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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
1 221.00
0.00
1 205.00
+25.00
Mar 16
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	1 221.00	0.00	1 205.00	+25.00	Mar 16

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
789.85	-11.40	974.68	+11.80	1 405.54	+11.02	Mar 18

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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	710	664	+46	770	736	+34	1 205	1 186	+19	Mar 18
Singapore	840	685	+155	1 094	817	+277	1 795	1 179	+616	Mar 18
Fujairah	855	635	+220	1 080	792	+288	1 550	1 242	+308	Mar 18
Houston	632	617	+15	780	723	+57	1 218	1 183	+35	Mar 18

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Latest News
- 2026-03-18
  Viking Line and Wallenius Sol renew FuelEU pooling agreements with Gasum
  Finnish energy company Gasum has announced that dual-fuel vessels operated by Viking Lines and Wallenius Sol will continue to generate compliance units for its FuelEU Maritime pool for the 2026 reporting year. Under the agreement, the two shipping... Read more
- 2026-03-18
  Report urges shipping to improve collection and use of operational data
  New research from Lloyd’s Register (LR) and OneOcean highlights the proliferation of operational data by shipping but cautions that much of this information remains ‘fragmented, poorly structured or underused.’ The report, Mastering Maritime Data for... Read more
- 2026-03-18
  Singapore’s first fully electric harbour tug delivered
  The EON, the first fully electric harbour tug in Singapore and Southeast Asia, has been successfully delivered. As previously reported, the 29-metre tug was built by PaxOcean and is owned by Kuok Maritime Group (KMG) under the Coastal Sustainability... Read more
- 2026-03-18
  Launch of Klaipėda LNG Terminal long-term allocations set for next week
  Lithuania’s KN Energies has announced that the long-term regasification capacities allocation for 2033–2044 for its Klaipėda LNG Terminal is scheduled to start on Wednesday next week (25 March). In a statement issued yesterday (17 March), KN Energies... Read more
- 2026-03-18
  UAE Halts Shah Gas Field After Iranian Drone Attack
  The United Arab Emirates has suspended operations at a key natural gas field in Abu Dhabi following the first direct attack on a producing field in the UAE as Iran escalates its drone-strike war against energy assets in the Gulf. “Abu Dhabi authorities... Read more The United Arab Emirates has suspended operations at a key natural gas field in Abu Dhabi following the first direct attack on a producing field in the UAE as Iran escalates its drone-strike war against energy assets in the Gulf.
  
  “Abu Dhabi authorities and relevant response teams have contained and brought under control a fire that broke out at Shah gas field, caused by a drone attack,” the Abu Dhabi Media Office said early on Tuesday.
  
  “Operations at the facility have been suspended while damage is assessed, and no injuries have been reported.”
  
  The Shah gas plant in Abu Dhabi accounts for about 20% of the UAE’s total gas supply and 5% of the world's granulated sulfur, according to the UAE outlet The National.
  
  The Shah gas field is operated by ADNOC Sour Gas, a joint venture between Abu Dhabi’s national oil company ADNOC with 60% and U.S. firm Occidental Petroleum, which holds a 40% share. The venture was established in 2010 to maximize the value of the Shah Gas Field, which has the capacity to produce more than 1 billion cubic feet of sour gas per day.
  
  Adding to the gas field disruption is also the on-and-off suspension of oil loadings from the Fujairah oil port in the UAE, the only export terminal in the Emirates that sits outside the Strait of Hormuz.
  
  Over the past four days, Fujairah has suspended loadings several times.
  
  Fujairah, on the Gulf of Oman, has been one of several key oil export points in the Middle East that do not depend on tankers passing through the Strait of Hormuz, which has been virtually closed for traffic for more than two weeks now.
  
  But Fujairah has been repeatedly targeted by strikes that have forced suspension of loading operations, the latest being early on Tuesday, per a shipping agent cited by Bloomberg.
  
  “Operations at the Fujairah Oil Tanker Terminal remain impacted following a recent incident, with FOTT berths currently not operational, and Vopak terminals having suspended operations at SPM until further notice,” Inchcape Shipping Services said in a Tuesday report on the operational status of energy infrastructure in the Middle East.
  
  Source: Oilprice.com
- 2026-03-18
  Chinese Oil Giants Return to Russian Crude After U.S. Sanctions Waiver
  Chinese state oil giants are back scouring the market for Russian crude, four months after halting purchases due to the U.S. sanctions on Rosneft and Lukoil, as China aims to offset losses of supply stuck in the Strait of Hormuz. The U.S. last week... Read more Chinese state oil giants are back scouring the market for Russian crude, four months after halting purchases due to the U.S. sanctions on Rosneft and Lukoil, as China aims to offset losses of supply stuck in the Strait of Hormuz.
  
  The U.S. last week issued a waiver allowing purchases by April 11 of Russian crude already loaded on tankers in a bid to calm the global oil market amid the biggest supply disruption in the history of oil markets.
  
  Chinese state giants are taking advantage of this waiver and are now looking to buy Russian crude stranded on tankers, multiple trade sources told Reuters on Tuesday.
  
  The trade units of Sinopec and PetroChina have inquired about buying Russian crude as their key source of supply from the Middle East is drying up with the Strait of Hormuz blocked. Separately, some state oil refiners could also turn to buying crude that the independent Chinese refiners, the so-called teapots, have amassed in the weeks before the war erupted, according to Reuters’ sources.
  
  For some private refiners, reselling the crude to state majors could be even more profitable now that the price of Russian oil has soared than processing it at their refineries, some of the sources added.
  
  Russia and India will compete fiercely for millions of barrels of Russian crude that was stuck on floating storage in Asia early this year when most buyers outside China steered clear of Russian barrels because of the U.S. sanctions and the pressure on India to slash Russian oil imports.
  
  Now that the U.S. is allowing Russian crude sales, and competition for Russian supply in Asia intensifies, the price of the key Russian grades have flipped to a premium to Brent prices compared to hefty discounts just a month ago.
  
  Yet, Russian crude remains cheaper than supply from Brazil or West Africa, further stoking the appeal of Russian crude to Asian refiners.
  
  In China, the ESPO blend from Russia’s Far East due to arrive in late April was being offered this week at $8 per barrel above July Brent on a delivered basis, compared to a $12-15 premium over Brent for Brazil’s Tupi grade loading in April, according to Reuters data. Source: Oilprice.com
- 2026-03-18
  Germany Moves to Cap Fuel Price Hikes as War Drives Costs Higher
  Germany is clamping down on fuel price hikes amid war-driven oil volatility that is stressing Europe’s largest economy. The government approved draft legislation on Tuesday that would limit how often gas stations can hike prices, tightening antitrust... Read more Germany is clamping down on fuel price hikes amid war-driven oil volatility that is stressing Europe’s largest economy.
  
  The government approved draft legislation on Tuesday that would limit how often gas stations can hike prices, tightening antitrust oversight of fuel suppliers. The crackdown comes as Brent tops $100 per barrel amid the ongoing Iran conflict, with retail fuel costs soaring across the continent.
  
  Under the proposal, gas stations in Germany will be allowed to increase gasoline and diesel prices only once per day, at noon. Price reductions, however, can be made at any time. Violations could trigger fines of up to €100,000 ($115,000), according to the economy ministry.
  
  The draft law goes further than pricing rules. It would shift the burden of proof in antitrust cases from regulators to companies, requiring fuel suppliers to demonstrate that their pricing behavior complies with competition rules—effectively flipping the traditional enforcement model.
  
  The policy shift follows mounting backlash from consumers and political pressure as pump prices climbed above €2 per liter this month. That spike has outpaced the broader European average, raising questions in Berlin about whether market dynamics—or something more opportunistic—are at play.
  
  Economy Minister Katherina Reiche said the oil industry had failed to provide a convincing explanation for the sharper increase in German fuel prices.
  
  The price hikes are tied directly to global crude oil supply disruptions. As of March 17, flows through the Strait of Hormuz remain constrained due to the Iran conflict, with shipping risks and insurance costs limiting traffic through the critical chokepoint. This has pushed crude oil prices higher, and with and refined product prices, with Brent trading above $100 per barrel, with diesel markets particularly tight.
  
  Germany, heavily reliant on imports and sensitive to energy price swings, is feeling the impact quickly at the consumer level.
  
  The legislation is expected to take effect in April, pending approval from both houses of parliament, and will be reviewed after one year. Source: Oilprice.com
- 2026-03-18
  How War in Iran Could Cripple the Global Digital Economy
  The semiconducting industry is in trouble, which means the global economy is in trouble. The sector that creates the computer chips that increasingly power our world requires a huge amount of resources to operate efficiently, including a number of different... Read more The semiconducting industry is in trouble, which means the global economy is in trouble. The sector that creates the computer chips that increasingly power our world requires a huge amount of resources to operate efficiently, including a number of different critical minerals and a whole lot of energy. And those supply chains are now facing major disruptions thanks to the war that the United States and Israel are waging in Iran.
  
  Though Donald Trump stated on Monday that the war will end “very soon”, there is cause for concern that the conflict – and its fallout – will be protracted. This would be disastrous for a huge number of global supply chains, not to mention the tragic loss of human lives and the grave environmental impacts that the war is already ushering in.
  
  Computer chips may not seem like such a big deal in comparison, but they have become integral and indispensable to the daily functioning of the global economy as our world becomes more and more digitalized. Semiconductors “have reshaped the digital age and are embedded in everything from satellites and smartphones to medical devices and electric vehicles,” in the words of Duke University’s Deep Tech blog. An interruption to their supply or affordability could therefore be majorly destabilizing to producers and consumers the whole world over.
  
  “A prolonged regional conflict could potentially disrupt chipmakers’ manufacturing operations regarding sourcing materials like Helium and Bromine,” Ray Wang, memory analyst at SemiAnalysis, told CNBC earlier this week. “For now, the impact appears to be limited. However, a prolonged conflict could eventually lead to disruptions or require adjustments in the sourcing of key materials.”
  
  Even though the vast majority of the world’s advanced computer chips are produced in Taiwan (at more than 90 percent) the Middle East is integral to semiconductor supply chains. For example, more than a third of the world’s helium, which is used in cooling systems and circuitry printing for semiconductor manufacturing, is produced in Qatar. And if there were to be a major disruption to helium supplies on a global level, whether due to production issues or transportation issues, there is simply no substitute for the element in these processes.
  
  The semiconductor industry was already facing considerable headwinds thanks to the extreme concentration of the industry in Taiwan, which has pre-existing issues with energy security. The island nation was already facing high levels of energy insecurity thanks to its dependence on imports and the ever-present threat of conflict with China. The current disruption of global oil supplies could prove to be devastating to the nation’s energy supplies if prolonged.
  
  The U.S.-Israel conflict in Iran is currently causing the single biggest oil supply disruption in history. As of the time of writing, the closure of the Strait of Hormuz has already caused a nine-day disruption of 20 percent of the world’s oil transports. The scale of this is staggering, representing a two-fold increase over the previous disruption record set during the Suez crisis of 1956. As a result, oil prices are already skyrocketing, having spiked above $100 per barrel – and rising. All of this spells trouble for import-dependent Taiwan, and therefore for the global economy.
  
  At present, South Korean semiconductor manufacturers are even harder hit than those in Taiwan. South Korean companies are the predominant producers of memory chips, a market that has been heightened and demand-stressed by the rapid spread of the artificial intelligence sector. This could ultimately lead to a cooling off of the AI sector if memory chips become too pricey.
  
  “This could significantly increase the total cost of ownership (TCO) for hyperscalers, thereby posing a threat towards AI infrastructure adoption,” Jing Jie Yu, equity analyst at Morningstar, was quoted by CNBC. “An extended war would lead to some pullback in AI memory chip demand.”
  
  The conflict has also taken an alarming new turn for the tech sector. Iran’s IRGC-affiliated Tasnim News Agency published a list of “Iran’s new targets” this week, naming regional offices, cloud infrastructure, and data centers linked to Google, Amazon, Microsoft, Nvidia, IBM, Oracle, and Palantir, according to CNN. These are not just threats on paper: Iranian drone strikes have already hit three AWS data centers in the UAE and Bahrain — the first military strikes on U.S. hyperscalers in history — causing fires, power outages, and knock-on disruptions to banking and payments services across the region. AWS has advised customers to migrate workloads out of the Middle East entirely.
  
  The scale of exposure is striking. Nvidia temporarily closed its Dubai offices after nearby strikes; Amazon shuttered its corporate offices across the region; dozens of Google employees were stranded in Dubai after mass flight cancellations. Meanwhile, Samsung and SK Hynix have seen more than $200 billion wiped from their combined market value since the war began, and South Korea’s industry ministry has warned of dependence on the Middle East for at least 14 semiconductor supply chain inputs beyond helium. “Iran and proxies have targeted oil fields in the past, but their attacks this week on UAE data centers shows they are now considered critical infrastructure,” Patrick J. Murphy, executive director of the geopolitical unit at advisory firm Hilco Global, told CNBC. Source: Oilprice.com
- 2026-03-18
  US Crude Oil Inventories See Surprise Build
  The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 6.556 million barrels in the week ending March 13—a surprise build of significant magnitude. In the week prior, US crude oil inventories shed 1.7... Read more The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 6.556 million barrels in the week ending March 13—a surprise build of significant magnitude. In the week prior, US crude oil inventories shed 1.7 million barrels. Analysts had expected a draw of 600,000 barrels in the current reporting period.
  
  API
  
  Inventories in the US Strategic Petroleum Reserve (SPR) have stayed at 415.4 million barrels for multiple weeks in a row as of the week ending March 13. This is 310.1 million barrels shy of maximum capacity.
  
  US production fell again, by 18,000 bpd, sinking to an average of 13.678 million bpd for the week ending March 6, according to the latest EIA data. This is 103,000 bpd more than this same time last year.
  
  At 3:06 pm ET, Brent crude was trading up on the day at $103.40 (+3.16%). Brent is up roughly $12 per barrel, up from this time last week, with stalled tanker traffic in the Strait of Hormuz and large production losses in Iraq, the UAE, and Saudi Arabia. WTI was also trading up on the day, by $2.45 per barrel (+2.63%) at $95.96.
  
  Gasoline inventories fell this week, shrinking by 4.6 million barrels in the week ending March 13. In the week prior, gasoline inventories fell by 1.8 million barrels. As of last week, gasoline inventories were 5% above the five-year average for this time of year, according to the latest EIA data.
  
  Distillate inventories sank by 1.4 million barrels, after decreasing by 2.3 million barrels in the week prior. Distillate inventories were 2% below the five-year average as of the week ending March 6, the latest EIA data shows. Source: Oilprice.com
- 2026-03-18
  U.S. Has Used Up Most Options to Soften the Oil Price Shock
  The Trump Administration has already used up most emergency options to rein in the soaring international crude oil prices, which have pushed up U.S. gasoline prices by $0.80 per gallon from a month ago. The U.S. last week tapped the Strategic Petroleum... Read more The Trump Administration has already used up most emergency options to rein in the soaring international crude oil prices, which have pushed up U.S. gasoline prices by $0.80 per gallon from a month ago.
  
  The U.S. last week tapped the Strategic Petroleum Reserve (SPR) as part of a record-high reserves release announced by the International Energy Agency. The Trump Administration also issued a one-month waiver allowing buyers to purchase sanctioned Russian oil on tankers without repercussions. It also promised, two weeks ago, risk insurance and escort for tankers to help oil pass through the de facto closed Strait of Hormuz.
  
  The political risk insurance and guarantees for crossing the Strait of Hormuz, “at a very reasonable price” as U.S. President Donald Trump put it three days into the war, hasn’t materialized yet as shipowners and customers continue to steer clear of the world’s most critical oil route, if they aren’t already trapped there.
  
  Since President Trump’s claim that the U.S. would escort tankers through the Strait of Hormuz, if necessary, the Administration has retracted the statement, and the President ended up begging and bullying – often in the same Truth Social post – allies to help reopen the Strait.
  
  Despite the efforts of Saudi Arabia to redirect more crude flows to Red Sea exports and away from the Arab Gulf, the stark reality of global oil supply is that it needs the Strait of Hormuz open so it wouldn’t lose an estimated 17 million barrels per day (bpd) of crude and petroleum products this month and next.
  
  These volumes cannot be offset by any SPR release or other similar band-aid solution as the strain on the oil and product markets is already too high with just over two weeks of war.
  
  Analysts warn that if the Strait of Hormuz remains blocked for a month or two, oil prices could jump to as high as $150 and even $200 per barrel, forcing an economic shock and a massive political shock to incumbent leaders, most of all President Trump ahead of the mid-term elections in November.
  
  Band-Aid
  
  The President has few options left to contain the fallout, according to Reuters columnist Ron Bousso.
  
  These could include considering waiving the Jones Act to allow non-U.S. vessels to move goods, including energy, from one American port to another, and a Congressional move to reduce federal taxes on gasoline and diesel.
  
  Yet, these, too, would be a band-aid trying to stop economic and political bleeding from a closed Strait of Hormuz.
  
  “I don’t see this as much more than a band-aid with weak adhesive,” Steve Allen, an economist at North Carolina State University, told ABC News, in comments on the U.S. tapping the SPR for a release of 172 million barrels of crude as part of the IEA’s record-high 400-million stocks release.
  
  To put into perspective this massive coordinated global release of oil stocks, the biggest in the history of the oil market, it’s worth noting that before the war cut off the Strait of Hormuz from the global oil supply chain, about 600 million barrels of oil were passing through the chokepoint per month.
  
  Strait of Hormuz Shock
  
  The loss of oil supply cannot be overstated, and the loss of flows through Hormuz cannot be compensated by any bypassing or workarounds from Saudi Arabia to the Yanbu terminal on the Red Sea, or the UAE pipeline to Fujairah outside the Strait of Hormuz.
  
  “All of those routes together can only restore flows to roughly half of the pre-war oil exports from the Gulf,” analysts at Wood Mackenzie say.
  
  Andrew Harbourne, Wood Mackenzie’s senior analyst for oil markets, notes the 400-million-barrel release will cover only about four weeks of disruption in the Gulf.
  
  “Strategic stocks remain an effective emergency buffer, but they are a one-off intervention that must eventually be rebuilt and cannot cover a sustained supply gap,” Harbourne added.
  
  Supply shocks in the past suggest that if the war and the disruption in the Strait of Hormuz persist, Brent crude could get to $150 to $200 per barrel. For some, such as diesel and jet fuel, the effective prices could be $200 to $250 a barrel or more, according to WoodMac.
  
  Spiking prices would present a macroeconomic and political risk in many geographies and countries, according to J.P. Morgan.
  
  “This event generates greater macroeconomic risk than recent military conflicts,” Joseph Lupton, co-head of Economic Research at J.P. Morgan, said on Friday.
  
  “Through its potential to disrupt global energy markets and supply chains, it looks likely to have material, lasting political and economic consequences at the regional level.”
  
  How fast the U.S. could rally a coalition to try to unblock the Strait of Hormuz – and how successful such would be – would be critical for the political and economic shocks going forward.
  
  “Until we see a meaningful resumption of oil flows through the Strait of Hormuz, upward pressure on fuel prices is likely to persist,” Patrick De Haan, head of petroleum analysis at GasBuddy, said on Monday, as U.S. gasoline and diesel prices continued to soar, with diesel topping $5 per gallon. Source: Oilprice.com

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