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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
652.50
0.00
650.00
-13.00
Dec 2
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	652.50	0.00	650.00	-13.00	Dec 2

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
407.33	-4.42	487.38	-4.37	762.70	-6.56	Dec 3

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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	357	408	-51	400	457	-57	650	691	-41	Dec 3
Singapore	352	404	-52	435	495	-60	660	684	-24	Dec 3
Fujairah	324	375	-51	432	485	-53	716	747	-31	Dec 3
Houston	355	385	-30	432	438	-6	667	682	-15	Dec 3

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Latest News
- 2025-12-03
  Oil rises as Moscow peace talks fail to reach breakthrough
  Oil prices climbed 1% on Wednesday after Russia said talks with U.S. officials in Moscow failed to reach a compromise on a potential Ukraine peace deal that could have eased sanctions on its oil sector. Brent crude was up 53 cents, or 0.8%, at $62.98... Read more Oil prices climbed 1% on Wednesday after Russia said talks with U.S. officials in Moscow failed to reach a compromise on a potential Ukraine peace deal that could have eased sanctions on its oil sector.
  Brent crude was up 53 cents, or 0.8%, at $62.98 by 11:44 a.m. ET (1644 GMT), while U.S. West Texas Intermediate rose 62 cents, or 1.06%, to $59.26. Both contracts fell more than 1% in the previous session.
  Gains were, however, held back by rising U.S. inventories. U.S. crude, gasoline and distillate stocks rose last week, the Energy Information Administration said on Wednesday, adding to fears of an oversupply.
  Crude inventories rose by 574,000 barrels in the week ended November 28, the EIA said, compared with analysts’ expectations in a Reuters poll for an 821,000-barrel draw.
  Gasoline stocks rose by 4.52 million barrels, compared with analysts’ expectations in a Reuters poll for a 1.5 million-barrel build. Distillate stockpiles, which include diesel and heating oil, rose by 2.1 million barrels versus expectations for a 0.7 million-barrel rise. The data was delayed and did not publish at 10:30 a.m. ET (1530 GMT) as expected, with the agency citing technical difficulties.
  "Overall global supply still remains pretty ample. The market is adjusting itself, as the Ukraine-Russian peace agreement is going to be delayed," said Dennis Kissler, senior vice president of trading at BOK Financial.
  "The market is still in a very nervous trade because we’ve got major geopolitical issues."
  
  Russia and the U.S. failed to reach a compromise after a five-hour meeting between Russian President Vladimir Putin and U.S. President Donald Trump’s top envoys, the Russian government said on Wednesday.
  Oil markets are awaiting the outcome of the talks to see if a deal could lead to the removal of sanctions on Russian companies, including major oil companies Rosneft and Lukoil, that would free up restricted oil supply.
  Putin on Tuesday said European powers are hindering U.S. attempts to end the war by putting forward proposals they know are "absolutely unacceptable" to Moscow.
  Recent Ukrainian attacks on oil export sites on the Russian Black Sea coast have highlighted the geopolitical concerns stemming from the war.
  
  Ukraine also hit two sanctioned tankers involved in transporting Russian oil in the Black Sea last week.
  Putin on Tuesday said Russia will take measures against tankers of countries that help Ukraine, adding to geopolitical risks, analysts said. Source: Reuters/Investing.com
- 2025-12-03
  TFG Marine relaunches bunkering ops off Trinidad and Tobago
  TFG Marine has announced that it has relaunched marine fuel supply operations off Trinidad and Tobago. The company, which was last operating off the coast of the dual-island Caribbean nation in summer 2024, is providing deliveries of very low sulphur... Read more
- 2025-12-03
  Ammonia-fuelled mega-boxship concept receives AiP from DNV
  Classification society DNV has granted an Approval in Principle (AiP) for a 21,700 TEU (twenty-foot equivalent unit) ammonia dual-fuel ultra-large container ship design developed jointly by MSC, Zhoushan Changhong International and CIMC ORIC. The vessel... Read more
- 2025-12-03
  New bunker vessel will be capable of supplying biodiesel and methanol in Port of Auckland
  The Port of Auckland has announced that the Awanuia – a bunkering vessel owned by Seafuels – is to be replaced by a new tanker capable of supplying biodiesel and methanol. In a social media post today (3 December), the New Zealand port said the NZ$50... Read more
- 2025-12-03
  Hyundai Motor Company, HD KSOE and PNU to develop maritime fuel cell system
  Hyundai Motor Company has announced it has signed a Memorandum of Understanding (MoU) with HD Korea Shipbuilding & Offshore Engineering (HD KSOE) and Pusan National University (PNU) to co-develop a maritime fuel cell system for mid- to large-scale liquefied... Read more
- 2025-12-03
  IMarEST officially launches Chinese representative office
  The Institute of Marine Engineering, Science & Technology (IMarEST) has officially launched a Foreign Non-Governmental Organisation (FNGO) Representative Office in Ningbo, China. In a statement issued yesterday (2 December), IMarEST said that its FNGO... Read more
- 2025-12-03
  Oil prices fall as markets watch Russia-Ukraine peace efforts for supply signals
  Oil prices slipped for a second consecutive session on Wednesday, as traders awaited the outcome of Russia-Ukraine peace talks that could boost supply, while concerns over a potential surplus grew amid rising inventories. By midday, prices were steady,... Read more Oil prices slipped for a second consecutive session on Wednesday, as traders awaited the outcome of Russia-Ukraine peace talks that could boost supply, while concerns over a potential surplus grew amid rising inventories.
  By midday, prices were steady, with Brent crude up 2 cents, or 0.03%, at $62.47 at 0427 GMT, while U.S. West Texas Intermediate rose 3 cents, or 0.05%, to $58.67.
  This "weakness comes despite continued Ukrainian attacks on Russian energy infrastructure. Also, Moscow warns that it might start striking ships of countries supporting Ukraine," a note from ING analysts said on Wednesday.
  The analysts noted Brent was at its lowest level since October.
  Russia and the U.S. did not reach a compromise on a possible peace deal for Ukraine after a five-hour meeting between Russia President Vladimir Putin and U.S. President Donald Trump’s top envoys, the Russian government said on Wednesday.
  Oil markets are awaiting the outcome of the talks to see if a deal could lead to the removal of sanctions on Russian companies, including major oil companies Rosneft and Lukoil, that would free up restricted oil supply.
  Accusations from Putin on Tuesday that European powers are hindering U.S. attempts to end the war by putting forward proposals they knew would be "absolutely unacceptable" to Moscow have increased concerns Russian supply will continue to be restricted to buyers such as China and India as the talks may not lead to a deal.
  
  Tony Sycamore, market analyst with IG, said in a note that despite these worries about the talks being inconclusive "concerns over an oversupply glut and soft demand continue to weigh on the crude oil price, which must remain above support in the mid $50’s to avoid a deeper setback."
  The war in Ukraine following Russia’s invasion in 2022 has widened and Ukraine is now regularly striking Russian oil infrastructure with drones.
  Recent attacks on export sites on the Russian Black Sea coast have highlighted the geopolitical concerns stemming from the war.
  Sources said on Tuesday that the Caspian Pipeline Consortium, which ships oil from Russia and Kazakhstan, aims to complete repairs on its third single point mooring in the Black Sea ahead of schedule, seeking to restore full oil export capacity after a drone attack hit one of its other moorings.
  Rising U.S. inventories also added to the concerns about a crude surplus.
  The American Petroleum Institute reported on Tuesday U.S. crude and fuel inventories rose last week, market sources said, citing the API figures.
  
  Crude stocks rose by 2.48 million barrels in the week ended November 28, gasoline inventories increased by 3.14 million barrels, while distillate inventories rose by 2.88 million barrels, the API said, according to the sources.
  The U.S. Energy Information Administration will release official government stockpile data later on Wednesday.
  Source: Reuters/Investing.com
- 2025-12-03
  LNG Sticker Shock Sends Europe Scrambling Back to Domestic Gas
  Energy Costs Prompt Europe To Reconsider Oil, Gas Opposition Europe’s Green Dreams Buckle Under the Weight of Its Power Bills Soaring Energy Costs Push Europe Back Into Oil and Gas’s Arms Europe’s Transition Stalls as Voters Rebel Against Sky-High... Read more Energy Costs Prompt Europe To Reconsider Oil, Gas Opposition
  
  Europe’s Green Dreams Buckle Under the Weight of Its Power Bills
  Soaring Energy Costs Push Europe Back Into Oil and Gas’s Arms
  Europe’s Transition Stalls as Voters Rebel Against Sky-High Electricity Prices
  
  The Most Boring Oil Month in Years Sets the Stage for a High-Stakes December
  
  When Germany earlier this year approved an offshore gas drilling project, it raised a lot of eyebrows. An energy transition champion, a record breaker in wind and solar installations, now Germany was turning back to hydrocarbons—and it is not alone in this.
  
  European countries have seen their electricity costs rise to some of the highest in the world over the last decade, despite promises that the transition from coal, oil, and gas to wind, solar, and batteries would be both clean and cheap. It has been neither, with most of the equipment for wind and solar installations produced cheaply in China using its abundance of coal power generation capacity. Yet while the “cleanliness” credentials of the transition tend to get habitually swept under the rug, doing the same with soaring costs for electricity has proven a lot harder.
  
  The Wall Street Journal reported this week that electricity costs industrial consumers in the UK the equivalent of $0.338 per kWh, and in Germany it comes in at $0.267. The UK has the highest industrial electricity rates in the developed world. In the United States, the rate is just $0.081, and in Canada it is $0.094. For household consumers, Germany leads with $0.425 per kWh, followed by the UK again, with $.0386 per kWh.
  
  That such electricity costs are unsustainable for any extended period of time has been demonstrated time and again, especially over the past three years, by GDP growth figures, other economic indicators such as manufacturing activity, job losses, and consumer spending. The latest from the eurozone, for instance, shows yet another contraction in factory activity in November, along with accelerated job losses. Europe is deindustrializing, it is deindustrializing increasingly fast, and it is deindustrializing because of its determination to eliminate its dependence on hydrocarbons—as it builds more LNG import terminals.
  
  Related: The Most Boring Oil Month in Years Sets the Stage for a High-Stakes December
  
  Imported liquefied gas has come to replace Russian pipeline gas in the wake of the EU’s sanction barrage against Russia following its invasion of Ukraine—and the sabotage of the Nord Stream pipeline. It has, however, come at an exorbitant cost, which has in turn motivated a second look at domestic production, especially of natural gas.
  
  Reuters’ Ron Bousso reported this week how countries including Greece, Italy, and even the UK are reconsidering their transition focus to allow for continued production of energy commodities that have proven to be difficult to give up—and expensive. Bousso mentions several recent oil and gas projects in Europe, such as the expansion of Energean’s Block 2 project in the Ionian Sea with Exxon, and Shell’s statement from last month that it was willing to invest more in Italian oil and gas exploration as soon as the government lifted restrictions on such activities.
  
  This is the energy policy context in which Germany and the Netherlands decided in July to drill for natural gas in the North Sea—and not just in the North Sea but in a protected marine area of the North Sea. Of course, emissions remain front and center in decision-makers’ minds, even when they give the go-ahead to new hydrocarbon production, so all the new projects have stipulations in that respect. However, the very fact that such projects are being allowed to proceed is significant in its own right. It is, in a sense, an admission that wind and solar cannot replace hydrocarbons. All that Europe has to show for its transition ambitions is a reduction in carbon dioxide emissions that has come at a price that many consider unacceptable—and these many are voters that are starting to get increasingly unhappy with the people setting the agenda. Source: Oilprice.com
- 2025-12-03
  MABUX: Slight downward correction to prevail in the Global bunker market on Dec. 03.
  The MABUX World Bunker Index — a composite indicator reflecting daily prices for 380 HSFO, VLSFO, and MGO — was broadly steady on Dec. 02: 380 HSFO: USD/MT 411.75 (+0.03) VLSFO: USD/MT 491.75 (+0.20) MGO: USD/MT 769.26 (-0.93) As of Dec. 02, the... Read more The MABUX World Bunker Index — a composite indicator reflecting daily prices for 380 HSFO, VLSFO, and MGO — was broadly steady on Dec. 02:
  
  380 HSFO: USD/MT 411.75 (+0.03)
  VLSFO: USD/MT 491.75 (+0.20)
  MGO: USD/MT 769.26 (-0.93)
  
  As of Dec. 02, the MABUX Market Differential Index (MDI) — which monitors the correlation between Market Bunker Prices (MBP) and the MABUX Digital Bunker Price Benchmark (DBP) - showed underpricing across all fuel grades in the major global hubs — Rotterdam, Singapore, Fujairah and Houston:
  
  • HSFO segment: Underpricing expanded by $2 in both Rotterdam and Singapore, was unchanged in Fujairah, and increased by $4 in Houston.
  
  • VLSFO segment: The underpricing margin widened by $3 in Rotterdam and by $4 in both Singapore and Houston, while remaining unchanged in Fujairah. Houston’s MDI stayed close to a 100% correlation between MBP and DBP.
  
  • MGO LS segment: The underpricing discount increased by $6 in Rotterdam, $2 in Singapore, $3 in Fujairah, and $10 in Houston.
  
  We expect the Global bunker market to post a slight downward correction on Dec. 03: 380 HSFO – minus 1-3 USD/MT, VLSFO – minus 1-3 USD/MT, MGO LS – minus 2-5 USD/MT.
  Source: MABUX
- 2025-12-03
  The Most Boring Oil Month in Years Sets the Stage for a High-Stakes December
  - The oil markets are increasingly forming a consensus view on 2026 prices, with a Reuters survey of analysts and economists yielding a $62 per barrel average for next year, a whopping $10 per barrel lower than their initial 2026 predictions. - The IEA’s... Read more - The oil markets are increasingly forming a consensus view on 2026 prices, with a Reuters survey of analysts and economists yielding a $62 per barrel average for next year, a whopping $10 per barrel lower than their initial 2026 predictions.
  - The IEA’s expectations of a 4.2 million b/d oversupply is the most extreme outlook, perhaps overtly biased; however, even the most conservative estimate puts the total stock-build in 2026 at 0.5 million b/d.
  - US shale output starting to decline next year - with WTI projected to average $59 per barrel, some $3-4 below the breakeven cost of a new Permian well – should put a floor under prices, so steeper price slumps are considered less likely.
  - High freight costs have so far restricted the flood of Atlantic Basin barrels into Asia; however, with the Brent-Dubai EFS spread now trading negative, it is only a matter of time when easing freight costs open up those floodgates.
  - ICE Brent front-month futures have averaged $68.80 per barrel in January-November 2025, a more than $11 per barrel drop compared to the 2024 average.
  
  Market Movers
  
  - US oil major Chevron (NYSE:CVX) will farm into two oil and gas exploration blocks in Nigeria’s deepwater operated by France’s TotalEnergies (NYSE:TTE), covering 2,000 km2 in the West Delta Basin.
  
  - US pipeline operator Targa Resources (NYSE:TRGP) agreed to purchase Stakeholder Midstream for $1.25 billion in an all-cash transaction, boosting its natural gas processing portfolio.
  
  - UK energy firm BP (NYSE:BP) has fully restarted its Olympic Pipeline system connecting the northwestern states of the US, following an almost month-long halt due to a leak.
  
  - US oil major ExxonMobil (NYSE:XOM) has been approached by Iraqi authorities to express its interest in buying Lukoil’s 75% stake in the West Qurna-2 project, having only divested its equity in the neighbouring West Qurna-1 two years ago.
  
  - Gold-focused mining giant Barrick Mining (NYSE:B) is considering an initial public offering of its North American gold assets, moving towards a spin-off of its Nevada gold mines under pressure from activist investor Elliott Investment Management.
  
  Tuesday, December 02, 2025
  
  The disappointing tug-of-war between oil doomers that anticipated a rapid return of Russian supply to markets after a quick Russia-Ukraine peace deal and the remaining oil bulls expecting military action in Venezuela has ultimately led to November going down as one of the most boring months in recent history, with ICE Brent trading within a $3-per-barrel trading range all month ($62.48 to $65.16). As the OPEC+ meeting brought exactly what the markets expected, all eyes are now on the Witkoff-led shuttle diplomacy between Moscow and Kyiv that could tilt the balance in December.
  
  OPEC+ Rolls Over December Quotas. As assumed, OPEC+ members agreed to keep production levels unchanged for Q1 2026 as the group acknowledged oversupply risks amidst slackening demand, whilst also approving an internal mechanism to assess countries’ production capacity for 2027.
  
  Henry Hub Hits 3-Year High on LNG Demand. US natural gas futures jumped to a 35-month high this week, at $4.9 per MMbtu, as the country’s feedgas demand continues to climb after a record 18.2 Bcf/d in November, with forecasts of below-average temperatures adding to the bullish sentiment.
  
  Related: Tripoli and Algiers Push New Oil Cooperation After Ghadames Discovery
  
  Copper Booms as China Announces Smelting Cuts. Copper prices in China, traded on the Shanghai Futures Exchange, rose to an all-time high of ¥89,650 per metric tonne ($12,650/mt) after CSPT, one of the country’s largest smelters, agreed to cut production by more than 10% in 2026.
  
  CPC Resumes Loading After Drone Attack. The Caspian Pipeline Consortium, Kazakhstan’s main export conduit, has resumed oil loadings on Monday after a Nov 29 Ukrainian drone attack damaged its single-point mooring No.2, however shipments are currently only running at 50% capacity.
  
  UK Pulls Out of Key African LNG Project. The British government has pulled its $1.15 billion financial backing for the TotalEnergies-operated (NYSE:TTE) Mozambique LNG project, a month after the plant’s 4-year force majeure was lifted, citing high security risks and shifting government priorities.
  
  Gunvor Founder Quits Global Trader. Geneva-based commodities trader Gunvor announced that its co-founder and majority owner Torbjorn Tornqvist will retire as its chief executive and sell his stake after US allegations of him being a ‘Kremlin puppet’, launching a ‘definitive reset’ for the company.
  
  Senegal Struggles to Contain Tanker Leak. The African country of Senegal is scrambling to prevent an oil leak from the Mersin oil products tanker, attacked last week in what Moscow alleges was a Ukraine-orchestrated drone attack, as the blasts resulted in seawater ingress into the engine room.
  
  Elliott Gets the Final Approval for Citgo Deal. A Delaware court authorized the sales of shares in PDVSA-owned refining giant Citgo Petroleum to Amber Energy, an arm of activist investor Elliott Investment Management, for $5.9 billion, the last legal step in a two-year auctioning process.
  
  Venezuela Warns of US Eyeing Its Reserves. Venezuela’s President Nicolas Maduro has accused the Trump administration of seeking to take over the country’s 300-billion-barrel oil reserves after imposing an airspace blockade on November 29, appealing to OPEC members for support.
  
  Taiwan Doubles Down on LNG Usage. Taiwan published official energy consumption statistics for October, showing that LNG accounted for 53% of the country’s power generation mix for the first time ever, with Taipei boosting gas imports as it shut down its last nuclear reactor in Maanshan.
  
  Black Sea Insurance Rates Soar on Drone Strikes. Ukraine’s drone strikes on tankers carrying Russian oil and dry bulk goods, with two confirmed hits in Turkish waters, have lifted insurance rates in the Black Sea as Russian loadings now wield a rate of 0.8% of ship value compared to 0.6% last week.
  
  Canada Delays Decision on TMX Asset Sale. Canada’s Carney government stated that it would only look at selling equity in the state-run $24 billion Trans Mountain oil pipeline after it is fully utilized, as tariff toll disputes are still keeping throughput rates at 75% of nameplate capacity.
  
  China Pitches Iron Ore Expansion for Miners. China’s Iron and Steel Association has urged domestic mining companies to expedite iron ore mining projects in the country as its import dependence has been soaring, taking in more than 1 billion tonnes last year or 70% of its overall requirements. Source: Oilprice.com

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