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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
1 356.00
0.00
1 270.00
+15.00
Sep 1
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	1 356.00	0.00	1 270.00	+15.00	Sep 1

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
636.21	+14.21	792.45	+16.81	1 381.11	+31.31	Sep 1

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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	555	635	-80	675	713	-38	1 270	1 500	-230	Sep 1
Singapore	632	661	-29	815	807	+8	1 195	1 493	-298	Sep 1
Fujairah	630	611	+19	825	749	+76	1 428	1 556	-128	Sep 1
Houston	487	635	-148	708	741	-33	1 232	1 399	-167	Sep 1

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Latest News
- 2026-09-02
  Oil prices extend gains as US and Iran trade fresh strikes
  Oil prices rose in early trade on Wednesday, extending the previous session’s surge, as concerns over supply disruption intensified after the U.S. and Iran exchanged strikes overnight, dimming hopes for a quick easing of tensions in the Middle East. Brent... Read more Oil prices rose in early trade on Wednesday, extending the previous session’s surge, as concerns over supply disruption intensified after the U.S. and Iran exchanged strikes overnight, dimming hopes for a quick easing of tensions in the Middle East.
  
  Brent crude futures rose 75 cents, or 0.8%, to $95.40 a barrel by 0345 GMT, while U.S. West Texas Intermediate crude futures climbed 44 cents, or 0.5%, to $90.66.
  
  Both contracts soared more than $4 on Tuesday, marking Brent’s largest gain since July 24 and WTI’s largest since July 23.
  
  The U.S. said it had launched a series of airstrikes against targets in Iran overnight, prompting a response from Tehran, in the most serious escalation of the conflict between the two countries in weeks.
  
  The Islamic Revolutionary Guard Corps said the U.S. attacks would further restrict traffic through the Strait of Hormuz, a critical waterway that carried about one-fifth of the global oil consumed before the conflict and which Iran has effectively closed to commercial shipping.
  
  "Developments in recent days brought risks to regional oil supplies back into focus...We’ve seen oil flow through the Strait of Hormuz despite the stalemate between the US and Iran, but rising tensions clearly put crossings at risk," said ING analysts in a client note.
  
  The IRGC also said it had targeted a U.S. military base in Jordan with ballistic missiles that it claimed had killed a large number of U.S. forces, while Iranian state media reported a large-scale drone attack on a U.S. base in Bahrain in response to the American strikes.
  
  Jordan’s military said its air defences intercepted 10 of 13 ballistic missiles that entered its airspace, while two U.S. officials said no American casualties had been reported so far from the attacks. Separately, Kuwait said its armed forces were responding to hostile drone activity.
  
  The latest exchange followed a weekend flare-up in hostilities, the first since July, and came after attacks on two tankers departing the Strait of Hormuz on Monday, causing further disruptions to oil supplies and forcing traders to seek alternative crude shipments.
  
  "The oil market is no longer pricing just the risk of war; it is increasingly pricing the cost of an unresolved war," said Priyanka Sachdeva, Phillip Nova’s head of market insights.
  
  "Until there is clear evidence that negotiations can produce a lasting resolution and that normal oil flows through the Strait are returning, the risk premium in crude is likely to remain elevated."
  
  Meanwhile, in the U.S., the world’s largest oil producer, crude inventories fell by 2.6 million barrels in the week ended August 28, while distillate stocks, which include diesel and heating oil, declined by 265,000 barrels, market sources said, citing data from the American Petroleum Institute. [API/S] Source: Reuters/Investing.com
- 2026-09-02
  Oil Prices Rally as U.S. Targets Iranian Tankers in New Escalation
  Oil prices climbed once again in early Asian trade on Wednesday as the U.S. and Iran traded strikes in a significant escalation after a month of relative calm. At the time of writing, WTI had climbed to $91.05 per barrel, trading 0.92% higher on the... Read more Oil prices climbed once again in early Asian trade on Wednesday as the U.S. and Iran traded strikes in a significant escalation after a month of relative calm.
  
  At the time of writing, WTI had climbed to $91.05 per barrel, trading 0.92% higher on the session, and Brent had risen 1.19% to trade at $95.68. Both benchmarks have now climbed by roughly $5 since hostilities between the two countries renewed.
  
  U.S. Central Command (Centcom) reported that it had completed a wave of strikes against “air defense sites, radar systems, maritime assets and facilities, mine laying capabilities, and communications sites.” The strikes were in retaliation for the IRGC targeting commercial shipping in the Strait of Hormuz and U.S. service members in the region.
  
  Axios later reported that the U.S. had struck two Iranian tankers as part of a new ‘tanker for tanker’ policy in the Strait. This was the first time the U.S. had attacked Iranian tankers in retaliation rather than as part of its ongoing blockade.
  
  The IRGC claimed to have attacked Camp Titin, a US Marine facility on the Gulf of Aqaba, in response to U.S. aggression. Jordan’s armed forces confirmed that its air defence systems had “dealt with” 13 ballistic missiles fired from Iranian territory, with 10 of them being destroyed and three falling in remote areas.
  
  The IRGC also claimed to have attacked U.S. targets in Bahrain and Kuwait, with Kuwait confirming that its air defences were “actively engaging with missile and drone threats” from Iran and Bahrain saying it had successfully intercepted Iranian drones. The IRGC also said, via the IRNA News Agency, that it had shot down an MQ-9 drone belonging to the U.S. military. That claim remains unconfirmed.
  
  In response to an ABC News report that the latest round of economic and military pressure from the U.S. was an attempt to force Iran back to the negotiation table, President Trump posted on social media that he “couldn’t care less” if Iran signs an agreement. He went on to ask, “when are the Iranian people going to rise up and fight?”
  
  Adding to the upward pressure on oil prices, the American Petroleum Institute reported a 2.6 million barrel draw in U.S. oil inventories, while another 3.1 million barrels were drawn from the Strategic Petroleum Reserve to aid commercial inventories. Traders will be closely watching Wednesday’s release of the EIA inventory data for confirmation of those numbers.
  
  This latest escalation may well mark a turning point in the conflict after a month of relative calm. For Iran, as economic pressure mounts, there appears to be few options left beyond further military retaliation. The Iranian rial fell to a record low in August, breaking the psychologically important 2 million rial per dollar mark, and it remains to be seen just how much economic pain the regime can tolerate. For oil markets, another period of significant volatility seems likely as disrupting crude flows remains Iran’s most influential weapon. Source: Oilprice.com
- 2026-09-02
  MABUX: Global bunker indices to continue trending higher on Sep. 02 amid escalating tensions in the Strait of Hormuz.
  The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO – continued its upward trend on Sep. 01 for the third consecutive day: 380 HSFO: USD/MT: 636.21 (+14.21) VLSFO: USD/MT: 792.45 (+16.81) MGO:... Read more The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO – continued its upward trend on Sep. 01 for the third consecutive day:
  
  380 HSFO: USD/MT: 636.21 (+14.21)
  VLSFO: USD/MT: 792.45 (+16.81)
  MGO: USD/MT: 1 381.11(+31.31)
  
  As of Sep. 01, the MABUX Market Differential Index (MDI), which monitors the spread between Market Bunker Prices (MBP) and the MABUX Digital Bunker Benchmark (DBP), indicated the following trends across the four major global bunkering hubs—Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: Fujairah stayed the only overpriced port, with its premium widening by another $2. The other three hubs were in the undervaluation zone. The MDI discount declined by $4 in Rotterdam, increased by $8 in Singapore, and remained unchanged in Houston. Meantime, Houston's MDI was above the $100 mark.
  
  • VLSFO segment: Singapore shifted into the overvaluation zone, joining Fujairah. Premiums widened by $21 in Singapore and $19 in Fujairah. Rotterdam and Houston remained undervalued, with their MDI discounts narrowing by $1 and $10, respectively.
  
  • MGO LS segment: All four ports remained undervalued, with MDI discounts widening significantly: by $53 in Rotterdam, $48 in Singapore, $29 in Fujairah, and $10 in Houston. Houston's MDI moved above the $100 mark, leaving all four hubs with discounts exceeding this threshold.
  
  MABUX expects Global bunker indices to maintain a sustained upward trajectory on Sep. 02, supported by escalating tensions in the Strait of Hormuz: plus 5-15 USD/MT, VLSFO: plus 5-25 USD/MT, MGO LS: plus 8–30 USD/MT.
  Source: MABUX
- 2026-09-02
  EU Struggles to Curb Energy Transition Dependence on China
  In recent years, the European Union has replaced one critical energy and security vulnerability with another heavy dependence for its green energy ambitions. As the EU has moved to phase out Russian energy imports and reduce the overall dependence... Read more In recent years, the European Union has replaced one critical energy and security vulnerability with another heavy dependence for its green energy ambitions.
  
  As the EU has moved to phase out Russian energy imports and reduce the overall dependence on oil and gas, it has rolled out massive renewable energy capacity. But the clean energy transition has become dependent on another global power, which could undermine Europe’s energy security—China.
  
  China Dependence
  
  For its renewable energy buildout, the EU has relied on imports of solar panels, wind turbines, critical minerals, battery materials, and other key equipment from China.
  
  Cheaper Chinese products have flooded the EU market, raising concerns about the EU’s domestic manufacturing, energy security, and national security.
  
  Since the launch of the EU green deal, the Russian invasion of Ukraine, and the Middle East crisis, the EU has moved to slash its oil and gas dependence. But in the process of rapidly rolling out solar, wind, and battery capacity, Europe has moved to replace the fossil fuel dependence with dependence on China for critical minerals and components of clean energy installations.
  
  The EU is realizing this dependence on China is untenable, and has launched measures to reduce the reliance on Chinese clean energy components.
  
  None have made a meaningful impact so far.
  
  Europe has struggled to find the balance between fast green energy rollout to meet its ambitious climate goals and cut fossil fuel dependence, on the one hand, and too much reliance on Chinese products for the energy transition, on the other hand.
  
  The Cost of Reducing Reliance on China
  
  The move away from Chinese dependence will cost the EU, a lot.
  
  Building domestic capacity will reduce the reliance on China, but it will come with high costs in the short term, according to EU Climate Action Commissioner Wopke Hoekstra.
  
  The EU must act now to reduce the outsized dependence on China, Hoekstra told Euronews in an interview this week.
  
  Europe should have acted five or ten years ago, and the longer it delays decisive action, the higher the costs will be in the long term, according to the Commissioner.
  
  “But it will be much cheaper and much more to our advantage to do it now than be wishy washy and wait another five to 10 years,” Hoekstra told Euronews.
  Related: Asia Spot LNG Prices Hit 5-Month High as Hormuz Blockage Drags On
  
  The high dependence on China is a “dangerous and uncomfortable” vulnerability for both Europe’s climate ambitions and economic security, the Commissioner added.
  
  Chinese parts and equipment are also a vulnerability for Europe’s security of critical infrastructure, Hoekstra said.
  
  Europe’s challenge right now is to build domestic capacities to reduce dependence on China, even at higher costs in the short term, according to Commissioner.
  
  Europe’s Challenges and Struggles
  
  But this is easier said than done.
  
  The EU is struggling to diversify its imports, a report by the European Court of Auditors (ECA) found earlier this year.
  
  “EU action on import diversification is not producing tangible results, bottlenecks hinder domestic production, and recycling is still in its infancy,” the auditors said.
  
  “Against this backdrop, many EU-supported projects are unlikely to succeed in time.”
  
  “Unfortunately, we are now dangerously dependent on a handful of countries outside the EU for the supply of these materials”, said Keit Pentus-Rosimannus, the ECA Member responsible for the audit.
  
  “It is therefore vital for the EU to up its game and reduce its vulnerability in this area.”
  
  The EU this year launched a platform to aggregate demand of raw materials and boost diversification under its Raw Materials Mechanism to diversify supplies of critical raw materials.
  
  The EU is looking to partner with non-EU countries such as Brazil to diversify its supply chains away from China.
  
  Analysts warn that dependence on China, while helping cheaper and faster clean energy installations, is undermining the economic and national security of the EU.
  
  In 2024, China accounted for 98% of European solar panels, 88% of lithium-ion battery imports, and 61% of inverter imports, according to a report by non-profit strategy center Loom from earlier this year.
  
  Despite the EU’s efforts in recent years, policies have not led to any significant de-risking of clean technology manufacturing, said the report, co-authored by Michal Meidan from the Oxford Institute for Energy Studies (OIES) and Michael Collins, a former deputy head of national security strategy at the UK Cabinet Office.
  
  If Europe doesn’t rein in its dependence on China’s clean tech, its economies will suffer, and its AI ambitions could be undermined and risk becoming dependent on Chinese batteries, the authors said.
  
  “The fastest, cheapest route to deploying clean energy at scale — solar panels, battery storage, grid technologies, heat pumps — currently runs overwhelmingly through China,” Loom’s Executive Director Joss Garman said.
  
  “Europe’s response to its oil and gas dependency risks quietly consolidating another dependency: this time on Chinese clean energy technology,” Garman noted in the foreword to the report.
  
  “One chokepoint replaced by another, no less real for being less visible on an energy bill.” Source: Oilprice.com
- 2026-09-02
  U.S.-Iran Strikes Put $100 Oil Back in Focus
  U.S.-Iran strikes reignite fears of a prolonged Middle East conflict as Hormuz tensions push regional oil benchmarks above $100. Rising Bond Yields Turn Oil’s Rally Into a Demand Risk - Global bond yields have surged to their highest since 2008,... Read more U.S.-Iran strikes reignite fears of a prolonged Middle East conflict as Hormuz tensions push regional oil benchmarks above $100.
  
  Rising Bond Yields Turn Oil’s Rally Into a Demand Risk
  
  - Global bond yields have surged to their highest since 2008, as rising oil prices perpetuate fears of longer-than-assumed inflation, in turn creating a cycle of lower demand further down the road.
  
  - The rally in bond yields started in earnest after new Federal Reserve chairman Kevin Walsh vowed to finally tame US inflation, currently at 3.4%, sending yields on the 10-Year Treasury bonds to 4.76%.
  
  - The bond spiral extended into other developed economies, with rates on 10-year Japanese bonds touching a 30-year high and moved above 3%, whilst 10-year UK bonds surged to 5.2%.
  
  - Higher yields raise borrowing costs for households and companies, slowing vehicle purchases, air travel, construction, manufacturing and freight – all leading to demand destruction – whilst simultaneously pushing up the cost of drilling, pipelines and large upstream developments.
  
  - Marking a return to contractionary monetary policy, the market is pricing an almost 60% chance that the Federal Reserve will hike rates by a quarter-point at its meeting this month.
  
  Market Movers
  
  - US midstream giant ONEOK (NYSE:OKE) has acquired Brazos Midstream's natural gas gathering and processing assets in West Texas for a consideration of $4.4 billion, boosting its gas processing capacity by 1.2 bcf/d.
  
  - Oil majors Shell (LON:SHEL) and Chevron (NYSE:CVX) have signed a preliminary agreement with the government of Ghana to enter the South Deepwater Tano oil block, in water depths of 3,000m, the country's first new offshore license since 2018.
  
  - Norway's state oil firm Equinor (NYSE:EQNR) has signed its 2nd binding offtake agreement, alongside project partner Standard Lithium, for the SW Arkansas lithium project, with the LG Energy Solution contract marking a major step towards an FID later this year.
  
  - UK-listed upstream specialist Energean (LON: ENOG) is reportedly in exclusive negotiations with UK major BP (NYSE:BP) to acquire part of the latter's Egyptian upstream portfolio, in a deal valued around $1 billion.
  - Norwegian upstream firm DNO (OSL: DNO) is set to buy UK upstream independent Capricorn Energy for $0.4 billion after outbidding the offer of Kurdistan-focused driller Genel Energy, boosting its portfolio with assets in onshore Egypt.
  
  Tuesday, September 01, 2026
  
  The first exchange of direct US-Iran attacks in a month has reignited fears that conflict in the Middle East might well last into 2027, with US President Trump threatening further strikes after its attack on Larak Island. Washington’s sanctions on Tehran are making Hormuz transits ever more difficult, with Saudi Aramco’s attempt to boost flows from the Persian Gulf immediately nipped in the bud by Tehran’s drone attacks. Whilst ICE Brent is currently trading at $92 per barrel, Middle Eastern benchmarks have moved past $100 per barrel again.
  
  Hormuz Recovery Stalls After New Tanker Strikes. Two VLCCs carrying Saudi oil (Sidr and Senegal Prosperity) were hit by projectiles while exiting the Strait of Hormuz on Tuesday, threatening the fragile rebound in Gulf oil exports, just as Aramco lifted August loadings in the Gulf to 700,000 b/d.
  
  Trump Slams Brakes on Fuel Economy Rules. The Trump administration is preparing to slash US vehicle fuel-economy requirements, rolling back stricter Biden-era standards and requiring a fleetwide average of 34.5 miles/gallon by 2031, down from the previous 50.4 miles/gallon target.
  
  Texas Refiners Brace for Edouard. Saudi-owned Motiva and ExxonMobil (NYSE:XOM) are preparing their refineries in Port Arthur and Beaumont for the arrival of Tropical Storm Edouard, activating storm-response measures as Edouard is expected to turn into a hurricane and make landfall today.
  
  US Secures Major Venezuelan Oil Access Deal. Venezuela has signed a long-term agreement covering 17 oil fields with more than 65 billion barrels of proven reserves, granting U.S.-backed operators (mostly Alejandro Betancourt's NABEP) a leading role in upstream development.
  
  Pemex Pushes Supplier Debt into the Next Decade. Mexico's state-owned Pemex has restructured roughly $15 billion in supplier and contractor obligations to relieve prompt cash pressures, extending $7.4 billion of repayment beyond 2030 and lowering its 2027 payout total to $1.3 billion.
  
  Trans Mountain Seeks Final Expansion Push. Buoyed by Asian demand, Canada's federally owned pipeline giant Trans Mountain has applied to expand Its pipeline system by a further 210,000 b/d, aiming to lift total capacity to nearly 1.2 million b/d by late 2028 at an estimated cost of $2.9 billion.
  
  Russia Expands LNG Shadow Fleet. Russia has doubled the fleet serving its sanctioned Arctic LNG 2 project to 20 vessels, accelerating efforts to sustain LNG exports to China via the Northern Sea Route despite Western sanctions, just as August LNG loadings soared to a record high of 650,000 tonnes.
  
  Zinc Rally Hits Four-Year High. Zinc prices climbed to their highest level since 2022, hitting $3,980 per tonne this week, as mine disruptions, constrained Iranian supply and falling concentrate availability squeezed the market, the 5th monthly gain for the best-performing metal of 2026.
  
  Solar Overtakes Coal in China's Capacity Race. China's installed solar power capacity has surpassed coal for the first time, reaching 1,286 GW and accounting for 31.5% of the country's power generation fleet, with solar generation rising 15% year-over-year to 802 billion kWh in Jan-July 2026.
  
  Saudi Arabia Turns to Fresh Borrowing Amid Wartime Strains. Saudi Arabia is exploring at least $8 billion in new loans, underscoring Riyadh's push to diversify funding sources as the Iran war dents economic activity, with the kingdom posting a 4.8% year-over-year GDP contraction in Q2 2026.
  
  Bessent Signals Weekly Iran Sanctions Blitz. US Treasury Secretary Scott Bessent said Washington is preparing to roll out new Iran-focused secondary sanctions every week, initially targeting banks and financial institutions, intensifying its "maximum economic pressure" campaign against Tehran.
  
  Europe’s Industry Pushes to Delay EU Methane Rules. 20 energy industry associations are urging the EU to postpone its methane emissions regulation for 3 years until 2030, warning of legal risks for oil and gas importers as any long-term deals would willingly and knowingly breach applicable EU law.
  
  Egypt Targets Q4 Restart for Damietta LNG. Egypt expects the Damietta FSRU damaged in a July drone attack to resume operations in Q4 2026, claiming that the loss of 5 mtpa regasification capacity did not impact the Egyptian market thanks to rising domestic natural gas production.
  
  Chile's Economy Stumbles as Storms Hit Copper Output. Chile's economic momentum weakened sharply in July as severe winter storms disrupted mining operations and pushed copper production to its lowest July level since 2011, posting a 10% year-on-year drop to 403,424 metric tonnes. Source: Oilprice.com
- 2026-09-02
  U.S. Shale Producers Lose Bid to Kill Oil Price-Fixing Case
  A federal judge has allowed antitrust lawsuits accusing some of the biggest U.S. shale producers of coordinating production cuts to keep oil and fuel prices higher to proceed. U.S. District Judge Matthew Garcia in New Mexico rejected efforts by Diamondback... Read more A federal judge has allowed antitrust lawsuits accusing some of the biggest U.S. shale producers of coordinating production cuts to keep oil and fuel prices higher to proceed.
  
  U.S. District Judge Matthew Garcia in New Mexico rejected efforts by Diamondback Energy, Occidental Petroleum and other producers to dismiss the consolidated litigation. The lawsuits, filed beginning in 2024, allege that producers restrained shale output and ultimately pushed up prices for crude oil, gasoline, diesel and heating oil.
  
  Garcia found the plaintiffs had plausibly alleged a conspiracy based on production decisions, market conditions, communications and public statements. He also said the complaints identified interactions among producers that went beyond the normal exchange of industry information.
  
  That is a long way from proving price fixing. Diamondback, Occidental and the other defendants deny wrongdoing and argue that actual production data cuts against the allegation. Several producers expanded output during the period in which plaintiffs claim the industry was coordinating reductions.
  
  The case still puts a very different legal lens on something shale executives have spent years calling capital discipline.
  
  U.S. producers largely abandoned the old drill-at-any-price model after investors demanded better returns, lower debt and more cash. Companies became slower to respond to higher oil prices with additional rigs and wells. The plaintiffs are arguing that at least some of that restraint crossed the line from individual corporate decisions into coordinated production management.
  
  Garcia also rejected the producers’ argument that the case would require a court to wade into U.S. energy and foreign policy. The relevant question, he wrote, is whether domestic companies and individuals coordinated production cuts, something antitrust law already covers.
  
  Shale’s ability to respond quickly to higher prices has long been one of the oil market’s biggest supply buffers. The court will now examine whether decisions to restrain that supply were made independently or together. Source: Oilprice.com
- 2026-09-02
  Bessent Says Strait of Hormuz Obsolete Within Two Years
  Treasury Secretary Scott Bessent says Gulf oil producers could bypass the Strait of Hormuz within two years, putting a remarkably short timetable on a pipeline buildout that has accelerated since the Iran war disrupted one of the world’s busiest oil routes. “That... Read more Treasury Secretary Scott Bessent says Gulf oil producers could bypass the Strait of Hormuz within two years, putting a remarkably short timetable on a pipeline buildout that has accelerated since the Iran war disrupted one of the world’s busiest oil routes.
  
  “That will be bypassed in two years,” Bessent said Tuesday during a discussion with Larry Kudlow at the G20 financial meetings in Asheville, North Carolina. He went further, predicting that “the Strait of Hormuz will be like a worthless piece of water” within that timeframe.
  
  Gulf producers are already spending money in that direction.
  
  Saudi Arabia pushed roughly 7 million barrels per day through its East-West pipeline to the Red Sea during the Hormuz shutdown, using Yanbu as an alternative export point. The route provided Saudi crude with a way around Hormuz, although tanker traffic through the Red Sea later faced its own problems from Houthi attacks near Bab el-Mandeb.
  
  The UAE has a more direct workaround. ADNOC plans to build its West-East 1 Pipeline and double oil export capacity through Fujairah, which sits outside Hormuz, from 1.8 million bpd to 3.6 million bpd. The project is expected online in 2027.
  
  Iraq is pursuing several exits of its own. A proposed pipeline through Syria to the Mediterranean could cost at least $15 billion and take four years to build. Iraqi officials are also discussing repairs to an older Syria pipeline and increased shipments through the Kirkuk-Ceyhan system into Turkey.
  
  Kuwait has discussed connecting its oil infrastructure with Saudi Arabia and the UAE, giving its crude access to Fujairah or Red Sea ports. Japan, heavily dependent on Middle Eastern crude, has agreed to participate financially in Gulf pipeline projects.
  
  The incentive got another reminder Monday. Two tankers attempting to leave Hormuz were struck by projectiles, according to maritime security consultant Marisks, following another exchange of strikes between Iran and the United States.
  
  Bessent’s two-year forecast would require several of these projects to move quickly. The investment already underway shows Gulf producers are no longer treating Hormuz bypass capacity as a contingency plan. They are building it into the export system. Source: Oilprice.com
- 2026-09-02
  Asia Spot LNG Prices Hit 5-Month High as Hormuz Blockage Drags On
  Spot LNG prices in Asia jumped on Tuesday to the highest level since the 2026 winter, as buyers compete for spot cargoes amid the still-stalled LNG traffic through the Strait of Hormuz. Asia’s spot LNG price jumped to as high as $24.614 per million... Read more Spot LNG prices in Asia jumped on Tuesday to the highest level since the 2026 winter, as buyers compete for spot cargoes amid the still-stalled LNG traffic through the Strait of Hormuz.
  
  Asia’s spot LNG price jumped to as high as $24.614 per million British thermal units (MMBtu) on Tuesday, traders told Bloomberg.
  
  This was higher than the $23.388 per MMBtu from Friday, and the highest spot price for LNG deliveries into Asia in five months.
  
  Prices in both Asia and Europe had jumped at the end of last week after Qatar’s state-owned firm QatarEnergy extended the force majeure on its LNG deliveries into November amid still-blocked transits through the Strait of Hormuz.
  
  The LNG and gas price rally continued into this week after the U.S. and Iran exchanged fire for the first time in more than a month.
  
  Prices in Asia were driven by south Asian buyers, including Pakistan and Bangladesh, seeking spot supply to replace term supply from Qatar that cannot leave the Persian Gulf.
  
  Per tender documents seen by Bloomberg, utilities in South Korea, India, Taiwan, and Bangladesh are looking to buy spot cargoes for October and November.
  
  European benchmark natural gas prices also jumped by 5% on Monday as the re-escalation of hostilities between the United States and Iran intensified concerns about LNG supply from the Middle East.
  
  The benchmark price at the Dutch Title Transfer Facility (TTF) soared by 5% to top 70 euros, or $81.20, per megawatt-hour (MWh), after the U.S. and Iran resumed trading strikes for the first time in more than a month.
  
  This was the highest price the front-month benchmark futures have seen in more than three and a half years, since January 2023.
  
  Europe’s gas prices continued to rally on Tuesday, with the front-month futures up by 2% to $82.60 (71.20 euros) per MWh in morning trade, Amsterdam time. Source: Oilprice.com
- 2026-09-02
  U.S. Energy Storage Capacity Installations Hit Record High in Q2
  The U.S. installed a record-high energy storage capacity in the second quarter of the year as grid operators and utilities turned to storage to boost grid reliability and meet rising power demand, a new industry report showed on Tuesday. The industry... Read more The U.S. installed a record-high energy storage capacity in the second quarter of the year as grid operators and utilities turned to storage to boost grid reliability and meet rising power demand, a new industry report showed on Tuesday.
  
  The industry installed 20.2 gigawatt-hours (GWh) of new capacity in the second quarter of the year, making it the largest quarter for installations on record and bringing total installations in the first half of 2026 to 30.8 GWh, according to the U.S. Energy Storage Market Outlook Q3 2026 (ESMO) by the Solar Energy Industries Association (SEIA) and Benchmark Mineral Intelligence.
  
  The utility-scale market led the surge with 18 GWh installed, largely supported by seven gigawatt-scale projects. Arizona alone installed more than 6.2 GWh of utility-scale projects, the largest quarterly deployment for any state in history, the report found.
  
  The residential sector saw 657 MWh of energy storage added, while the commercial and industrial (C&I) sector installed 1.8 GWh, largely due to power demand from data centers, SEIA and Benchmark Mineral Intelligence said.
  
  Due to rising demand for energy storage to boost grid reliance, SEIA and Benchmark Mineral Intelligence raised their forecast for installations by 11.5% through 2030, expecting the market to exceed annual installations of 110 GWh and have a cumulative 683 GWh by the end of the decade.
  
  “The upward revision comes as the industry continues to set deployment records, with more than 10% of all energy storage capacity currently installed in the U.S. coming online in Q2 alone,” SEIA said.
  
  “Energy storage is no longer just a California and Texas story anymore,” said Shan Tomouk, BESS & Energy Lead at Benchmark Minerals. “We’re seeing strong pipeline growth in Arizona, Nevada, Oregon, Colorado and several other states.”
  
  Battery energy storage supplied more electricity to the grid in the first eight months of 2026 than in all of 2025, the report showed.
  
  Utility-scale battery storage capacity in the United States has jumped over the last three years, with an annual average growth rate of 70%, the U.S. Energy Information Administration (EIA) said last month. Source: Oilprice.com
- 2026-09-02
  Russia Doubles Dark Fleet to Ship LNG to Asia
  In just nine months, Russia has doubled the number of opaque-owned vessels that it uses to ship liquefied natural gas from its sanctioned Arctic LNG 2 export project, a Bloomberg analysis of vessel-tracking data showed on Tuesday. As of December 2025,... Read more In just nine months, Russia has doubled the number of opaque-owned vessels that it uses to ship liquefied natural gas from its sanctioned Arctic LNG 2 export project, a Bloomberg analysis of vessel-tracking data showed on Tuesday.
  
  As of December 2025, Russia was estimated to have 11 LNG carriers in its dark fleet. Now the number has jumped to at least 20, including the second ice-class vessel that is capable of moving through Arctic waters throughout the whole year, according to Bloomberg’s analysis.
  
  Since Arctic LNG 2 was sanctioned by the United States, the EU, and the UK in 2024, and since the EU is phasing out Russian LNG imports by the end of this year, Moscow has been quietly amassing a dark fleet of LNG carries to ship its gas, soon-to-be-sanctioned in Europe, east to Asia.
  
  Russia kept its sanctioned LNG trade with China alive during the past winter thanks to an ice-class vessel capable of ploughing through the thick Arctic ice. The sanctioned Christophe De Margerie ice-class LNG tanker has been exporting cargoes to China.
  
  Now another ice-class vessel, a Russia-built ship, is being added to the dark fleet, as are several others, as Moscow wants to continue selling its gas, this time in Asia as the EU has slammed the door to Russian LNG.
  
  The caveat is that only China is willing to buy Arctic LNG 2 cargoes, limiting the potential pool of new Russian LNG customers and potentially giving China a leverage on pricing.
  
  For months, Russia has been buying elderly LNG carriers for its dark fleet ahead of the EU sanctions on the LNG sector that take effect on January 1, 2027, maritime intelligence firm Windward said in a report in June.
  
  As the sanctions will restrict which vessels are able to call at LNG terminals in EU jurisdictions, this “means Russia needs an alternative carrier base to maintain LNG export capacity outside Western frameworks,” Windward said. Source: Oilprice.com

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