oil if they are not closed out before the delivery date specified in each contract. That keeps them closely tied to the physical market. And the physical market is where the problem is today.
  
  Not surprisingly, the heads of major futures and stock exchanges didn't like the idea of the U.S. Treasury Department manipulating oil futures prices. After all, such manipulation would be considered illegal if private individuals did it. Moreover, public exchanges are meant to be places for price discovery. How can customers using those exchanges expect to discover the true price of oil if the U.S. government is putting its thumb on the scale? Government intervention will destroy the credibility of the futures exchanges sending customers elsewhere to hedge their exposures.
  Then there is simple jawboning. After oil reached about $120 per barrel on March 8, the following day, President Trump held a news conference in which he said the Iran war could be over "very soon" which caused the oil price to plummet.
  
  Now, here is a stratagem that few people recognized as intentional manipulation: The following day, the U.S. Secretary of Energy Chris Wright posted on social media that "the U.S. Navy successfully escorted an oil tanker through the Strait of Hormuz to ensure oil remains flowing to global markets." Or rather, someone who manages his account posted that. The oil market swooned another 19 percent immediately afterward. The post turned out to be false and was quickly deleted. The market recovered but was down 12 percent for the day.
  
  This move was either another attempt to jawbone the market lower, or it was a scheme by administration insiders to profit from a move they engineered by making the post. Most media outlets simply portrayed the post as a mistake without understanding that it might have been deliberate for one of the reasons cited. The energy secretary has vowed to investigate. I'll be very surprised if we ever see any findings from that investigation. Was this part of the plan of the U.S. Treasury Department to manipulate the futures market, or was it the action of a rogue employee? We'll probably never know.
  
  There is additional jawboning in the form of the United States offering temporary waivers to countries that wish to buy oil from Russia. Russian oil is under sanctions that began after the Russian invasion of Ukraine as a way to punish Russia. U.S., European, and G7 governments implemented the sanctions (which went well beyond oil) and have also imposed so-called "secondary sanctions," which means that businesses and banks in other countries that engage in commerce with Russia in violation of the sanctions may themselves be sanctioned. The oil sanctions consist of price caps, insurance bans for illicit ships, asset freezes on Russian oil companies, bans on foreign investment and projects, and many other measures. Here is an account of the energy sanctions on Russia, Iran, and Venezuela.
  
  The purpose has been to reduce the income Russia gets from exporting oil via price caps while NOT depriving the world market of oil from the world's second-largest exporter. And, Russia has, in any case, been successfully circumventing the sanctions by using its "shadow fleet", that is, a fleet the ownership of which is difficult to discover and which uses a host of tactics to keep from being detected. In addition, Russia has sold much of its oil to China and India, which never agreed to the sanctions.
  
  So, why am I telling you all this? To demonstrate why the waivers are just another tactic to jawbone the price of oil down. They won't make much difference in the available supply, and they are allowing Russia to reap a huge windfall as Russian oil companies are allowed to charge market prices, which are now well beyond the cap of $60 per barrel and well beyond the extra discounts ($40 per barrel) Russia was giving to those flouting the sanctions.
  
  And finally, there is either the ultimate in jawboning or the ultimate in folly. There are hints that the U.S. administration is working on a plan to open the Strait of Hormuz. Navy Times reports that 5,000 personnel, including Marines, are being deployed to the Middle East along with amphibious landing craft. Either the administration is trying to make the world think that the U.S. military is about to try to open the Strait of Hormuz, or the administration actually is planning on trying to open the strait. If it is the latter, it seems to me to be a fool's errand that is unlikely to succeed. The Iranian military has demonstrated its ability to target whatever it wants to blow up very precisely with drones and missiles, and the military appears to have an ample supply of these weapons.
  
  Of course, the fastest way to bring down oil prices would be to end the war with Iran. The fastest way to do that would be to accede to all of Iran's demands, which include retaining its nuclear development program, retaining its military without restrictions on weapons, reparations for damage done to Iran, and international guarantees that it will not be attacked again.
  
  Given the rejection by Israel and the United States of these demands and given Iran's seemingly endless supply of drones and missiles and its stranglehold on the Strait of Hormuz, we can expect the war to drag on until Israel and the United States either take over Iran using ground forces or accede to some or all of Iran's demands. Otherwise, there will be no practical way to guarantee the safety of oil tankers transiting the Persian Gulf and the Strait of Hormuz. Gauge the likelihood of either side getting what it wants anytime soon in order to assess how long the world will be drastically short on its daily ration of oil.
  
  Source: Oilprice.com
- 2026-03-17
  Iraq To Restore Kirkuk-Turkey Pipeline as Iran War Chokes Off Exports
  Iraq is scrambling to restore a northern oil export route that would send crude from the Kirkuk fields directly to Turkey’s Mediterranean port of Ceyhan, as the war involving Iran has effectively shut down the country’s southern export corridor through... Read more
- 2026-03-17
  EU Considers Naval Action to Reopen Vital Strait of Hormuz
  The European Union foreign ministers are discussing on Monday the potential to move an already operational mission in the Middle East region to try to help unblock the Strait of Hormuz, the EU’s foreign policy chief Kaja Kallas said ahead of the meeting.... Read more The European Union foreign ministers are discussing on Monday the potential to move an already operational mission in the Middle East region to try to help unblock the Strait of Hormuz, the EU’s foreign policy chief Kaja Kallas said ahead of the meeting.
  
  “We will discuss the Middle East... And there, the main topic will be how to keep the Strait of Hormuz open,” Kallas said.
  
  The EU, while receiving only 12% of Qatar’s LNG – which is now shut-in due to the war – is exposed to spiking natural gas prices as Asia is now winning the competition for alternative spot supply. The soaring oil prices and choked fuel flows in the Middle East and in Asia, which is prioritizing domestic supply, are also putting a strain on energy costs for households and businesses across the EU.
  
  Ahead of the foreign ministers’ council today, Kallas said that she spoke with
  
  UN Secretary General Antonio Guterres “about whether it was possible to also have the same kind of initiative like we had the Black Sea initiative, how to get the grain from Ukraine out, because the closure of Strait of Hormuz is really dangerous for the oil supplies, energy supplies to Asia.”
  
  The EU has the ASPIDES mission in the Red Sea and will discuss “whether it is possible to really change the mandate of this mission,” Kallas said.
  
  Related: Six Stocks That Could Soar in an Era of Regional Instability
  
  “If we want to have security in this region, then it would be easiest to actually already use the operation that we have in the region, and maybe a change a bit.”
  
  “It is in our interest to keep the Strait of Hormuz open and that is why we are also discussing what we can do in this regard, from the European side,” the EU’s top diplomat said.
  
  After bombing Iran’s vital Kharg Island this weekend, U.S. President Donald Trump urged “Countries of the World that receive Oil through the Hormuz Strait must take care of that passage, and we will help — A LOT!” Source: Oilprice.com
- 2026-03-17
  China Silent After Trump Asks Beijing for Help in Strait of Hormuz
  China has remained publicly silent after U.S. President Donald Trump on Monday urged Beijing to help reopen the Strait of Hormuz, the critical oil chokepoint that has been largely shut down during the escalating war with Iran. The standoff around the... Read more China has remained publicly silent after U.S. President Donald Trump on Monday urged Beijing to help reopen the Strait of Hormuz, the critical oil chokepoint that has been largely shut down during the escalating war with Iran.
  
  The standoff around the narrow waterway, through which roughly 20% of the world’s oil supply normally passes, has already sent crude and natural gas prices sharply higher, raising fears of a sustained disruption to global energy flows.
  
  According to reporting by the Associated Press, Chinese officials declined to directly address Trump’s request when asked during a daily briefing on Monday, instead reiterating Beijing’s broader call for de-escalation in the region.
  
  The White House is pushing major oil-importing nations to take a more active role in protecting tanker traffic through the strait. Speaking to reporters aboard Air Force One, Trump said his administration has contacted roughly seven countries that rely heavily on Middle Eastern crude shipments and expects them to help secure the route.
  
  “I’m demanding that these countries come in and protect their own territory, because it is their territory,” Trump said, referring to the shipping corridor used by many Asian economies to import energy supplies.
  
  China is particularly exposed to any disruption in Hormuz traffic. Data from the U.S. Energy Information Administration shows that the majority of crude moving through the strait ultimately heads to Asian markets, including China, India, Japan and South Korea.
  
  In the first quarter of 2025, more than one-third of the oil transiting the Strait of Hormuz was destined for China, according to reporting by The Hill citing EIA data.
  
  Washington is now working toward assembling a multinational naval coalition to escort commercial shipping through the passage. Officials cited by The Wall Street Journal said the mission could be announced as soon as this week, though details remain under discussion and participation from key partners is not yet confirmed.
  
  European and Asian governments have reacted cautiously so far. Britain confirmed Prime Minister Keir Starmer discussed reopening the strait with Trump, while South Korea said it would closely coordinate with Washington before making any decision.
  
  Trump has also signaled that the standoff could affect his diplomatic schedule with Beijing. Trump told the Financial Times on Monday that he may delay a planned visit to China later this month if there is no clarity on whether Beijing will help secure the strait. The trip is currently scheduled for March 31 through April 2 and would include a meeting with Chinese President Xi Jinping. Source: Oilprice.com
- 2026-03-17
  What Happens If Gulf Producers Deploy ‘Nuclear Option’ To End Middle East War?
  The shutdown of the Strait of Hormuz has stranded about 15 million barrels/day of Gulf oil exports, giving Gulf Cooperation Council producers major leverage in the Middle East conflict. Gulf states could deploy an energy “nuclear option” by halting exports... Read more The shutdown of the Strait of Hormuz has stranded about 15 million barrels/day of Gulf oil exports, giving Gulf Cooperation Council producers major leverage in the Middle East conflict.
  Gulf states could deploy an energy “nuclear option” by halting exports entirely, removing up to 20% of global oil supply.
  Doing so, they could potentially force the United States and Israel to reconsider military operations against Iran.
  
  The shutdown of commercial traffic through the Strait of Hormuz has suddenly handed Gulf oil producers enormous leverage over the escalating Middle East war. With roughly 15 million barrels per day of crude exports effectively stranded, Gulf Cooperation Council (GCC) nations could deploy what amounts to an energy “nuclear option”: declaring force majeure across their oil and gas exports and deliberately removing another 20% of global supply from the market.
  
  Such a move, unpacked in an opinion piece in Middle East Eye, would instantly trigger a global economic shock and could force the United States and Israel to reassess their military campaign against Iran.
  
  Over the weekend, the Strait of Hormuz effectively stopped functioning as a commercial shipping route. According to vessel tracking data, zero commercial crossings were recorded on Saturday–down from roughly 2.6 crossings per day since the war began and about 135 daily crossings before the conflict. The disruption has prompted emergency diplomatic discussions in Europe, where foreign ministers are meeting Monday to consider naval escorts for tankers attempting to transit the waterway.
  
  The de facto closure of the passage has resulted in severe economic losses for GCC countries, with estimates that approximately 14.8 million barrels of oil produced by GCC nations every day are left stranded without a viable export route. Collectively, these countries could be losing up to $1.2 billion in export revenues per day, and are estimated to have lost more than $15 billion in oil and natural gas revenues since the conflict began. The GCC includes Saudi Arabia, UAE, Qatar, Kuwait, Oman, and Bahrain.
  
  Gulf producers could be willing to bet that cutting off another 20% of the world’s oil supply could force the U.S. and Israel to stop attacks on Iran. After all, there’s little incentive at the moment for the two to stop the war, with Israel relying on its deep-pocketed ally to finance operations while Trump has repeatedly stated he is "not ready to declare victory" or accept current negotiation terms.
  
  A collective halt of oil exports would trigger a major global economic shock and instantly shift the balance of power to Gulf producers, compelling the warring nations to immediately reassess their positions.
  
  The GCC has a clear justification for declaring force majeure. Saudi Aramco's 550,000 bpd Ras Tanura refinery was shut down following a drone attack attributed to Iran on March 2. Two Iranian drones were intercepted by Saudi air defenses; however, falling debris ignited a fire at the giant facility. While the fire was quickly contained and caused only minor damage, Saudi Arabia is still bearing the full brunt of the war, with OPEC’s largest producer estimated to have lost nearly $5 billion in potential revenues so far. Meanwhile, Qatar has already declared force majeure on its LNG operations. On March 2, QatarEnergy halted liquefied natural gas (LNG) production at its major Ras Laffan and Mesaieed industrial cities following Iranian drone attacks, effectively cutting off a fifth of global LNG supply. Qatar’s Ras Laffan Industrial City serves as the primary hub for the country's massive LNG operations and is home to the world's LNG export complex. The city’s LNG plant features 14 LNG trains with a production capacity of approximately 77 million metric tonnes per year (mtpa).
  
  Thankfully, most GCC nations have the necessary wherewithal to pull off such a drastic move thanks to their massive sovereign wealth funds. GCC SWFs are some of the largest in the world, managing approximately $5 trillion in assets, or nearly 40% of global SWF assets. Saudi Arabia’s Public Investment Fund (PIF) is the fifth-largest sovereign wealth fund in the world with ~$1.2 billion in assets. By mid-2025, the PIF's assets surpassed SAR 4.3 trillion ($1.15 trillion), marking a significant increase from 2024, aided by transfers of Aramco stakes and portfolio performance. Approximately 80% of the PIF's investments are focused within Saudi Arabia to drive Vision 2030 goals, with 55% of the portfolio allocated to alternative assets. Meanwhile, Abu Dhabi Investment Authority (ADIA) manages ~ $1.1 trillion in assets while Kuwait Investment Authority (KIA), the world's oldest sovereign wealth fund, manages over $1 trillion.
  
  Saudi Arabia and its Gulf neighbors would normally be among the biggest beneficiaries of a sharp oil rally. Brent’s surge above $100 per barrel dramatically improves fiscal revenues for producers that rely heavily on crude exports to fund government spending and large-scale development programs. Riyadh in particular has spent years pushing for higher oil prices to support its ambitious Vision 2030 economic transformation plan. But the current crisis has created a far more complicated equation. With the Strait of Hormuz effectively shut and millions of barrels of Gulf crude unable to reach global markets, the price spike offers only limited relief if producers cannot physically move their oil.
  
  GCC nations could be in a world of pain unless the Middle East conflict is quickly resolved, with estimates that Gulf GDP could drop by as much as 22% if the conflict carries on for 3-6 months. While Gulf states possess significant sovereign wealth funds to mitigate short-term impacts, prolonged closure is expected to cause severe fiscal pressure and widen their current account deficits. Source: Oilprice.com
- 2026-03-16
  Port of Salalah resumes some operations after drone strike
  Oman’s Port of Salalah says it is currently operating at partial capacity after a drone hit fuel storage tanks on 11 March, while a local source tells ship.energy that the port is currently allowing STS bunkering at the anchorage for commercial vessels... Read more

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