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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
1 058.00
+104.00
1 225.00
-3.00
May 18
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	1 058.00	+104.00	1 225.00	-3.00	May 18

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
789.89	-2.53	947.39	-4.63	1 404.96	-16.24	May 20

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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	719	773	-54	770	860	-90	1 225	1 352	-127	May 20
Singapore	714	802	-88	862	952	-90	1 250	1 345	-95	May 20
Fujairah	716	747	-31	940	925	+15	1 528	1 408	+120	May 20
Houston	657	766	-109	850	901	-51	1 210	1 323	-113	May 20

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Latest News
- 2026-05-20
  Oil prices slide as ships transit Hormuz, Trump says Iran talks in ’final stages’
  Oil prices slid on Wednesday, after Iran’s state media said several ships had passed through the Strait of Hormuz under navy supervision. Hopes for a resolution to the Middle East conflict also got a boost from President Donald Trump’s comment that the... Read more Oil prices slid on Wednesday, after Iran’s state media said several ships had passed through the Strait of Hormuz under navy supervision.
  Hopes for a resolution to the Middle East conflict also got a boost from President Donald Trump’s comment that the U.S. was in "final stages" of peace talks with Iran, according to a White House pool report.
  Additionally, government data showed the largest weekly crude oil inventories draw since mid-February, as exports continued to hover near record levels amid a U.S. push to fill in the supply gap caused by the closure of the Strait of Hormuz.
  At 12:48 ET (16:48 GMT), Brent crude futures expiring in July, the global oil benchmark, sank 6.5% to $104.87 a barrel, while U.S. West Texas Intermediate crude futures expiring in July dropped 6.1% to $98.13 a barrel.
  Get more key oil market insights with InvestingPro - now 55% off
  Vessels transit strait
  Two Chinese-flagged supertankers carrying oil exited the Strait of Hormuz on Wednesday, raising hopes for a renewal to supply flows through the vital waterway, Reuters reported, citing LSEG and Kpler shipping data. South Korean-flagged Very Large Crude Carrier Universal Winner is also leaving the narrow conduit off of Iran’s southern coast, which has been effectively closed to tanker traffic since the start of the U.S.-Israeli war on Iran in late February.
  The closure of the crucial chokepoint has led to the biggest oil supply disruption in history, leading to spiking oil prices that have in turn caused an inflationary shock across the world.
  
  Meanwhile, the Islamic Republic of Iran Broadcasting (IRIB) agency said 26 ships, including oil tankers, and container and commercials vessels, had passed through the strait under the supervision of the Islamic Revolutionary Guard Corps’ (IRGC) navy.
  "Passing through the Strait of Hormuz is allowed only with the coordination of Iran," IRIB added.
  The agency also quoted a new IRGC statement that warned of an extension of the war "outside the Middle East region" if "aggression against Iran" was repeated.
  Trump touts ’final stages’ of U.S.-Iran talks
  Elsewhere, hopes of a peace deal between Washington and Tehran were buoyed after Bloomberg News on Wednesday reported that Trump said the U.S. was in the "final stages" of negotiations with Iran, citing a White House pool report.
  Oil prices sharply extended their losses after the news.
  Bloomberg said the pool report quoted Trump’s earlier remarks to reporters at Joint Base Andrews. "We’ll see what happens" with Iran, Trump added.
  Trump also told lawmakers on Tuesday evening that the Iran war could end "very quickly." He had earlier this week said he postponed a planned attack against Iran, and that negotiations with Tehran were going well.
  Separately, Vice President JD Vance struck an optimistic tone on the Iran war, stating that Tehran wanted to make a deal.
  Iran, in its latest peace proposal earlier this week, called for ending hostilities on all fronts, the exit of U.S. forces from the region, and reparations for damage from the war, state media reported on Tuesday. The U.S. had largely rejected Iran’s prior offers, arguing that ending the country’s nuclear ambitions remained a key demand in any negotiation.
  U.S. crude stockpile sees big draw
  Separately on Wednesday, the U.S. Energy Information Administration (EIA) said commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 7.9 million barrels in the week ending May 15. This was the biggest draw since the week ending February 13.
  Notably, U.S. exports of crude oil and petroleum products were 13.1 million barrels per day during the week, the third highest since February 1991.
  Exports have surged as countries around the world have started buying more oil from the U.S. in order to offset the impact of the shuttering of the Strait of Hormuz. Trump has ordered the release of 172 million barrels of oil from the Strategic Petroleum Reserve to stem supply shocks from the conflict.
  Source: Investing.com
- 2026-05-20
  Shore power part of Belfast Harbour’s £1.3 billion 25-year Masterplan
  Onshore power supply (OPS) facilities are among several projects included in a new Masterplan that sets out £1.3 billion of planned investment aimed at securing Belfast Harbour for future generations. Unveiled yesterday (18 May), the the Belfast Harbour... Read more
- 2026-05-20
  Clean Ferries Bill introduced in New York Legislature
  The Clean Ferries Bill (A11303/S10381), introduced in the New York Legislature today (19 May) and sponsored by Assembly Member Simon and Senator Kavanagh, is calling for publicly-funded ferry companies operating in New York to purchase only zero-emission... Read more
- 2026-05-20
  DNV launches RP for hydrogen as marine fuel
  Classification society DNV has released a new recommended practice (RP) for hydrogen as ship fuel which outlines the competence requirements for crew, inspectors, and technical personnel. In a statement issued today (20 May), DNV said that hydrogen... Read more
- 2026-05-20
  Scan Global Logistics and Hapag-Lloyd expand biofuel collaboration
  Scan Global Logistics (SGL) has announced it is scaling its biofuel collaboration with Hapag-Lloyd. As previously reported by ship.energy, in 2024, the transport and logistics solutions provider entered into a ‘multimillion-dollar’ marine biofuel partnership... Read more
- 2026-05-20
  EmissionLink completes FuelEU pooling submissions for over 600 vessels
  Emissions management service provider EmissionLink has announced that it supported the FuelEU Maritime compliance process for more than 600 vessels – after completing its first FuelEU Maritime pooling cycle with 90% of shipowners opting to pool. In... Read more
- 2026-05-20
  Oil prices ease after Trump says US will end Iran war ’very quickly’
  Oil prices eased on Wednesday after U.S. President Donald Trump again asserted the war with Iran will end "very quickly", though investors remain wary about the outcome of peace talks amid continued disruptions to Middle East supply from the conflict.... Read more Oil prices eased on Wednesday after U.S. President Donald Trump again asserted the war with Iran will end "very quickly", though investors remain wary about the outcome of peace talks amid continued disruptions to Middle East supply from the conflict.
  Brent crude oil futures fell 45 cents, or 0.4%, to $110.83 a barrel by 0050 GMT, while U.S. West Texas Intermediate futures were down 27 cents, or 0.3%, to $103.88.
  Both benchmarks fell nearly $1 on Tuesday after U.S. Vice President JD Vance said the U.S. and Iran had made progress in talks, with neither side wanting to see a resumption of military action.
  "Investors are keen to gauge whether Washington and Tehran can actually find common ground and reach a peace agreement, with the U.S. stance shifting daily," said Toshitaka Tazawa, an analyst at Fujitomi Securities.
  "Oil prices are likely to remain elevated given the possibility of renewed U.S. attacks on Iran and expectations that, even if a peace deal is reached, crude supply will not quickly return to pre-war levels," he said.
  Despite Trump’s assertion to U.S. lawmakers late on Tuesday about a quick end to the conflict, he earlier said the United States may need to strike Iran again and he had been an hour away from ordering an attack before postponing it.
  His comments on the need to strike again came a day after he said he had paused a planned resumption of hostilities following a new proposal by Tehran to end the U.S.-Israeli war.
  
  In his remarks on Tuesday Trump also said Iran’s leaders are begging for a deal and warned a new U.S. attack would happen in coming days if no agreement was reached.
  The U.S.-Israeli war against Iran has caused the effective closure of the Strait of Hormuz, which normally carries about a fifth of global oil supplies, creating the world’s biggest oil supply disruption, according to the International Energy Agency.
  Citi on Tuesday said it expects Brent crude to rise to $120 a barrel in the near term, stating that oil markets are under-pricing the risk of a prolonged supply disruption and broader tail risks.
  To make up the shortfall in global supplies from the war, countries are relying on their commercial and strategic inventories.
  In the U.S., crude oil inventories fell for a fifth straight week last week, according to market sources citing American Petroleum Institute data released on Tuesday, while fuel stocks also fell. [API/S]
  U.S. crude stockpiles reported by the Energy Information Administration are expected to have fallen by about 3.4 million barrels in the week to May 15, according to a Reuters poll. The weekly EIA data is due later on Wednesday. [EIA/S] Source: Reuters/Investing.com
- 2026-05-20
  China Turns Green Tech Into an Economic Lifeline
  For years now, China has been the world’s most generous sponsor of alternative energy systems and electric vehicles. This has not only made it the biggest market for such technologies but also the biggest exporter, and that has helped the country offset... Read more For years now, China has been the world’s most generous sponsor of alternative energy systems and electric vehicles. This has not only made it the biggest market for such technologies but also the biggest exporter, and that has helped the country offset economic troubles in other sectors and cement its place as the top transition player globally.
  
  China’s economy is undergoing a seismic shift, where the previously dominant real estate sector has been hit by turmoil and is no longer the engine of the country’s growth, Reuters’ Gavin Maguire wrote in a recent column. Instead, China’s growth increasingly depends on things like wind and solar power equipment sales, electric cars, and of course, critical minerals processing where China is the global hegemon.
  
  While overall, China’s economy has moved from primary to secondary and, eventually, tertiary industries to support growth, just like other advanced economies, the alternative energy sectors have remained major contributors. Interestingly, so have some industries that would normally be tied to real estate, and when that suffers, they suffer, too. Per Maguire, cement and clinker production is a case in point. While China’s real estate sector contracted and remains depressed, cement and clinker production is thriving—because of growing exports.
  
  Earlier this week, the news broke that HSBC was setting up a special fund to lend money to Chinese alternative energy exporters at a time of heightened demand for such products. “China is home to some of the world's most dynamic low-carbon companies,” said HSBC’s global head of sustainable finance and transition, Natalie Blyth, as quoted by Reuters. These companies are “setting new benchmarks in high-end manufacturing,” she added. “As they scale internationally, they need financial partners with the global reach and expertise to support them. This facility is designed to provide exactly that,” Blyth also said.
  
  The timing could not be better: China’s exports of wind and solar equipment, and electric cars are running at all-time highs amid the Middle East energy crunch. The value of these exports in march soared to $25.77 billion, per data from climate outlet Ember, which was a 30% increase on February and a 50% increase on March 2025. In other words, China is reinforcing its dominance in the alternative energy field—and expanding it.
  
  “The scale of China's EV and battery industries alone has reshaped global flows of related commodities, including lithium, graphite, nickel, cobalt and rare earths, of which China is the top global consumer,” Reuters’ Maguire noted in his column, advising analysts following China to pay special attention to these industries and the effect of China’s growing presence abroad on the respective industries in countries that are turning from producers into importers—because China’s global control of supply chains has made it uneconomical for most other producers to keep producing. Buying from China has become easier.
  
  Naturally, this has raised concerns about heavy dependence on a country with which other parts of the world have geopolitical differences of opinion, notably in Europe. Indeed, earlier this month, the Financial Times reported the European Union’s central command was preparing plans to mandate European companies to buy critical components from suppliers other than China to reduce the bloc’s reliance on the country.
  
  The chances of success for such a mandate are dubious at best. This is not the EU’s first attempt to use force to reduce its dependence on China, and China has not responded positively to the previous ones. When it comes to energy, however, Europe simply cannot go it alone or switch to another supplier of panels and inverters—there are no other suppliers that sell at the same prices. As analysts have noted, without China, there can be no energy transition.
  
  Source: Oilprice.com
- 2026-05-20
  MABUX: Global bunker indices to remain volatile without a firm trend on May 20.
  The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — recorded a moderate increase on May 19, marking the third consecutive day of gains across all fuel segments: 380 HSFO: USD/MT: 792.42 (+2.63) VLSFO:... Read more The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — recorded a moderate increase on May 19, marking the third consecutive day of gains across all fuel segments:
  
  380 HSFO: USD/MT: 792.42 (+2.63)
  VLSFO: USD/MT 952.02 (+2.20)
  MGO: USD/MT 1 421.20 (+1.72)
  
  As of May 19, the MABUX Market Differential Index (MDI), which measures the spread between Market Bunker Prices (MBP) and the MABUX Digital Bunker Benchmark (DBP) — indicated the following developments across the four major global bunkering hubs: Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: All four hubs continued to be in the undercharge zone. The degree of underpricing widened by $14 in Rotterdam, $12 in Singapore, $8 in Fujairah, and $24 in Houston. Singapore’s MDI approached the $100 threshold, while Houston continued to remain firmly above this level.
  
  • VLSFO segment: Fujairah remained the only overpriced port in this segment, with its premium increasing by $11. The other three hubs stayed underpriced, with discounts widening by $24 in Rotterdam and $21 in Houston, while narrowing by $6 in Singapore.
  
  • MGO LS segment: Rotterdam, Singapore, and Houston continued to be undercharged. The underpricing ratio widened further by $31 in Rotterdam, $17 in Singapore, and $36 in Houston. Fujairah was the only overpriced port, though its premium declined by $27. MDI values in Rotterdam, Singapore and Fujairah continued to stay above the $100 mark.
  
  The bunker market remains supported by persistently elevated geopolitical risk premiums in crude oil, ongoing concerns over potential disruptions in the Strait of Hormuz, and uncertainty surrounding regional supply replacement flows. MABUX expects the global bunker indices to continue irregular movements without a clear directional trend on May 20: plus-minus 2-5 USD/MT, VLSFO: plus-minus 2–5 USD/MT, MGO LS: plus-minus 5–10 USD/MT.
  Source: MABUX
- 2026-05-20
  Oil Holds Near $110 After Trump Delays Iran Strike
  Oil prices steadied near $110 as Trump delayed planned action against Iran and Washington extended waivers for buyers of Russian crude. Historic SPR Drawdowns Propel US Crude to Global Markets - Record US SPR volumes are pushing out record volumes... Read more Oil prices steadied near $110 as Trump delayed planned action against Iran and Washington extended waivers for buyers of Russian crude.
  
  Historic SPR Drawdowns Propel US Crude to Global Markets
  
  - Record US SPR volumes are pushing out record volumes of US crude to the export markets, with May US oil exports potentially surpassing the 5.5 million b/d threshold for the first time in history.
  
  - A record 9.9 million barrels were drawn from the US Strategic Petroleum Reserve last week, lowering the total inventories held in US SPR sites to just 374 million barrels, its lowest since July 2024.
  
  - Roughly 60% of released SPRs ends up in the domestic downstream market, with the rest exported abroad – European buyers have been particularly keen to purchase niche grades such as Bryan Mound Sour.
  
  - The pace of SPR drawdowns seen last week marks an all-time high, with more than 1.4 million b/d of strategic stocks supplied into the market, above Biden’s average rate of 1 million b/d.
  
  - An expedited drawdown of the Strategic Petroleum Reserve is likely to damage the salt caverns where SPR barrels are held, making them susceptible to salt falls and cavern deformation.
  
  Market Movers
  
  - US oil major ConocoPhillips (NYSE:COP) has signed a 30-year long-term natural gas supply deal for the planned $40 billion Alaska LNG project with developer Glenfarne, bringing a potential FID on the 20 mtpa liquefaction plant closer.
  
  - The proposed 14 mtpa LNG Canada Phase 2 project is aiming for a final investment decision by end-2026, boosting the LNG portfolio of UK-based energy major Shell (LON:SHEL) and its partners Petronas, Mitsubishi, PetroChina and Kogas.
  
  - Japan’s leading upstream investor INPEX (TYO:1605) has agreed to acquire CNPC’s 10.67% stake in Australia’s Browse project, boosting its natural gas portfolio with the Brecknock, Calliance and Torosa offshore gas fields.
  
  - Norway’s state oil firm Equinor (NYSE:EQNR) is reportedly finalizing offtake deals for its South West Arkansas (SWA) lithium project jointly developed with Canada’s Standard Lithium, aiming for an FID later this year and targeting first production in 2029.
  
  - UK-headquartered mining giant Anglo American (LON:AAL) has agreed to divest its metallurgical coal assets in Australia to Dhilmar Ltd for up to $3.875 billion in an all-cash transaction, marking its full exit from steelmaking coal.
  
  Tuesday, May 19, 2026
  
  The noise around an imminent resumption of hostilities between the US and Iran has eased somewhat after US President Trump tweeted that his administration would ‘hold off’ on a planned military attack. The issuance of another 30-day waiver for buyers of Russian crude and products has also helped cap oil prices for this week, with ICE Brent trending around $110 per barrel.
  
  White House Extends Russian Sanctions Waiver. The Trump administration has announced the extension of its sanctions waiver for ‘vulnerable countries’, allowing them to buy Russian oil and refined products risk-free provided the cargoes were loaded onto ships before June 17.
  
  AI Boom Creates US Giant Utility. Leading US utility companies NextEra Energy (NYSE:NEE) and Dominion Energy (NYSE:D) announced their plan this week to merge in a $66.8 billion deal, forming one of the world’s largest power companies with more than 130 GW of generation capacity.
  
  IEA Warns of Drastic Inventory Drawdowns. Fatih Birol, the executive director of the International Energy Agency, warned that commercial oil inventories in OECD countries are ‘depleting very fast’ despite the organization’s largest-ever joint release of strategic reserves, totaling 400 million barrels.
  
  Chinese Refinery Runs Plunge on Weak Margins. China’s National Bureau of Statistics showed that the country’s April crude throughput dipped to 13.3 million b/d, the lowest monthly reading since August 2022, due to processing margins turning negative amidst a refined product export ban.
  
  Venezuela Revamps Its Oil Tax Code. Venezuela’s Rodriguez government has published a new draft oil law that would allow Caracas to set royalty and tax rates for private and foreign investors on a project-by-project basis, capping the royalty rate at 30% and the integrated hydrocarbon tax at 15%.
  
  US Boosts LNG Outlook with New Project. Caturus, the joint venture of Kimmeridge, Mubadala and Canada Pension Plan, has announced a final investment decision on the 9.5 mtpa Commonwealth LNG project after securing $9.75 billion in project financing, aiming to start production by end-2030.
  
  Tankers Build Around Iran’s Key Loading Port. According to Bloomberg, some 23 Iran-controlled tankers are anchored near the country’s main crude oil loading terminal Kharg Island, the highest number since the US blockade of the Arabian Sea started, suggesting storage is filling up.
  
  Kenya Paralyzed by Nationwide Fuel Protests. Kenya’s economy has been severely disrupted by protests and police clashes across the African country’s main cities over rising fuel prices, as previous government-to-government supplies from the Middle East were stranded by the US-Iran conflict.
  
  Get Ready for Indonesia’s Export Restrictions. The government of Indonesia is planning to tighten control over commodity exports including coal and palm oil as Jakarta seeks to clamp down on tax evasion and to boost the domestic currency, creating a new state agency to manage all exports.
  
  Alaska’s Top 2026 Project Finally Launches. Australian upstream firm Santos (ASX:STO) has announced first oil from the first phase of its Pikka project in the US state of Alaska, ramping up production to reach a plateau of 80,000 b/d by the third quarter of this year, boosting ANS flows.
  
  Dangote Turns Against Nigerian State. Nigeria’s Dangote oil refinery has sued the government in the country’s High Court, claiming the Ministry of Petroleum Resources has breached laws by issuing gasoline import licenses for Q2 2026, as its own output should be enough to meet domestic demand.
  
  China Saves Australia from Jet Dearth. Australian Prime Minister Anthony Albanese announced his government managed to secure 3 cargoes of jet fuel from China, all arriving in June despite Beijing’s ongoing ban on refined product exports, keeping jet import levels elevated at 140,000 b/d.
  
  Brazil to Breathe Life into Mexico’s Upstream Lull. Brazil’s national oil company Petrobras (NYSE:PBR) is considering investments into Mexico’s deepwater assets involving both mature areas and new frontiers, with an executive delegation from Pemex expected to come to Brazil in June.
  
  Nickel Jumps on Indonesia Supply Qualms. Nickel prices continued their upward momentum after Indonesia’s Tsingshan Group asked nickel pig iron producers to cut output to save electricity for aluminium production, sending the benchmark three-month LME contract to $18,840 per tonne. Source: Oilprice.com

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