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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
892.50
0.00
712.00
+5.00
Jan 13
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	892.50	0.00	712.00	+5.00	Jan 13

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
543.38	-0.73	631.48	-1.28	815.63	-0.01	Jan 17

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MBP INDEX vs DBP INDEX (ICE/NYMEX)

All Indexes in $/mton	380HSFO			VLS FO			MGO LS			Date
All Indexes in $/mton	MBP Index	DBP Index	Diff	MBP Index	DBP Index	Diff	MBP Index	DBP Index	Diff	Date
Rotterdam	471	504	-33	551	572	-21	712	721	-9	Jan 17
Singapore	519	517	+2	610	615	-5	749	754	-5	Jan 17
Fujairah	488	554	-66	593	622	-29	788	907	-119	Jan 17
Houston	483	526	-43	599	663	-64	770	806	-36	Jan 17

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Latest News
- 2025-01-17
  Oil set for fourth week of gains on US sanctions
  Oil prices edged lower on Friday but remained on course for a fourth consecutive week of gains, as the latest U.S. sanctions on Russian energy trade added to worries about oil supply disruptions. Brent crude futures were down 41 cents, or 0.5%, at $80.87... Read more Oil prices edged lower on Friday but remained on course for a fourth consecutive week of gains, as the latest U.S. sanctions on Russian energy trade added to worries about oil supply disruptions.
  Brent crude futures were down 41 cents, or 0.5%, at $80.87 per barrel by 11:30 a.m. ET (1630 GMT), having gained 1.4% this week. U.S. West Texas Intermediate crude futures were down 89 cents, or 1.1%, at $77.81 a barrel, having climbed 1.6% for the week.
  "Sanctions on Russia are causing tightness of supply in Europe, India and China as they scramble for supply," Phil Flynn, senior analyst with Price Futures Group.
  The Biden administration unveiled broader sanctions last week targeting Russian oil producers and tankers.
  Investors are also assessing the potential implications of President-elect Donald Trump's return to the White House on Monday. Trump's pick for Treasury secretary said he was ready to impose tougher sanctions on Russian oil.
  Also weighing on oil prices were expectations of a halt in attacks by Yemen's Houthi militia on ships in the Red Sea following a Gaza ceasefire deal.
  The Houthis' attacks have disrupted global shipping, forcing ships to make longer and more expensive journeys around southern Africa for more than a year.
  The Israeli security cabinet approved the deal on Friday, paving the way for the return of the first hostages from Gaza as early as Sunday. The accord was still conditional on the approval of the full cabinet, which was meeting on Friday afternoon.
  
  Expectations for increased demand lent some support to the oil market earlier on Friday. Data this week showed inflation easing in the U.S., the world's biggest economy, bolstering expectations of interest rate cuts.
  Traders are also assessing fresh data from China, the world's top oil importer. Its economy fulfilled the government's ambitions for 5% growth last year.
  However, China's oil refinery throughput in 2024 fell for the first time in more than two decades barring the pandemic-hit year of 2022, government data showed on Friday, as plants tempered operations in response to stagnant fuel demand and depressed margins.
  Source: Reuters/Investing.com
- 2025-01-17
  MIDDLE EAST: DAN-BUNKERING (MIDDLE EAST) APPOINTS FUEL SUPPLIER TO DUBAI OFFICE
  Dan-Bunkering (Middle East) has announced that Aleyna Yesim Dulger has joined its Dubai office as a fuel supplier. In a statement sent to Bunkerspot today (17 January), Dan-Bunkering said Dulger, whose educational background is in maritime law, has... Read more
- 2025-01-17
  GLOBAL: MARITIME EMISSIONS REDUCTION CENTRE’S INAUGURAL PUBLICATION FLAGS UP ‘CRITICAL’ NEED TO APPLY EFFICIENCY MEASURES TO EXI
  The Maritime Emissions Reduction Centre (MERC) – the Athens-based non-profit set up by Lloyd’s Register’s Maritime Decarbonisation Hub and a group of prominent Greek shipowners – has launched its first publication, in which it emphasises the importance... Read more
- 2025-01-17
  EUROPE: BURANDO ENERGIES COMPLETES B30 BIOFUEL BUNKERING IN ROTTERDAM
  Burando Energies has announced it delivered ISCC-certified biofuel to Heerema Marine Contractors’ anchor handling tug, MV Bylgia, at the Port of Rotterdam. In a social media post yesterday (16 January), Burando Energies, formerly known as Trefoil Trading,... Read more
- 2025-01-17
  EUROPE: UK GOVERNMENT ANNOUNCES NEW £30 MILLION FUNDING ROUND FOR CLEAN MARITIME PROJECTS
  A new round of funding in the Clean Maritime Demonstration Competition (CMDC) has been announced today (16 January) by the UK government, with the aim of decarbonising sea travel and supporting the green energy sector in the country. The sixth round... Read more
- 2025-01-17
  GLOBAL: SUPPLY CHALLENGES COULD HAMPER FUTURE BIOFUEL UPTAKE, DNV REPORTS
  The long-term future of the marine biofuel market ‘hinges on the availability of sustainable biomass at an affordable level, as well as competition with other sectors,’ DNV’s CEO Maritime Knut Ørbeck-Nilssen said as the classification society publishes... Read more
- 2025-01-17
  Global diesel prices spike as US hits Russia with new sanctions
  Global diesel prices and refining margins spiked following the latest round of U.S. sanctions on Russia's oil trade on expectations the measures would tighten supplies, according to analysts and LSEG data. The United States imposed its toughest sanctions... Read more Global diesel prices and refining margins spiked following the latest round of U.S. sanctions on Russia's oil trade on expectations the measures would tighten supplies, according to analysts and LSEG data.
  The United States imposed its toughest sanctions on Russian producers and tankers yet on Jan. 10 to curb the world's No. 2 oil exporter's revenue for its war in Ukraine.
  Many of the newly-targeted vessels, part of what is called a shadow fleet that seeks to circumvent Western restrictions, have been used to ship oil to India and China. Refiners in those countries have benefited from cheap Russian imports that were banned in Europe following Moscow's invasion of Ukraine.
  "Diesel [profit margins] are up following news on the sanctions, and we expect meaningful disruptions to Russian diesel exports," said Energy Aspects analyst Natalia Losada. She added that at least 150,000 barrels per day (bpd) of Russian diesel exports from Gazprom (MCX:GAZP) Neft and Surgutneftegas refineries are at risk.
  The premium of the first-month European diesel benchmark contract to that six months later spiked to $50.25 a metric ton on Thursday, a 10-month high, LSEG data shows.
  The diesel market was already in backwardation, the term used for a market structure whereby nearby contracts trade at a premium to later delivery contracts. This usually denotes tight prompt supply.
  Diesel refining margins stood at a five-and-a-half month high of $20 a barrel on Thursday.
  
  Cold weather in the northern hemisphere was already supporting diesel markets.
  Asian diesel refining margins jumped 8% on Monday to above $17 a barrel, the largest gain since September, before easing to about $16.50 a barrel on Thursday.
  U.S. diesel futures surged more than 5% on Jan. 10, their biggest daily gains since October, and hit a six-month high of $111 per barrel on Thursday. Front month diesel is commanding an over $10 premium over the sixth-month contract, the largest premium in almost a year.
  Traders and refiners are factoring the higher crude costs into fuel prices and refining runs, two Singapore-based trade sources said, adding that lower Russian diesel flows are unlikely to have a big impact on Asian markets directly.
  Even with higher diesel margins, Asia's complex refining margins have weakened as crude prices have gained at a much faster pace than refined product prices, a third source said.
  Dubai cash prices rose by 8.5% from last Friday, while Singapore February gasoil swaps only climbed 5.5% in the same time period.
  Singapore's complex refining margins, Asia's bellwether, hovered at five-month lows of 17 cents per barrel on Thursday, LSEG pricing data showed.
  Europe, which before the 2022 Western sanctions, was the top buyer of Russian diesel, switched to supplies from India, the Middle East and the United States to cover the shortfall.
  While most of the 183 sanctioned vessels have been used to move crude and fuel oil rather than diesel, there are concerns the sanctions could impact refinery runs in India and China, cutting their diesel production and exports to Europe, Sparta Commodities analyst James Noel-Beswick said.
  
  Russia's biggest diesel buyers, Turkey and Brazil, would need to find alternative sellers like the United States and Middle Eastern countries in case Russian supplies are significantly disrupted, he added, increasing competition for European buyers.
  Other analysts say the market would eventually adapt to the new sanctions.
  "We don't actually expect to see any major changes in Russian product flows, as the same volumes can travel to the same destinations, just using non-sanctioned tankers," FGE Energy analyst Eugene Lindell said. Source: Reuters/Investing.com
- 2025-01-17
  Oil up, heads for 4th weekly gain as U.S. sanctions hit supply
  Oil prices rose on Friday and headed towards a fourth consecutive weekly gain as the latest U.S. sanctions on Russian energy trade hit supply and pushed up spot trade prices and shipping rates. Brent crude futures rose 44 cents, or 0.5%, to $81.73 per... Read more Oil prices rose on Friday and headed towards a fourth consecutive weekly gain as the latest U.S. sanctions on Russian energy trade hit supply and pushed up spot trade prices and shipping rates.
  Brent crude futures rose 44 cents, or 0.5%, to $81.73 per barrel by 0443 GMT, U.S. West Texas Intermediate crude futures were up 62 cents, or 0.8%, to $79.3 a barrel.
  Brent and WTI have gained 2.5% and 3.6% so far this week.
  "Supply concerns from U.S. sanctions on Russian oil producers and tankers, combined with expectations of a demand recovery driven by potential U.S. interest rate cuts, are bolstering the crude market," said Toshitaka Tazawa, an analyst at Fujitomi Securities.
  "The anticipated increase in kerosene demand due to cold weather in the U.S. is another supportive factor," he added.
  The Biden administration last Friday announced widening sanctions targeting Russian oil producers and tankers, followed by more measures against Russia's military-industrial base and sanctions-evasion efforts.
  Moscow's top customers China and India are now scouring the globe for replacement barrels, driving a surge in shipping rates.
  Investors are also anxiously waiting to see any possible more supply disruptions as Donald Trump takes office next Monday.
  "Mounting supply risks continue to provide broad support to oil prices," ING analysts wrote in a research note, adding the incoming Donald Trump administration is expected to take a tough stance on Iran and Venezuela, the two main suppliers of crude oil.
  
  Better demand expectations also lent some support to the oil market with renewed hopes of interest rate cuts by the U.S. Federal Reserve after data showed easing inflation in the world's biggest economy.
  Inflation is likely to continue to ease and possibly allow the U.S. central bank to cut interest rates sooner and faster than expected, Federal Reserve Governor Christopher Waller said on Thursday.
  Meanwhile, China's economic data on Friday showed higher-than-expected economic growth for the fourth quarter and for the full year 2024, as a flurry of stimulus measures came into effect.
  However, China's oil refinery throughput in 2024 fell for the first time in more than two decades barring the pandemic-hit year of 2022, government data showed on Friday, as plants pruned output in response to stagnant fuel demand and depressed margins.
  Also weighing on the market was that Yemen's maritime security officials said the Houthi militia is expected to announce a halt in its attacks on ships in the Red Sea, after a ceasefire deal in the war in Gaza between Israel and the militant Palestinian group Hamas.
  The attacks have disrupted global shipping, forcing firms to make longer and more expensive journeys around southern Africa for more than a year. Source: Reuters/Investing.com
- 2025-01-17
  2025 is a Highly Unpredictable Year For OPEC+
  Another year, another set of challenges and dilemmas for OPEC+. The group is set to start unwinding its oil production cuts, but it will have to contend – once again – with many uncertainties and be ready to react to unpredictable events in 2025. From... Read more Another year, another set of challenges and dilemmas for OPEC+. The group is set to start unwinding its oil production cuts, but it will have to contend – once again – with many uncertainties and be ready to react to unpredictable events in 2025.
  
  From demand concerns to supply uncertainties, OPEC+ has its work cut out for this year, too.
  
  The alliance of OPEC and a dozen non-OPEC producers led by Russia will closely watch several major factors for global oil markets this year. These include whether China’s oil demand will rebound in 2025 following lackluster consumption and imports last year, how the incoming U.S. Administration will tackle China, Russia, and Iran, and whether incoming President Donald Trump will choose to impose tariffs not only on China but on major trade partners and allies, too.
  
  All these are outside OPEC+’s control. But there is something the group can – or at least should – control: the level of compliance with its own oil production ceilings.
  
  Elusive Compliance
  
  Rather than targeting a specific price of oil (preferably above $80 per barrel) or market share to recoup from non-OPEC+ producers, the key consideration for OPEC+ in both 2025 and 2026 is full compliance and compensation for historical overproduction, according to Bassam Fattouh, the Director of the Oxford Institute for Energy Studies (OIES), and Andreas Economou from OIES.
  
  “These criteria are essential for the group’s cohesion and for the agreement to have its desired effects on market balances and shaping market expectations,” Fattouh and Economou wrote in an analysis this month.
  
  “Achieving these criteria will also provide OPEC+ with more flexibility to navigate the current market uncertainties,” they added.
  
  OPEC+, in early December, decided to delay the start of the easing of the 2.2 million bpd cuts to April 2025, from January 2025. The group also extended the period in which it would unwind all these cuts into the following year, until September 2026.
  
  The alliance reiterated the importance of compliance with the cuts and the timely compensation for those producers who haven’t adhered to their assigned quotas.
  
  The OPEC+ overproducers – OPEC’s Iraq and non-OPEC+’s Russia and Kazakhstan – still have work to do to fall in line. All three have pledged to compensate for previous overproduction with deeper cuts.
  
  Russia, Iraq, and Kazakhstan submitted in July 2024 their compensation plans to the OPEC Secretariat for overproduced crude volumes for the first six months of 2024.
  
  The cumulative overproduction in these six months was about 1.184 million bpd for Iraq, 620,000 bpd for Kazakhstan, and 480,000 bpd for Russia, OPEC said back then.
  
  Russia’s plan envisages Moscow mostly compensating for its overproduction in the months of March to September due to the more challenging conditions in the winter.
  
  Now the compensation period is also being extended until the end of June 2026.
  
  Supply and Demand Uncertainties
  
  This change in compliance and compensation timelines could alter market balances at a time when many other factors are at play.
  
  Due to the OPEC+ decision to delay the start of supply additions to April 2025, the market surplus in 2025 may not be as large as previously feared, but a surplus we will see, analysts say.
  
  The next OPEC+ moves will depend on a variety of market movers. OPEC and the wider OPEC+ group pride themselves on being proactive in managing oil market balances, but they may have to be reactive once again this year.
  
  Supply from Russia and Iraq is already coming under pressure. On its way out, the Biden Administration just sanctioned Russia’s oil exports, traders, and tankers with the heaviest set of sanctions yet. This sent oil prices rallying above $80 per barrel in just two days.
  
  The Trump Administration begins formally its term in office at the start of next week and more expansive sanctions from Trump on Iran are widely expected to follow soon.
  
  India and China are already looking to source alternative supply as they are reluctant to deal with tankers, traders, and insurers explicitly sanctioned by the U.S.
  
  If Russian and Iranian supply drops materially, the other OPEC+ producers could opt to return more barrels sooner rather than later.
  
  However, non-OPEC+ supply is set to grow this year, too, led by the U.S., Brazil, Guyana, Canada, and Argentina. This growth could be enough to meet the expected growth in global oil demand, and the market could find itself in a surplus with additional OPEC+ barrels.
  
  Moreover, the Trump Administration’s trade policies (read: tariffs) could slow economic growth in China, the U.S., and other major economies, potentially denting global oil demand growth in the near and medium term.
  
  Geopolitics and the foreign and trade policy choices of the new U.S. administration will impact the world order and economy, and OPEC+ will have to carefully navigate through all these to remain a relevant force in the oil market. Source: Oilprice.com
- 2025-01-17
  Rystad: Balancing Natural Gas and Renewables Key to U.S. Energy Future
  The US power sector is undergoing a significant transformation this year, with electricity consumption projected to exceed 4,200 terawatt-hours (TWh) for the first time. Although just a 2% increase from 2024, this is a sign of things to come, highlighting... Read more The US power sector is undergoing a significant transformation this year, with electricity consumption projected to exceed 4,200 terawatt-hours (TWh) for the first time. Although just a 2% increase from 2024, this is a sign of things to come, highlighting the evolving power landscape driven by surging demand from data centers and a shifting energy mix integrating traditional and renewable sources.
  
  Data centers are at the heart of this transformation, with capacity standing at 22 gigawatts (GW) at the end of 2023, representing nearly 40% of global demand. Looking ahead, an additional 60 GW of capacity is anticipated in the US by 2035 based on announced projects, with power use from these facilities expected to rise from 130 TWh in 2023 to up to 450 TWh. The US is capitalizing on low-cost energy, tax incentives and robust fiber-optic infrastructure to lead the global market for data center developments, with Virginia and Texas attracting significant investments. Virginia’s so-called ‘Data Center Alley’ benefits from its advanced infrastructure and tax incentives, while Texas offers favorable grid policies and abundant renewable energy resources.
  
  As the US power sector navigates this pivotal moment, strategic investments in grid infrastructure are required, along with a balanced reliance on various energy sources and the expansion of energy storage capabilities. How these elements are managed will ultimately define the future trajectory of the US power sector in the decades to come.
  
  The US power sector is entering a critical growth phase. Meeting the demands of data centers while balancing investments in natural gas and renewables will shape the industry’s path forward. Without targeted action, rising costs and energy shortages could pose significant challenges for both consumers and industry.
  
  As demand grows, natural gas has regained prominence as a reliable energy source, with utility companies planning 17.5 GW of new capacity in the coming years—the highest level of project activity since 2017. This resource plays a key role in ensuring the reliability needed for energy-intensive data centers. Projects such as Entergy’s new facilities in Texas, Louisiana and Mississippi underscore this trend. Yet, the sector faces hurdles, particularly with aging transmission infrastructure struggling to support growing demand and integrate new projects.
  
  On January 14, 2025, President Joe Biden issued an executive order to alleviate certain bottlenecks and expedite data center and clean power infrastructure permitting and buildout on federal land. The order requires the Secretary of Defense and Secretary of Energy to each identify at least three federal sites by February 28, 2025, where data centers and associated clean power facilities can be built. Our early assessment suggests that there is strong bipartisan support for the general concept of making federal land more accessible to the growth-oriented data center sector. Having said that, strict clean power requirements that allow natural gas to qualify only with a carbon capture rate above 90% are unlikely to be popular with the incoming Donald Trump administration.
  
  On the renewables front, it appears likely that the utility sector will experience a modest slowdown after a record-setting 2024 that saw 33 gigawatts alternating current (GWAC) of new capacity of solar photovoltaic (PV) added, based on preliminary data. Growth is expected to plateau this year, with advanced-stage projects totaling 33.5 GWAC. However, energy storage continues to thrive. Battery installations surged 50% in 2024, reaching 32.5 gigawatt-hours (GWh), and are forecast to grow another 35% this year, driven by larger and more standardized systems.
  
  For consumers, these developments come with financial implications. Residential electricity prices averaged $165 per megawatt-hour (MWh) last year, a 25% rise from 2020. Elevated transmission and distribution costs, despite declining wholesale natural gas prices, are expected to keep electricity bills high for the foreseeable future.
  
  Source: Oilprice.com