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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
762.50
0.00
590.00
+5.00
May 9
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	762.50	0.00	590.00	+5.00	May 9

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
448.10	+4.39	517.45	+4.49	705.33	+7.02	May 9

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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	405	404	+1	442	458	-16	590	584	+6	May 9
Singapore	423	412	+11	506	494	+12	594	617	-23	May 9
Fujairah	409	451	-42	495	502	-7	706	770	-64	May 9
Houston	382	423	-41	447	534	-87	590	638	-48	May 9

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Latest News
- 2025-05-09
  Oil prices up ahead of Sino-US trade meeting
  Oil prices were up slightly on Friday, after rising about 3% in the previous session, as trade tensions between top oil consumers U.S. and China showed signs of easing and Britain announced a "breakthrough" trade deal with the United States. Brent crude... Read more Oil prices were up slightly on Friday, after rising about 3% in the previous session, as trade tensions between top oil consumers U.S. and China showed signs of easing and Britain announced a "breakthrough" trade deal with the United States.
  Brent crude rose 23 cents, or 0.37%, to $63.07 a barrel while U.S. West Texas Intermediate crude was up 21 cents, or 0.35%, at $60.12 a barrel as at 0507 GMT. On Thursday, both contracts settled nearly 3% up.
  U.S. Treasury Secretary Scott Bessent will meet China’s top economic official Vice Premier He Lifeng in Switzerland on May 10 to work toward resolving trade disputes that have threatened growth in the consumption of crude oil.
  "If the two set a date to start formal trade negotiations and agree to ratchet down their current steep tariffs against each other while talks carry on, markets will get a breather and crude could stack on another $2-$3 per barrel," said Vandana Hari, founder of oil market analysis provider Vanda (NASDAQ:VNDA) Insights.
  China’s exports rose faster than expected in April, while imports narrowed their declines, customs data showed on Friday, giving Beijing some relief ahead of ice-breaker tariff talks with the U.S. this weekend.
  Separately, U.S. President Donald Trump and British Prime Minister Keir Starmer announced Britain had agreed to lower tariffs on U.S. imports to 1.8% from 5.1%. The U.S. cut duties on British cars but left a 10% tariff on most other goods.
  
  "Any more U.S. trade deals after the one with UK with other major trading partners would have only a marginal impact on oil sentiment," Hari added.
  Elsewhere, the Organization of the Petroleum Exporting Countries and allies - or OPEC+ - plan to increase output which could keep pressure on oil prices. A Reuters survey found OPEC oil output edged lower in April as production declines in Libya, Venezuela and Iraq outweighed a scheduled increase in output.
  Tighter U.S. sanctions on Iran could restrict supply and push prices higher. Sanctions on two small Chinese refiners for buying Iranian oil made it difficult for them to receive crude and led them to sell their product under alternative names, sources told Reuters on Thursday.
  In the meantime, Pakistan’s armed forces launched "multiple attacks" along India’s entire western border on Thursday night and early Friday, the Indian army said, as conflict between the nuclear-armed neighbours intensified.
  Rystad Energy analysts expected both countries to increase crude procurement and refinery activity amid mounting tensions.
  
  "Diesel demand is likely to rise amid increased military mobilization, while airline fuel consumption declines as airspace closures lead to rerouted flights, cancellations and soaring airline ticket prices," Rystad’s Rohan Goindi said in a note.
  In terms of daily crude demand, India consumes 5.4 million barrels per day (bpd), compared to Pakistan’s 0.25 million bpd, according to Rystad Energy estimates. Source: Reuters/Investing.com
- 2025-05-09
  Europe’s $2 Trillion Energy Reality Check
  Last week’s worst blackout Europe has ever seen in modern times was a wake-up call for the EU – and the rest of the world – that regardless of booming renewable energy capacity installations, power supply will not be secure unless grids are capable and... Read more Last week’s worst blackout Europe has ever seen in modern times was a wake-up call for the EU – and the rest of the world – that regardless of booming renewable energy capacity installations, power supply will not be secure unless grids are capable and flexible enough to accommodate clean energy and meet rising demand.
  
  Renewable energy proponents have been touting for years the record-breaking solar and wind capacity additions in Europe and elsewhere, calling at the same time for more investments in grids. With headline-grabbing record renewable installations and reduction of dependence on fossil fuels, the need for trillions of dollars worth of investment in grids may have been overlooked. Until it was too late and Spain’s grid buckled on April 28, leaving the country, most of Portugal, and, for shorter periods of time, parts of France, without electricity and basically ruining (even more) an entire Monday for millions of people.
  
  Investigations continue into what happened and why Spain’s transmission system was disconnected from the European grid midday Monday.
  
  Whatever the cause, the worst blackout in Europe and the first major system collapse in the era of booming renewable energy installations highlighted the need for investments in storage and grid resilience.
  
  Grid Investments Lag Behind Renewables Additions
  
  While focusing on boosting solar and wind power and their benefit for the environment and the reduction of imports of fossil fuels, policymakers are aware that booming renewable capacity generation needs to have access to the power systems. But investments aren’t enough. If electricity transmission, distribution, and interconnections cannot handle power from the record-breaking solar and wind capacity, the clean energy progress stalls.
  
  As early as last year, think tank Ember said in a report that grid investments in Europe are lagging behind renewable additions and a lack of transmission capacity could hold back the energy transition.
  
  Related: Russia Claims Active Talks With China on New Gas Pipeline Are Underway
  
  “Making sure solar and wind can actually connect to the system is as critical as the panels and turbines themselves,” says Elisabeth Cremona, Energy & Climate Data Analyst at Ember.
  
  “There is no transition without transmission.”
  
  Europe needs to significantly boost grid investments and fully align planning processes with the new reality of the energy transition, according to the clean energy think tank.
  
  At a global level, the situation is pretty much the same—the International Energy Agency (IEA) says that thousands of gigawatts of renewable energy are waiting in grid connection queues.
  
  “This shows grids are becoming a bottleneck for transitions to net zero emissions,” the IEA said, noting that booming investments in renewables contrast with barely changed spending on grid resilience and expansions that have been static at about $300 billion per year over the past decade.
  
  EU Needs Up to $2.6 Trillion in Grid Investment by 2050
  
  That’s too little to support grids that support the rollout of more renewable energy.
  
  The European Commission has estimated that $2.265 trillion (2 trillion euros) to $2.6 trillion (2.3 trillion euros) is required to meet grid needs until 2050, a review of the EU’s electricity grids by the European Court of Auditors showed earlier this year.
  
  “Success hinges on overcoming key challenges, including coordinating grid planning across the EU, streamlining permitting processes and tackling equipment and labour shortages,” the European Court of Auditors (ECA) said in the report.
  
  “A large part of the EU electricity grid dates from the last century: almost half of distribution lines are over 40 years old,” said Keit Pentus-Rosimannus, the ECA Member responsible for this review.
  
  “To ensure the EU’s competitiveness and autonomy, we need modern infrastructure that can support our industry and keep prices affordable.”
  
  This decade alone, the EU needs a cumulative $660 billion (584 billion euros) in grid investments, the Commission estimated in its ‘Grids, the missing link - An EU Action Plan for Grids’.
  
  This “missing link” between the renewables boom and the connection and transmission of clean energy to consumers, as well as the need for much higher investments in battery storage, came to the forefront of the green energy debate after the massive power outage in Spain last week.
  
  Delays in grid development have created a backlog of over 800 GW of wind and solar capacity awaiting connection in Europe, nearly double the current supply, Allianz Research said a month and a half before Europe’s worst blackout.
  
  Moreover, the lack of grid flexibility exacerbates intraday price volatility, with high electricity prices during peak demand and negative prices during off-peak hours, according to Allianz’s analysts.
  
  The EU also needs to improve cross-border electricity interconnections to make grids more flexible and allow countries to import electricity from neighbors when needed. The EU has bumped its interconnection target to?at least 15% by 2030, up from a previous 10% target. This means that an EU member state should be able to import up to 15% of the electricity it consumes from one or more of its neighbors.
  
  By the beginning of 2025, a total of 14 out of the 27 EU countries had exceeded the 2030 target and 5 countries were above the 10% threshold, while 8 countries were still below the previous target from 2020.
  
  “If finished on time, the interconnection projects in the pipeline are expected to further improve interconnectivity levels, but more interconnections are needed in some regions, particularly in view of increasing renewable generation capacities,” the EU says. Source: Oilprice.com
- 2025-05-09
  U.S., Russia In Quiet Talks to Bring Russian Gas Back to Europe
  U.S. and Russian officials are quietly exploring pathways to restore Russian natural gas flows to Europe—an initiative that, if realized, would mark a seismic shift in post-Ukraine war energy dynamics, according to an exclusive report by Reuters on Thursday.... Read more U.S. and Russian officials are quietly exploring pathways to restore Russian natural gas flows to Europe—an initiative that, if realized, would mark a seismic shift in post-Ukraine war energy dynamics, according to an exclusive report by Reuters on Thursday.
  
  The talks, still in preliminary stages, are reportedly linked to ongoing peace negotiations and could involve U.S.-backed intermediary arrangements to facilitate pipeline transit through Ukraine or even Nord Stream infrastructure, Reuters reported.
  
  Europe's Russian gas dependency collapsed from 40% to just 19% after the 2022 invasion, slashing Gazprom’s export volumes and forcing Europe into LNG deals at premium prices.
  
  Yet now, with gas prices stabilizing and European voters balking at inflation, energy pragmatism may be edging out geopolitics.
  
  The exclusive Reuters report comes just two days after the European Commission published a roadmap of its plans to end European dependency on Russian gas, which would ban imports of all Russian gas and LNG to EU member states by the end of 2027. Legislative proposals related to this ban will be tabled in June.
  
  "No more will we permit Russia to weaponise energy against us... No more will we indirectly help fill up the [Kremlin's] war chests," European Commissioner for Energy Dan Jorgensen said in a news conference in Strasbourg on Tuesday, as reported by the BBC.
  
  That roadmap and subsequent statements prompted Kremlin spokesperson Dmitry Peskov to respond to Reuters on Tuesday, saying the move would represent Europe “shooting itself in the foot”.
  
  There has been a fair amount of skepticism as to how effectively Europe could cut off Russian gas entirely. In April, the EU was reported to be considering declaring a force majeure to negate natural gas supply contracts with Russian Gazprom, without huge penalties. However, this could prove legally challenging due to the fact that this move was not taken three years ago, when Russia first invaded Ukraine.
  
  At the same time, Ukraine has ratified a strategic minerals deal with the U.S., giving American firms priority access to lithium, titanium, and rare earths—crucial inputs for defense and green tech. The deal includes a reconstruction fund, tying resource extraction to long-term rebuilding and Western alignment.
  
  From a market perspective, this is classic high-stakes chess where energy, capital, and geopolitics collide. The possibility of Russian gas reentering Europe would ripple through global LNG pricing and threaten U.S. export competitiveness.
  
  Meanwhile, the minerals pact gives U.S. investors a long-term stake in one of the few growth narratives still standing in Eastern Europe.
  
  These are not isolated headlines—they’re signals of a shifting energy order, which will require investors to pay close attention to where the flows start to move again, and where the capital will follow.
  
  Source: Oilprice.com
- 2025-05-09
  Taiwan's Energy Crisis Could Prove to Be Existential
  Taiwan's isolated energy grid is heavily dependent on fossil fuel imports, leaving it highly vulnerable to blockades. Chinese military exercises have targeted potential energy disruptions, signaling the strategic importance of Taiwan's power supply. Taiwan's... Read more Taiwan's isolated energy grid is heavily dependent on fossil fuel imports, leaving it highly vulnerable to blockades.
  
  Chinese military exercises have targeted potential energy disruptions, signaling the strategic importance of Taiwan's power supply.
  
  Taiwan's energy insecurity threatens not only its own economy but also global semiconductor production, sparking concerns of a broader conflict.
  
  energy
  Taiwan is walking an energy tightrope. The island nation’s isolated energy grid supports a population the size of Australia’s at 23 million and one of the most advanced and energy-intensive tech sectors in the world. And not only is it being pushed to its absolute limit by economic factors, it’s also facing an existential threat from potential Chinese aggression.
  
  “As the age of energy-hungry artificial intelligence dawns, Taiwan is facing a multifaceted energy crisis: It depends heavily on imported fossil fuels; It has ambitious clean energy targets that it is failing to meet; And it can barely keep up with current demand,” Yale360 reported in September of last year. “Addressing this problem, government critics say, is growing increasingly urgent.”
  
  On top of these issues, China has been ramping up military exercises off the coast of Taiwan, running simulations of live-fire strikes on ports and energy facilities, and setting up blockades on vital shipping routes to and from the sovereign island. Such blockades, if carried out, would be devastating to the island’s energy security. "People would run out of power and water, as the water supply is powered by electricity. Communication is based on electricity, and the military would not be able to function," James Yifan Chen, a scholar of international relations, recently told DW.
  
  The Chinese government views Taiwan as a breakaway territory and wants to unify the island with mainland China under its One China policy, by force if necessary, even though the People’s Republic of China has never governed Taiwan. Tensions between Taiwan and China have been escalating in recent years, and experts fear that they could soon come to a head. And in the case that China does carry out a full-on invasion of Taiwan, the island’s energy supply will be its first target.
  
  "Taiwan is more vulnerable than Ukraine," says Chen. This is because of the isolated nature of the island’s grid – Taiwan has no neighboring grids to turn to in a time of crisis, and has extremely limited fuel storage capacity. The most optimistic outlooks estimate that Taiwan’s gas reserves would last for just 40 days under a full Chinese blockade. Other estimates say that the reality is closer to two weeks.
  
  Taiwan’s energy supply is its “Achilles heel of national security,” according to the French Institute of International Relations (IFRI). “Aware of the challenge, the Taiwanese government is working to strengthen its energy independence, for example by encouraging the development of renewable energies, diversifying fossil fuel suppliers, increasing fuel storage capacities, and enhancing the security of the power grid,” says IFRI. “However, the government struggles to formulate an energy policy that explicitly aligns with national security needs.”
  
  This could mean doomsday for the nation’s economy. After Taiwan’s presidential elections last year, the Chinese military conducted a series of military exercises with the objective of making Taiwan a “dead island” via a blockade for the “disruption of energy supplies” leading to an “economic collapse,” according to Colonel Zhang Chi of the People’s Liberation Army and professor at the National Defense University in Beijing.
  
  An attack on Taiwanese energy would not only be devastating for the people of Taiwan. It would also have reverberating effects on the rest of the world. Taiwan is the world leader in the semiconductor industry and is responsible for a whopping 68% market share of global chip production. Just one company, the Taiwan Semiconductor Manufacturing Company (TSMC), produces at least 90% of the world’s most advanced computer chips.
  
  Furthermore, a Chinese attack on Taiwan’s energy grids could lead to far-reaching conflict. The Council on Foreign Relations warns that “many foreign policy analysts fear a Chinese attack on Taiwan could draw the United States into a massively destructive and costly war with China.”
  
  Source: Oilprice.com
- 2025-05-09
  MABUX: Global bunker market to resume its upward trajectory on May 09.
  The MABUX World Bunker Index—a composite index tracking current prices for 380 HSFO, VLSFO, and MGO— demonstrated a slight decline on May 08: 380 HSFO - USD/MT - 443.71 (-1.19) VLSFO - USD/MT – 512.96 (-0.66) MGO - USD/MT – 698.31 (-3.36) As of... Read more The MABUX World Bunker Index—a composite index tracking current prices for 380 HSFO, VLSFO, and MGO— demonstrated a slight decline on May 08:
  
  380 HSFO - USD/MT - 443.71 (-1.19)
  VLSFO - USD/MT – 512.96 (-0.66)
  MGO - USD/MT – 698.31 (-3.36)
  
  As of May 08, the MABUX Market Differential Index (MDI), tracking the correlation between market bunker prices (MBP) and the MABUX Digital Bunker Price Benchmark (DBP), imdicated the following trends across key global ports: Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: Rotterdam and Singapore remained in the overcharge zone, with premiums widening by $4 and $8, respectively. Fujairah and Houston were undercharged, though the discounts narrowed by $8 and $3, respectively. Notably, Rotterdam continued to maintain near 100% correlation between MBP and DBP.
  
  • VLSFO segment: Fujairah moved into the overcharge zone, joining Singapore, with premiums increasing by $12 and $9, respectively. Rotterdam and Houston remained undervalued, with discounts narrowing by $5 and $7, respectively. Fujairah stayed close to the 100% MBP-DBP correlation mark.
  
  • MGO LS segment: Rotterdam was the only port in the overcharge zone, with the premium widening by $11. Singapore, Fujairah, and Houston remained underpriced, though discounts decreased by $12, $17, and $3, respectively.
  
  We expect the Global bunker market to resume to an upward trend again on May 09: 380 HSFO – plus 5-8 USD/MT, VLSFO - plus 5-10 USD/MT, MGO LS – plus 5-12 USD/MT.
  Source: MABUX
- 2025-05-09
  OPEC+ Overproducer Kazakhstan Will Not Cut Oil Output in May
  Kazakhstan plans to maintain elevated crude and condensate production levels in May, surpassing its OPEC+ quota for the second consecutive month. Chevron’s recent production boost at Kazakhstan’s largest oilfield has significantly contributed to the... Read more Kazakhstan plans to maintain elevated crude and condensate production levels in May, surpassing its OPEC+ quota for the second consecutive month.
  
  Chevron’s recent production boost at Kazakhstan’s largest oilfield has significantly contributed to the country's record output of 2.17 million bpd in March.
  
  Persistent overproduction by Kazakhstan, Iraq, and Russia is testing Saudi Arabia’s tolerance and undermining the unity of the OPEC+ agreement.
  
  OPEC
  Kazakhstan doesn’t have any plans to cut its crude and condensate production in May, its energy ministry said on Thursday, as the OPEC+ producer continues to give the group headaches with continuously busting its quota in the deal.
  
  Kazakhstan, one of the biggest overproducers under the agreement alongside OPEC’s second-largest producer, Iraq, plans to keep its crude oil and condensate production levels in May the same as in April and slightly higher than in March, Kazakhstan’s energy ministry told Bloomberg via email.
  
  The second OPEC+ output hike in as many months signaled that Saudi Arabia will not tolerate any longer OPEC+ producers regularly busting their quotas while others, such as the Kingdom, stick to their production ceilings per the agreement. Iraq and Kazakhstan have been the OPEC+ members chronically pumping above their quotas, continuously promising to “compensate for previous overproduction,” and continuously failing to do so.
  
  Kazakhstan’s combined crude oil and condensate production reached an all-time high in March, which further exceeded the country’s crude output ceiling under the OPEC+ deal.
  
  Kazakhstan, a non-OPEC producer part of the OPEC+ pact, pumped a record high 2.17 million barrels per day (bpd) of crude oil plus condensate in March.
  
  Under the OPEC+ agreement, Kazakhstan’s crude oil production quota is 1.468 million bpd. The deal doesn’t cover condensate production and has no limits on it.
  
  Kazakhstan has been consistently overproducing above its OPEC+ limit and is one of the biggest overproducers alongside Iraq and Russia.
  
  This year, the overproduction issue has become even greater after U.S. supermajor Chevron started up oil production at an expansion project at the largest oilfield in Kazakhstan that would boost crude oil output by 260,000 bpd.
  
  Last week, Chevron’s CEO, Mike Wirth, told analysts at the Q1 earnings call that “On OPEC plus in Kazakhstan, you know, really were not discussions of that. We don’t engage in discussions about OPEC or OPEC plus.”
  
  Source: Oilprice.com
- 2025-05-09
  EU Seeks to Simplify Energy Laws
  The EU plans to simplify energy laws to reduce bureaucracy and enhance competitiveness. Streamlined regulations are expected to ease burdens on energy-intensive industries while maintaining decarbonization goals. Final decisions are pending discussions... Read more The EU plans to simplify energy laws to reduce bureaucracy and enhance competitiveness.
  
  Streamlined regulations are expected to ease burdens on energy-intensive industries while maintaining decarbonization goals.
  
  Final decisions are pending discussions ahead of the EU energy ministers' summit in June.
  
  EU
  The European Union member states are looking to include energy laws and regulations in wider efforts to cut bureaucracy aimed at boosting the bloc’s competitiveness, a draft document seen by Reuters showed on Thursday.
  
  Earlier this year, the European Commission proposed measures to cut red tape and simplify legislation for EU businesses and citizens. The plans to simplify rules “is a major step forward in creating a more favourable business environment to help EU companies grow, innovate, and create quality jobs,” the Commission said at the end of February.
  
  “EU companies will benefit from streamlined rules on sustainable finance reporting, sustainability due diligence and taxonomy. This will make life easier for our businesses while ensuring we stay firmly on course toward our decarbonisation goals. And more simplification is on the way,” European Commission President Ursula von der Leyen said at the time.
  
  European competitiveness has been eroded in recent years by volatile and high energy prices, which are up to five times higher than those in the United States and China. The new tariffs from the U.S. are also hitting major European industries. Some European facilities face an existential threat after years of trying to cope with the high energy costs.
  
  Now, the EU countries are considering extending the simplification to other EU laws, according to the draft conclusions in the document ahead of an EU energy ministers’ summit in the middle of June.
  
  If energy laws are simplified, too, it “is expected to have a profound impact on lowering the regulatory burden for companies in the energy sector and energy intensive industries while maintaining alignment with the original policy objectives,” per the document seen by Reuters.
  
  This isn’t the final draft ahead of the energy ministers’ summit next month. Diplomats from the EU member states continue discussions about which areas should see laws simplified. Source: Oilprice.com
- 2025-05-09
  Oil Prices Rise on Hopes of U.S. Trade Deals
  Oil prices surged as the U.S. announced its first post-tariff trade deal with the UK, signaling potential market stability. U.S.-China trade talks are set to begin in Geneva, marking the first step toward easing trade tensions. Despite optimism,... Read more Oil prices surged as the U.S. announced its first post-tariff trade deal with the UK, signaling potential market stability.
  
  U.S.-China trade talks are set to begin in Geneva, marking the first step toward easing trade tensions.
  
  Despite optimism, OPEC+ production increases are expected to limit oil price growth.
  
  oil
  Oil prices rose by more than 1% early on Thursday as the market expects a U.S.-UK trade deal announcement later today and the start of U.S.-China ice-breaker talks later this week.
  
  As of 8:35 a.m. EDT on Thursday, the U.S. benchmark, WTI Crude, was up by 1.89% at $59.15. The international benchmark, Brent Crude, was trading 1.62% higher at $62.12 per barrel.
  
  Oil and equity markets were buoyed on Thursday by the announcement from U.S. President Donald Trump that the United States would sign the first post-tariff trade deal with the United Kingdom.
  
  “The agreement with the United Kingdom is a full and comprehensive one that will cement the relationship between the United States and the United Kingdom for many years to come,” President Trump teased on Truth Social, adding that a press conference on the deal is scheduled at 10 a.m. ET at the Oval Office.
  
  “Because of our long time history and allegiance together, it is a great honor to have the United Kingdom as our FIRST announcement. Many other deals, which are in serious stages of negotiation, to follow!” President Trump said.
  
  The first trade deal to be announced since the U.S. President threatened tariffs on all trade partners instilled hopes in the market that compromises and deals can be reached and recessions and a dip in oil demand could be avoided.
  
  This lifted oil prices and the Dow futures early on Thursday.
  
  In other trade talks, the United States and China are expected to hold on Saturday initial talks that could be a step toward de-escalating the trade war between the world’s two biggest economies.
  
  U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer will meet China’s Vice-Premier He Lifeng in Geneva, Switzerland, to discuss trade.
  
  Yet, the upside to oil prices is being capped by the OPEC+ plan to continue boosting production by more than previously expected.
  
  Source: Oilprice.com
- 2025-05-09
  U.S. Nat Gas Liquids Exports Hit Record—Even With China Playing Hardball
  As it turns out, a trade war with your biggest customer isn’t the death knell some made it out to be. U.S. exports of natural gas liquids (NGLs) hit an all-time high in April, defying concerns that the escalating trade war with China would choke off demand.... Read more As it turns out, a trade war with your biggest customer isn’t the death knell some made it out to be. U.S. exports of natural gas liquids (NGLs) hit an all-time high in April, defying concerns that the escalating trade war with China would choke off demand. Ship tracking data from Kpler and Vortexa pegged NGL exports at 2.9 million barrels per day (bpd)—a record level—even as exports to China tumbled 35% month-over-month.
  
  NGLs like ethane, propane, and butane—key inputs for everything from plastics to home heating—have long relied on China— as a top buyer. Nearly half of U.S. ethane exports typically head there, and until recently, China sourced 100% of its ethane from the U.S. But tensions boiled over this spring, and Beijing slapped a 125% tariff on U.S. ethane.
  
  That move didn’t last long.
  
  With no other real supply options, China quietly waived the tariff. No formal announcements, just the international equivalent of “nevermind.” Yet the doom forecasts haven’t materialized for nat gas. As China pulled back, other nations stepped up.
  
  India more than tripled its NGL imports from the U.S. to a record 179,000 bpd. Brazil more than doubled its purchases to 113,000 bpd—the highest in five years. Japan, the second-largest buyer after China, boosted shipments by 64% to nearly 400,000 bpd, the highest since February 2023.
  
  Producers say it’s business as usual. Enterprise Products Partners, one of the largest U.S. NGL exporters, reported no disruption to ethane, propane, or butane exports. Rival Energy Transfer echoed that sentiment, noting no trouble finding buyers. Both companies logged increases in NGL transport and export volumes in Q1.
  
  The Energy Information Administration expects U.S. ethane production to rise 3.6% this year to 2.9 million bpd, with most of that growth headed straight to foreign markets. For now, the market has done what geopolitics couldn’t—kept U.S. energy exports booming. Because when it comes to gas liquids, nobody cares about the trade drama—they just want the product. Source: Oilprice.com
- 2025-05-09
  U.S. Sanctions Disrupt Chinese Teapots’ Purchases of Iranian Oil
  Independent Chinese refiners have started to experience difficulties in procuring cheap Iranian crude oil while others have stopped purchases from Iran, after the United States sanctioned two independent refiners in the past two months, sources with knowledge... Read more Independent Chinese refiners have started to experience difficulties in procuring cheap Iranian crude oil while others have stopped purchases from Iran, after the United States sanctioned two independent refiners in the past two months, sources with knowledge of the issue have told Reuters.
  
  Chinese crude oil imports topped 12 million barrels per day (bpd) in March, the highest volume since August 2023, as flows of Iranian and Russian crude rebounded from the lows seen early this year with the U.S. sanctions.
  
  However, in March and April, the U.S. sanctioned two small independent Chinese refiners, also known as “teapots” for purchasing and transporting Iranian oil, as part of President Donald Trump’s “maximum pressure” campaign on Iran to force it to negotiations over its nuclear program.
  
  The U.S. Department of State in March sanctioned Huaying Huizhou Daya Bay Petrochemical Terminal Storage, an oil terminal in China, for buying and storing Iranian crude oil from a sanctioned vessel. At the same time, the Department of the Treasury sanctioned China-based Shandong Shouguang Luqing Petrochemical Co., Ltd., a “teapot” oil refinery, for purchasing and refining hundreds of millions of dollars’ worth of Iranian crude oil.
  
  The United States issued in April a fresh round of sanctions on Iran’s oil industry, targeting, once again, Chinese importers. More specifically, the Department of the Treasury added another independent Chinese refiner to its list of sanctioned entities for buying crude from Iran.
  
  The U.S. designated China-based independent “teapot” refinery Shandong Shengxing Chemical Co., Ltd., “for its role in purchasing more than a billion dollars’ worth of Iranian crude oil, including from a front company for Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF),” Treasury said.
  
  The sanctions have created hurdles for the two Chinese refiners to receive crude, while they have also deterred other teapot refineries, including larger independents, from buying crude from Iran, according to three of Reuters’ sources.
  
  Five refineries in the Shandong province, home to the teapots, stopped buying Iranian crude in April for fear of being next on the list of sanctions, two trading executives told Reuters. Source: Oilprice.com