Mabux: Global Bunker Prices

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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
698.01
0.00
746.00
-5.00
May 27
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	698.01	0.00	746.00	-5.00	May 27

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
552.99	+0.30	648.46	-2.14	834.43	-5.27	May 30

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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	488	528	-40	562	626	-64	746	823	-77	May 30
Singapore	537	543	-6	604	634	-30	723	832	-109	May 30
Fujairah	514	554	-40	608	630	-22	848	880	-32	May 30
Houston	487	518	-31	588	646	-58	748	743	+5	May 30

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Digital Bunker Prices
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Analytical Section
- Daily and Weekly Bunker analyses and Future Curves
- World and regional Bunker indices
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MABUX for Industry
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Latest News
- 2024-05-30
  Oil falls as US reports surprise fuel build, weak demand
  Oil prices fell again on Thursday, after the U.S. government reported weak fuel demand in the country and a surprise jump in gasoline and distillate fuel stockpiles. Brent crude futures fell by $1.25, or 1.5%, to $82.35 a barrel by 11:50 am ET (1550... Read more Oil prices fell again on Thursday, after the U.S. government reported weak fuel demand in the country and a surprise jump in gasoline and distillate fuel stockpiles.
  Brent crude futures fell by $1.25, or 1.5%, to $82.35 a barrel by 11:50 am ET (1550 GMT). U.S. West Texas Intermediate crude futures were $1.15, or 1.5%, lower at $78.08 a barrel.
  Both benchmarks were headed for monthly losses, with Brent futures on track for a decline of more than 6% from last month, while WTI was poised for a slide exceeding 4.5%.
  U.S. crude stocks fell more than expected last week as refiners in the country ramped up to their highest utilization rates in over nine months, data from the U.S. Energy Information Administration showed. However, there was a surprise jump in gasoline and distillate fuel inventories as demand weakened even as output rose.
  Crude stocks declined by 4.16 million barrels in the week ended May 24, EIA data showed. Gasoline and distillate stockpiles together were about 4.57 million barrels higher.
  "Weakness in gasoline markets have continued to drag down the rest of the oil complex," Alex Hodes, oil analyst at brokerage StoneX, wrote on Thursday.
  Analysts had expected the U.S. Memorial Day holiday on May 27, the start of the U.S. summer driving season, would boost fuel demand. Yet EIA's measure of gasoline demand slipped about 2% from the prior week to 9.15 million barrels per day.
  "I was looking for a draw in gasoline, in particular, ahead of the holiday weekend but when refiners are cranking it out, that is too much to drain product inventories," said John Kilduff, partner at Again Capital.
  "The gasoline demand is still a good number, even though I would have expected that to be up closer to 9.5 (million bpd) going into the last holiday weekend," he said.
  Further pressuring oil prices, investors' risk-appetite has been subdued by the prospect of delayed monetary easing in the U.S. and Europe, analysts at financial brokerage ActivTrades said. "Fear trading" is dominating financial markets ahead of Friday's U.S. consumer price index data, they wrote to clients.
  Oil investors are also cautious ahead of an OPEC+ meeting this weekend. The producer group will decide whether to extend, deepen or unwind supply cuts.
  Soft fuel demand and rising global oil inventories may help convince OPEC+ producers, which include the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, to maintain supply cuts when they meet on June 2, OPEC+ delegates and analysts say.
  Source: Reuters/Investing.com
- 2024-05-30
  ASIA PACIFIC: FRATELLI COSULICH INAUGURATES METHANOL, BIOFUEL BUNKER BARGE
  Fratelli Cosulich Group has today (30 May) announced the inauguration of its new vessel, Marta Cosulich, in the Bay of Singapore. As previously reported, the 8,300 cubic metre (cbm) capacity IMO2 Chemical tanker is fully equipped to carry methanol... Read more
- 2024-05-30
  ASIA PACIFIC: “K” LINE TAKES DELIVERY OF LNG-FUELLED BULKER, CAPE HAYATE
  “K” Line has announced that it has taken delivery of the LNG-fuelled capsize bulker, Cape Hayate. The 210,000 deadweight tonne (DWT) vessel, which was built at Tsu shipyard of Japan Marine United Co., is the first capesize bulk carrier in “K” Line’s... Read more
- 2024-05-30
  EUROPE: BELGIUM’S FIRST SHORE POWER CONNECTIONS FOR SEAGOING VESSELS COMING TO ANTWERP EUROPETERMINAL
  Antwerp Europeterminal (AET) is set to install the first shore power connection for seagoing vessels in Belgium. Two fixed shore power connections will be installed at the Antwerp Euroterminal (AET) - Europe's largest multipurpose terminal and one... Read more
- 2024-05-30
  GLOBAL: WORLD FUEL SERVICES’ JOHN STIRLING APPOINTED SECRETARY OF CIMAC’S WG7
  World Fuel Services has announced that John Stirling, the company’s Director, Marine Technical, will be taking on the role of Secretary of CIMAC’s WG7 working group. CIMAC – the International Council on Power, Drives and Propulsion – has recently refocused... Read more
- 2024-05-30
  MABUX: Bunker Weekly Outlook, Week 22, 2024.
  Over Week 22, the MABUX global bunker indices still did not have a clear trend and changed sideways. The 380 HSFO index rose by 7.38 USD: from 543.89 USD/MT last week to 551.27 USD/MT. The VLSFO index, on the contrary, decreased by 3.63 USD (649.26 USD/MT... Read more Over Week 22, the MABUX global bunker indices still did not have a clear trend and changed sideways. The 380 HSFO index rose by 7.38 USD: from 543.89 USD/MT last week to 551.27 USD/MT. The VLSFO index, on the contrary, decreased by 3.63 USD (649.26 USD/MT versus 652.89 USD/MT last week). The MGO index lost a symbolic 0.35 USD (from 839.56 USD/MT last week to 839.21 USD/MT). At the time of writing, a moderate upward trend continued in the global bunker market.
  
  The MABUX Global Scrubber Spread (SS) - the price difference between 380 HSFO and VLSFO - saw a consistent decline: minus $11.01 ($110.14 versus $112.56 last week), dipping below the $100.00 SS breakeven point for the first time since October 10, 2023. The weekly average also fell by $9.21. In Rotterdam, the SS Spread decreased by $11.00 (from $90.00 last week to 79.00), staying well below the $100.00 mark. The port's weekly average dropped by $3.33. In Singapore, the 380 HSFO/VLSFO price differential showed the most significant reduction: minus $20.00 ($64.00 vs. $84.00 last week), with the weekly average decreasing by $23.00. Currently, the SS Spread is demonstrating a sustainable downward trend. Stable SS Spreads below the $100.00 mark adversely affect scrubber profitability and extend their payback period, while increasing demand for conventional and alternative bunker fuels. We anticipate the SS Spread to continue narrowing in the short term. More information is available in the “Differentials” section of mabux.com.
  
  European benchmark natural gas prices rose last week due to growing supply concerns and forecasts of lower wind power generation. Unplanned outages in Norway, coupled with planned maintenance at some gas assets, higher natural gas demand in Asia, and the end of the current gas transit deal for Russian pipeline gas via Ukraine at the end of 2024, could further constrain gas supply for Europe and drive prices higher. During week 22, the European gas benchmark TTF continued its moderate growth, adding 0.530 EUR/MWh (33.534 EUR/MWh versus 33.004 EUR/MWh last week), while showing a decline over the last three trading days.
  
  The price of LNG as bunker fuel in the port of Sines (Portugal) continued to rise, reaching 768 USD/MT on May 27 (plus 40 USD compared to last week). At the same time, the price difference between LNG and conventional fuel on May 27, on the contrary, decreased, amounting to 40 USD in favor of LNG (versus 89 USD a week earlier): MGO LS was quoted at 808 USD/MT that day in the port of Sines. More information is available in the LNG Bunkering section of mabux.com.
  
  In Week 22, the MDI index (the correlation ratio of market bunker prices (MABUX MBP Index) vs. MABUX digital bunker benchmark (MABUX DBP Index)) observed the following trends across the major world hubs: Rotterdam, Singapore, Fujairah and Houston:
  
  In the 380 HSFO segment, all selected ports remained undervalued. Weekly averages rose 6 points in Rotterdam, 15 points in Singapore, 18 points in Fujairah, and 6 points in Houston.
  
  In the VLSFO segment, according to the MDI, all ports were undervalued, with average weekly levels showing an increase of 4 points in Singapore and 3 points in Houston, and a decrease of 2 points in Rotterdam and 1 point in Fujairah. The MDI index in Fujairah remained close to 100 percent correlation between the market price and the MABUX digital benchmark.
  
  In the MGO LS segment, Houston remained the only overvalued port, with its weekly average rising 7 points and the MDI index consistently above the 100 percent correlation mark between market price and the MABUX digital benchmark. All other ports were undervalued. Average weekly levels showed a further 3-point decline in Rotterdam and 1-point in Singapore, but a 13-point increase in Fujairah. The MDI index in Singapore stayed above $100.
  
  By the end of the week, the balance of overvalued/undervalued ports, as well as the trend towards undervaluation of bunker fuel, did not undergo significant changes across all market segments.
  
  For more details on the correlation between market prices and the MABUX digital benchmark, visit the “Digital Bunker Prices” section on mabux.com.
  
  According to DNV, the gap between LNG-fueled tonnage and the necessary infrastructure for fueling them is widening. Despite this, industry stakeholders are still waiting for market assurances before investing in LNG bunker vessels. There is a clear shortage of these vessels, and the class society expects this shortage to become apparent in roughly 12 months. DNV estimates that 2.3 million tonnes of LNG were bunkered in 2023, which accounts for 1% of the global marine fuels market. This market is growing rapidly, with LNG consumption expected to increase by 400%, reaching 11 million tonnes by 2026.
  
  We expect that the downward trend in the global bunker market has reached its limit, and next week the growth of bunker prices will become sustainable.
  Source: MABUX
- 2024-05-30
  Exclusive-White House to support new nuclear power plants in the U.S.
  The White House on Wednesday plans to announce new measures to support the development of new U.S. nuclear power plants, a large potential source of carbon-free electricity the government says is needed to combat climate change. The suite of actions,... Read more The White House on Wednesday plans to announce new measures to support the development of new U.S. nuclear power plants, a large potential source of carbon-free electricity the government says is needed to combat climate change.
  The suite of actions, which weren't previously reported, are aimed at helping the nuclear power industry combat rising security costs and competition from cheaper plants powered by natural gas, wind and solar.
  Nuclear proponents say the technology is critical to providing large, uninterrupted supplies of emissions-free power to serve soaring electricity demand from data centers and electric vehicles and still meet President Joe Biden's goal of decarbonizing the U.S. economy by 2050.
  "In the decisive decade for climate action, we need to pull as many of the tools for decarbonization off the sidelines and onto the field," said Ali Zaidi, Biden's national climate adviser.
  Critics worry about the buildup of radioactive waste stored at plants around the country and warn of the potential risks to human health and nature, especially with any accidents or malfunctions. Biden signed a law earlier this month banning the use of enriched uranium from Russia, the world's top supplier.
  At a White House event on Wednesday focused on nuclear energy deployment, the Biden administration will announce a new group that will seek to identify ways to mitigate cost and schedule overruns in plant construction.
  The group of climate, science and energy policy experts from White House and Department of Energy will work with project developers, engineering, procurement and construction firms, utilities, investors, labor organizations, academics, and non-governmental organizations.
  It also said the Army will soon solicit feedback on deploying advanced reactors to provide energy for certain facilities in the United States. Small modular reactors and microreactors can provide energy that is more resilient to physical and cyber attacks, natural disasters and other challenges, the White House said.
  The Department of Energy also released a paper outlining the expected increased safety of advanced reactors. And a new tool will help developers figure out how to cut capital costs for new nuclear reactors.
  The youngest U.S. nuclear power reactors, at the Vogtle plant in Georgia, were years behind schedule and billions over budget when they entered commercial operation in 2023 and 2024. No new U.S. nuclear plants are currently being built.
  Vogtle is now the largest U.S. source of clean energy, the White House said.
  Nuclear energy accounts for about 19% of U.S. power generation, compared with 4% for solar and 10% for wind. Source: Reuters/Investing.com
- 2024-05-30
  Oil mostly steady ahead of U.S stockpile data amid downward pressure
  Oil mostly steady ahead of U.S stockpile data amid downward pressure Reuters Commodities Published 05/29/2024, 08:50 PM Updated 05/30/2024, 12:05 AM Oil mostly steady ahead of U.S stockpile data amid downward pressure 0 LCO -0.14% Oil prices... Read more Oil mostly steady ahead of U.S stockpile data amid downward pressure
  Reuters
  Commodities
  Published 05/29/2024, 08:50 PM
  Updated 05/30/2024, 12:05 AM
  Oil mostly steady ahead of U.S stockpile data amid downward pressure
  
  0
  LCO
  -0.14%
  
  Oil prices were mostly stable on Thursday as the markets await U.S. crude oil stockpiles data, though resilient U.S. economic activity pointed to borrowing costs staying higher for longer in a potential blow to demand.
  Brent futures dipped 4 cents or 0.05% to $83.56 a barrel at 0330 GMT, while U.S. West Texas Intermediate (WTI) crude eased 10 cents or 0.13% to $79.13.
  "The broader risk-off environment has translated to some downward pressures on oil prices, which overrides the larger-than-expected drawdown in U.S. crude inventories from the recent API data," said Yeap Jun Rong, market strategist at IG.
  U.S. crude oil and gasoline inventories fell last week while distillates rose, according to market sources citing American Petroleum Institute figures on Wednesday.
  The API figures showed crude stocks were down by 6.49 million barrels in the week ended May 24, the sources said, with gasoline inventories down by 452,000 barrels, and distillates up by 2.045 million barrels.
  Analysts had projected U.S. energy firms would pull 1.9 million barrels of crude out of storage while stocking 0.4 million barrels of distillates and 1 million barrels of gasoline.
  Data from the U.S. Energy Information Administration (EIA) is due later on Thursday.
  Rising global oil inventories through April due to soft fuel demand may strengthen the case for OPEC+ producers, which include the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, to keep supply cuts in place when they meet on June 2, OPEC+ delegates and analysts say.
  "A greater driver for oil prices ahead may revolve around the upcoming OPEC+ meeting this weekend, which could see OPEC members extending their current production cuts potentially till the end of the third quarter to support prices," Yeap added.
  Oil markets have been under pressure over expectations the Federal Reserve will keep interest rates higher for longer, with Brent settling at its lowest in more than three months on May 23.
  U.S. economic activity continued to expand from early April through mid-May but firms grew more pessimistic about the future while inflation increased at a modest pace, a Fed survey showed.
  Higher borrowing costs tend to tie down funds and consumption, a negative for crude demand and prices. The Fed is now seen cutting rates in September at the earliest, compared to a June start that had been expected by markets at the beginning of the year. Source: Reuters/Investing.com
- 2024-05-30
  Oil Production Capacities Could Be OPEC's Next Big Dispute
  As OPEC+ members are discussing their production policy for the rest of 2024, the group has also re-opened a debate over each producer's capacity to pump oil. These oil production capacities will become the basis for any output quotas under the OPEC+... Read more As OPEC+ members are discussing their production policy for the rest of 2024, the group has also re-opened a debate over each producer's capacity to pump oil. These oil production capacities will become the basis for any output quotas under the OPEC+ deal for 2025, which has prompted several producers to push for higher estimates of their capacity.
  
  In November last year, OPEC announced that as part of the Declaration of Cooperation, as the OPEC+ agreement is officially known, independent consultancies will review the countries' production capacities this year.
  
  By the end of June 2024, all OPEC and non-OPEC countries in the Declaration of Cooperation will go through an assessment by three independent sources – IHS, Wood Mackenzie, and Rystad Energy – specialized in oil upstream sources to identify countries' production capacities to be used for 2025 reference production levels.
  
  "The OPEC Secretariat will coordinate the assessment while maintaining the independency of the three sources (IHS, Wood Mackenzie and Rystad Energy)," OPEC said.
  
  The assessment will not be ready in time for the June 2 meeting this weekend, but it could spark later this year new internal disputes in OPEC and in the wider OPEC+ group, similar to the one that led to Angola quitting OPEC at the end of 2023.
  
  Over the past few years, OPEC has been wrangling over how much each country claims to be able to produce. The higher the oil production capacity, the higher the respective production quota under the deal is.
  
  Last year, OPEC+ readjusted some quotas, giving the United Arab Emirates (UAE), OPEC's third-largest producer, a higher quota while reducing Angola's. The adjustment in quotas ultimately prompted Angola's departure from OPEC at the end of 2023.
  
  At a meeting in June last year, Angola and Nigeria were given lower crude oil production quotas as part of the OPEC+ agreement after the two producers had underperformed and failed to pump to their quotas for years due to a lack of investment in new fields and maturing older oilfields.
  
  Angola is planning to maintain oil production above 1 million barrels per day, which is why it left OPEC, natural resources minister Diamantino Azevedo said early this year.
  
  "This organization no longer aligns with Angola's values and interests," Azevedo said in January, as quoted by Bloomberg. He added that OPEC had assigned "production quotas challenging our actual capabilities and needs, we made the formal decision to withdraw our country."
  
  The capacity assessments by independent sources could lead to more disputes within OPEC and the larger OPEC+ group, as several producers argue they should be assigned higher quotas for 2025 as they expand their production capacity.
  
  OPEC's the UAE, Iraq, Kuwait, and Algeria, as well as non-OPEC producer Kazakhstan, are among the countries under scrutiny over their capacities, sources with knowledge of the re-opened debate over production capacity told Bloomberg earlier this month.
  
  Internal discussions about some producers' ability to pump more oil – and hence potentially entitled to higher quotas next year – have become heated in recent weeks, sources involved in the talks told Bloomberg.
  
  As members push for higher output quotas, the alliance could see another bitter dispute among members, threatening the cohesion that OPEC+ has tried to preserve while deciding whether or not to withhold supply from the market.
  
  At this weekend's meeting, the group is expected to roll over the current production cuts of around 2.2 million barrels per day (bpd) until the end of the year.
  
  "High expectations of a full rollover mean that OPEC+ needs to ensure it does not disappoint the market, otherwise, it risks an aggressive pullback in prices," ING commodity strategists Warren Patterson and Ewa Manthey wrote in a Wednesday note.
  
  Source: Oilprice.com
- 2024-05-30
  MABUX: Global bunker indices to turn slightly downward on May 30.
  MABUX World Bunker Index (as index calculated based on current prices for 380 HSFO, VLSFO and MGO) showed a firm upward evolution on May 29: 380 HSFO - USD/MT - 552.69 (+3.62) VLSFO - USD/MT – 650.60 (+3.97) MGO - USD/MT – 839.70 (+5.44) As of... Read more MABUX World Bunker Index (as index calculated based on current prices for 380 HSFO, VLSFO and MGO) showed a firm upward evolution on May 29:
  
  380 HSFO - USD/MT - 552.69 (+3.62)
  VLSFO - USD/MT – 650.60 (+3.97)
  MGO - USD/MT – 839.70 (+5.44)
  
  As of May 29, the MABUX MBP/DBP Index (MDI), tracking the correlation between market bunker prices (MBP) and the MABUX digital bunker price benchmark (DBP), observed the following trends across major ports – Rotterdam, Singapore, Fujairah, and Houston :
  
  - HSFO segment: All four selected ports continued to be in the undercharge zone, with underprice margins widening by $2 in Singapore, $6 in Fujairah, and $3 in Houston. The MDI index in Rotterdam remained unchanged.
  
  - VLSFO segment: All four ports were underpriced. Undercharge premiums increased further by $3 in Rotterdam, $3 in Fujairah, and $6 in Houston but decreased by $4 in Singapore.
  
  - MGO LS segment: Houston was the only overvalued port, with the ratio decreasing further by $2. The other three ports were undercharged, with premiums increasing by $6 in Rotterdam and $8 in Fujairah. The MDI index in Singapore remained unchanged and below the $100 mark.
  
  We expect Global bunker indices to shift to a slight downward trend on May 30: 380 HSFO – minus 1-3 USD/MT, VLSFO – minus 1-4 USD/MT, MGO LS – minus 2-6 USD/MT.
  Source: MABUX