Mabux: Global Bunker Prices

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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
702.50
+10.00
710.00
+5.00
Nov 10
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	702.50	+10.00	710.00	+5.00	Nov 10

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
427.68	-0.42	507.19	+1.36	805.31	+0.50	Nov 14

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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	385	411	-26	427	462	-35	710	724	-14	Nov 14
Singapore	376	407	-31	462	497	-35	738	717	+21	Nov 14
Fujairah	336	379	-43	451	488	-37	731	780	-49	Nov 14
Houston	389	384	+5	442	439	+3	696	729	-33	Nov 14

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Digital Bunker Prices
Reasons, Mechanism, Benefits
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Analytical Section
- Daily and Weekly Bunker analyses and Future Curves
- World and regional Bunker indices
- Bunker Price Forecast for 40+ ports
- Digital Bunker Prices
MABUX for Industry
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Latest News
- 2025-11-14
  LR delivers energy efficiency and alt.fuels training for GNV operational staff
  Lloyd’s Register (LR) has been working with the Italian ferry operator GNV to help its technical and operation staff prepare for the transition to alternative marine fuels and the application of digital tools for consumption monitoring and regulatory... Read more
- 2025-11-14
  Bunker sales fall 12.1% y-o-y in Panama
  The 461,308 metric tonnes (mt) of marine fuel sales in Panama last month marked a 12.1% year-on-year (y-o-y) decrease on the 524,549 mt recorded in October 2024. Despite the y-o-y decline, October was the third-highest monthly total of the year, preliminary... Read more
- 2025-11-14
  Havila Biogass and Nordsol partner on liquefied biogas production
  Havila Biogass has contracted Nordsol to develop three liquefied biogas LBG production plants in Norway Three new facilities in Haugaland, Trøndelag and Innlandet will convert local waste into renewable liquefied biomethane, and they are scheduled... Read more
- 2025-11-14
  Somali pirates pose a ‘growing threat’ to shipping, warns BIMCO
  The international shipping association BIMCO has warned that ‘emboldened’ Somali pirates are posing a ‘growing threat’ – and the industry shipping has a ‘key role’ to play in help to prevent the piracy problem ‘getting out of hand’. In an article posted... Read more
- 2025-11-14
  SeaRoad’s LNG-powered Ro-Ro launched in Germany
  Tasmania-based SeaRoad has announced that its new LNG-powered Ro-Ro vessel, SeaRoad I, has been launched at FSG Shipyard in Germany. As previously reported, a keel laying ceremony for the vessel was held in 2023. In a statement issued this week,... Read more
- 2025-11-14
  Oil rises 2% after Ukrainian attack damages Russian oil depot
  Oil prices jumped about 2% on Friday on supply fears after a Ukrainian drone attack hit an oil depot in the Russian Black Sea port of Novorossiysk, a major export hub. Brent crude futures rose $1.24, or 1.97%, to $64.25 a barrel by 0315 GMT, while U.S.... Read more Oil prices jumped about 2% on Friday on supply fears after a Ukrainian drone attack hit an oil depot in the Russian Black Sea port of Novorossiysk, a major export hub.
  Brent crude futures rose $1.24, or 1.97%, to $64.25 a barrel by 0315 GMT, while U.S. West Texas Intermediate crude rose $1.25, or 2.13%, to $59.94 a barrel.
  The attack early on Friday damaged a ship in port, apartment buildings and an oil depot in the Russian Black Sea port of Novorossiysk, injuring three crew members of the vessel, Russian officials said.
  "Ukrainian drone attacks on the port of Novorossiysk have sparked new fears of oil supply flow disruptions as this port is the second largest oil export hub in Russia and comes on the heels of another major attack at Tuapse barely two weeks ago," said June Goh, senior oil market analyst for Sparta Commodities.
  "The extent of the damage is not yet known but if the pattern of escalation continues, then there would be a supply curtailment both in crude and product exports out of Russia."
  The gains came after both Brent and WTI fell about 3% on Wednesday, weighed down by an OPEC report saying global oil supply will match demand in 2026, marking a further shift from its earlier projections of a supply deficit.
  For this week, Brent has gained 0.94% and WTI 0.28%.
  
  The U.S. Energy Information Administration on Thursday reported a larger-than-expected rise in U.S. crude stocks last week, while gasoline and distillate inventories fell less than expected. [EIA/S]
  Crude inventories rose by 6.4 million barrels to 427.6 million barrels in the week ended on November 7, the EIA said, compared with expectations in a Reuters poll for a gain of 1.96 million barrels.
  Investors are also watching the impact of Western sanctions on Russian oil supply and trade flows.
  The U.S. imposed sanctions on Russian oil companies Lukoil and Rosneft as part of efforts to bring the Kremlin to peace talks over Ukraine. The sanctions prohibit transactions with the Russian companies after November 21.
  
  Around 1.4 million barrels per day of Russian oil, or almost a third of the country’s seaborne exporting potential, has been added to stocks held on tankers as unloading slows due to U.S. sanctions against Rosneft and Lukoil, JPMorgan said on Thursday.
  The bank also said after the cut-off date of November 21 for receiving oil supplied by the sanctioned companies, unloading cargoes could become significantly more challenging.
  Source: Reuters/Investing.com
- 2025-11-14
  Diesel Spreads Hit Near Two-Year Peak After India Cuts Russian Crude Purchases
  Recently, Bloomberg reported that five of India's largest oil refiners have made no purchases of Russian crude for December delivery, instead turning to Saudi Arabia, UAE and Iraq for crude with similar properties to Urals. The move comes after Washington... Read more Recently, Bloomberg reported that five of India's largest oil refiners have made no purchases of Russian crude for December delivery, instead turning to Saudi Arabia, UAE and Iraq for crude with similar properties to Urals. The move comes after Washington sanctioned Rosneft and Lukoil while the EU adopted its 19th package of sanctions. Only Indian Oil Corporation (IOC) and Nayara Energy, in which Rosneft holds a 49% stake, have purchased crude from Russia for December. Meanwhile, the diplomatic sensitivity of the ongoing trade talks between the U.S. and India has no doubt influenced the decision by Indian refiners to ditch Russian oil. But India is not the only entity feeling pressure by the Trump administration to stop buying Russian energy. Swiss multinational energy trading company, Gunvor, has abandoned its bid for Lukoil’s international assets--including European refineries, oilfield shares in Iraq, Mexico, Uzbekistan and Kazakhstan, and global retail stations--following Washington’s opposition to the deal.
  
  And now commodity analysts at Standard Chartered have reported the Indian pivot away from Russia has triggered a spike in oil product prices even as crude prices remain largely unchanged. To wit, ICE Brent-Gasoil crack spreads have doubled from the $15-17/bbl range held
  
  In the first half of the year, to a 21-month high above $32/bbl, good for a nearly 70% increase in the year-to-date. The fact that Brent prices are still trading at multi-month lows suggests that overwhelming bearish sentiment has ruled oil markets for much of the year still lingers, even as oil product markets tighten. Gasoil is a middle distillate mainly used in commercial and agricultural sectors for off-road vehicles, machinery, and generators.
  
  Unfortunately for the oil bulls, the mid-term oil price outlook remains bleak, with U.S. oil production growth exceeding expectations. Previously, we reported that Big Oil companies have continued to ramp-up oil production, taking advantage of their improving operating leverage to squeeze more profits from low oil prices. To wit, Exxon Mobil (NYSE:XOM) has reported that it has increased hydrocarbons production to 4.7 million oil-equivalent barrels per day (boe/d), including nearly 1.7 million boe/d from the Permian and more than 700,000 boe/d from Guyana. Meanwhile, Exxon brought the Yellowtail project online in the third quarter, four months ahead of schedule. Yellowtail production is expected to clock in at 250,000 boe/d, increasing total Guyana output to over 900,000 boe/d. The story is pretty much the same at Chevron (NYSE:CVX). The United States’ second largest oil company posted record global production of 4.09 million boe/d, up 21%Y/Y, including a 27% Y/Y increase in U.S. production to a record 2.04 million boe/d.
  
  Well, it appears that this is an industrywide trend: the Energy Information Administration has revealed that U.S. oil output will average 13.59 million barrels per day in the current year and only decline marginally to 13.58 million bpd in 2026, up from its earlier forecasts of a steeper decline to 13.53 mb/d in 2025 and 13.51 mb/d in 2026 with global oil supply outpacing fuel demand. EIA sees global crude oil stocks rising from 2.93 billion barrels in the fourth quarter of the current year to 3.18 billion barrels by the final quarter of 2026.
  
  The EIA is in good company. Last month, StanChart finally joined the bear camp, slashing its 2026 and 2027 oil price outlook by $15 per barrel, triggered by the significant rotation in the forward curve over the past year. StanChart raised the average price of Brent crude in 2025 to $68.50/bbl from $61/bbl; however, the analysts cut the 2026 target to $63.50/bbl from $78/bbl, and 2027 prices to $67/bbl from $83/bbl, noting that the futures curve is now in contango from early-2026 onwards. Contango occurs when the futures price is higher than the spot price, suggesting that people expect the price to rise or that storage costs are high while backwardation occurs when the futures price is lower than the spot price, often indicating high immediate demand or expectations of a future price drop.
  
  StanChart has, however, maintained their earlier prediction that low prices will eventually start to depress U.S. shale output growth.
  
  StanChart’s forecast of looming output cuts by U.S. producers is supported by the fact that U.S. shale production costs have been rising, driven by the depletion of prime resources and the need to drill in more speculative, complex areas and formations. Analysts at Enverus have predicted that the marginal cost to produce oil in the U.S. Shale Patch could increase from ~$70 per barrel to $95 per barrel by the mid-2030s. This shift is happening as the industry moves from easily accessible core inventory to less proven resources, leading to higher costs. Many U.S. oil producers, particularly smaller ones and those in regions like the Permian Basin, need oil prices above $65 a barrel to turn a profit on new drilling, a figure that has been rising due to inflation. Larger producers may have a lower breakeven point, sometimes in the high $50s, while older, existing wells can still be cash-flow positive at lower prices because initial drilling costs have already been covered. Source: Oilprice.com
- 2025-11-14
  Beijing Lures Private Investors to Reignite Infrastructure Growth
  After decades of funding major infrastructure projects with state money, the Chinese government has zeroed in on private capital as a source of fresh cash for big projects in everything from transport to energy, to power generation, and drones. In... Read more After decades of funding major infrastructure projects with state money, the Chinese government has zeroed in on private capital as a source of fresh cash for big projects in everything from transport to energy, to power generation, and drones.
  
  In a new policy presented earlier this week, Beijing signaled private capital is now welcome in hydropower, nuclear power, oil and gas pipelines, and water supply, media reported, citing government officials.
  
  “Private investment serves as a key barometer reflecting economic vitality and plays a crucial role in stabilizing growth, employment and expectations,” the deputy director of China’s National Development and Reform Commission said, as quoted by the South China Morning Post.
  
  The changes introduced this week include a prescription for state entities leading projects in a number of areas to carry out a study of the feasibility of private investment for each of these projects. The areas include railways, hydropower, nuclear power, power transmission, oil and gas pipelines, liquefied natural gas import terminals and storage, and water supply.
  Related: Argentina’s Vaca Muerta Shale Is Smashing Oil Production Records in 2025
  
  “While encouraging private capital participation in key projects, we also equally support all types of market entities to participate, fostering complementary advantages and common development among diverse forms of ownership,” Guan Peng, deputy director of the Department of Fixed Asset Investment at the NDRC, said as quoted by China Daily.
  
  To take better advantage of this barometer that can stabilize growth—recently uneven in the world’s biggest growth engine—the Chinese government has introduced changes in private company ownership limits in projects that fall within the scope of the new legislation. It has also prohibited the addition of extra conditions for private companies in public tenders on infrastructure projects.
  
  Previously, private companies were not allowed to own a stake higher than 10% in such projects, but with the new rules, they would be able to do just that, after the strict rules led to an outflow of foreign investment over the past few years, Bloomberg noted in its report on the news. This year alone, foreign direct investment is down by 10%, the publication said.
  
  With those limits, Chinese private companies have been reluctant to put their money into such projects, and this appears to have finally drawn the attention of the authorities. In fact, per the People’s Daily, the NDRC has been working to boost private capital participation in infrastructure projects for several years now, allowing private entities to take stakes as high as 20% in some projects, for instance, nuclear power.
  
  These efforts have paid off, according to data for this year, which shows that private investment in infrastructure has gone up by 7%, even if overall it declined amid U.S. President Donald Trump’s trade offensive that had a special focus on China. However, private companies have been finding it harder to stay profitable, which was one big reason for the latest policy changes that aimed to boost their participation in infrastructure and energy projects.
  
  The NDRC boasted it had recommended a grand total of 105 real estate investment trust infrastructure projects to the China Securities Regulatory Commission so far. The projects had raised a combined $29 billion since their listing and were expected to drive five times that amount in project investment.
  
  “We will further improve regular communication mechanisms between government and enterprises, strengthen coordination, and solidly promote the implementation of the Private Economy Promotion Law to facilitate high-quality development of the private investment,” the deputy director of the NDPC’s Bureau of Private Economy, Ling Zhongguo, said as quoted by the People’s Daily.
  
  Going forward, according to some of the reports on the new policy changes, the government would focus on drawing more private capital into energy projects, including everything from oil and gas to electricity transmission, highlighting yet again the significance of that sector. Source: Oilprice.com
- 2025-11-14
  The Remarkable Rise of Natural Gas
  As oil prices struggle to find a footing in the wake of the latest OPEC moves, natural gas has stepped into a standout role in the global energy mix. This year, the demand and price trends for natural gas underscore both its resilience and its growing... Read more As oil prices struggle to find a footing in the wake of the latest OPEC moves, natural gas has stepped into a standout role in the global energy mix. This year, the demand and price trends for natural gas underscore both its resilience and its growing importance as an economic driver and transition fuel.
  
  Why Natural Gas Is Defying the Energy Downturn
  
  Global energy markets have been anything but stable in recent years. Geopolitical tensions, inflationary pressures, and the accelerating push toward decarbonization have made investors uneasy. Yet natural gas has defied much of that turbulence. In the United States, dry-gas production is forecast to reach around 118 billion cubic feet per day in 2026, up from the 107 billion or so recorded in 2025.
  
  At the same time, consumption is set to climb: the U.S. Energy Information Administration (EIA) projects U.S. natural-gas demand will rise to about 91.4 Bcf/d this year—a record level. Meanwhile, liquefied natural gas (LNG) export capacity is improving, further underpinning the supply-demand dynamics.
  
  These combined elements—strong production, export growth, and global demand—position natural gas as a stabilizing force in the energy sector even when the overall energy landscape is volatile.
  
  Pricing Trends Point to Renewed Strength
  
  Natural gas prices have rebounded sharply from 2024 lows. The EIA forecasts a full-year 2025 average of about $3.80/MMBtu, sharply higher than the sub-$3.00 levels of the previous two years. The EIA projects a further rise to around $4.20/MMBtu in 2026—driven by tighter supply-demand balances and expanding LNG exports.
  
  By contrast, oil has faced headwinds from prolonged OPEC+ production and weaker demand in some regions. Natural gas, for once, is benefiting from structural tailwinds: as a fuel for heating, industrial processes, and power generation (especially with surging AI data center demand), it has multiple use cases—especially when renewables cannot yet fully cover demand or when intermittent supply needs backup.
  
  The Bridge Fuel Becomes a Foundation
  
  Beyond the immediate numbers, natural gas is playing a strategic role in the broader energy transition. It is the cleanest major fossil fuel, producing roughly half as much CO? as coal when combusted for the same power output.
  
  Its flexibility makes it an ideal partner for renewables: gas-fired plants can ramp up and down to balance solar and wind intermittency. In many regions, gas infrastructure is now being paired with low-carbon technologies such as hydrogen blending and carbon capture, helping extend its relevance in a low-carbon world.
  
  Just as important, gas-fired plants offer the flexible backup power needed to stabilize electric grids increasingly reliant on intermittent solar and wind energy. Around the world, new gas infrastructure is being built with future adaptability in mind—incorporating carbon capture, hydrogen blending, and other low-carbon technologies that will help extend its relevance well into the transition era.
  
  As Wood Mackenzie put it, natural gas remains “the crucial bridge” to a lower-carbon future—even as electrification accelerates.
  
  Emerging Demand from Data and Exports
  
  New demand drivers are also emerging. The growth of AI and hyperscale data centers is creating fresh, consistent energy demand. To ensure uptime and lower emissions, many large operators are deploying on-site natural gas turbines instead of diesel generators. East Daley Analytics estimates this could add as much as 6 Bcf/d of new gas demand by 2030.
  
  Meanwhile, global LNG trade continues to expand. Europe’s shift away from Russian pipeline gas and Asia’s continued industrial growth are reinforcing America’s position as the world’s leading LNG exporter. Together, these forces are turning natural gas from a transitional fuel into a foundation of both the digital economy and global commerce.
  
  Risks Remain—but Fundamentals Hold
  
  Natural gas is not without challenges. Prices remain sensitive to weather-driven demand swings and geopolitical shocks. Policy uncertainty—especially around carbon pricing and methane regulations—could raise costs and affect competitiveness. Infrastructure delays also remain a risk, as new pipelines and liquefaction projects depend on timely permitting and capital commitments.
  
  Even so, the fundamentals remain solid. As renewable deployment struggles to keep pace with targets and oil faces cyclical weakness, natural gas offers a rare combination of reliability, affordability, and growth potential.
  
  Investor Takeaways
  
  For investors, natural gas presents several compelling opportunities:
  
  Upstream: Major natural gas producers and LNG exporters stand to benefit most directly from rising global demand.
  Midstream Infrastructure: Pipeline and storage operators are poised for higher throughput and stronger cash flows as export volumes grow.
  Integrated Transition Strategies: Firms investing in carbon capture and hydrogen blending alongside gas assets could enjoy lasting resilience through the transition.
  While volatility is part of the package, natural gas remains a cornerstone for portfolios seeking exposure to both current cash flow and long-term transition themes.
  
  Bottom Line
  
  In a world striving for net-zero carbon emissions, natural gas is proving indispensable. It powers homes, industries, and data centers; it connects continents through LNG trade; and it bridges the gap between fossil fuels and renewables.
  
  As oil falters and clean energy faces growing pains, natural gas is emerging as the bright spot—an energy source that is both pragmatic and profitable. Source: Oilprice.com
- 2025-11-14
  MABUX: Irregular fluctuations to return to the Global bunker market on Nov. 14.
  The MABUX World Bunker Index — a composite indicator tracking daily prices for 380 HSFO, VLSFO, and MGO — declined on Nov. 13: 380 HSFO: USD/MT 428.10 (-7.30) VLSFO: USD/MT 505.83 (-6.59) MGO: USD/MT 804.81 (-9.62) As of Nov. 12, the MABUX Market... Read more The MABUX World Bunker Index — a composite indicator tracking daily prices for 380 HSFO, VLSFO, and MGO — declined on Nov. 13:
  
  380 HSFO: USD/MT 428.10 (-7.30)
  VLSFO: USD/MT 505.83 (-6.59)
  MGO: USD/MT 804.81 (-9.62)
  
  As of Nov. 12, the MABUX Market Differential Index (MDI) —which measures the correlation between Market Bunker Prices (MBP) and the MABUX Digital Bunker Price Benchmark (DBP) — registered the following pricing trends across the four major global hubs: Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: Houston returned to the overcharge zone with a premium increase of $7, while Rotterdam, Singapore, and Fujairah remained undercharged, though the discounts narrowed by $3, $6, and $10 respectively. Houston continued to demonstrate a nearly full correlation between MBP and DBP.
  
  • VLSFO segment: Houston also shifted into the overcharge area, with the premium rising by $11. Rotterdam, Singapore, and Fujairah stayed underpriced as their respective discounts narrowed by $7, $7, and $13. Houston stayed close to a full correlation between market and benchmark prices.
  
  • MGO LS segment: Singapore moved into the overcharge zone with overpricing increasing by $45. Rotterdam, Fujairah, and Houston remained underpriced, although their discounts contracted by $48, $55, and $12 respectively. Fujairah’s MDI fell below the $100 threshold.
  
  We expect irregular fluctuations to return to the Global bunker market on Nov. 14: 380 HSFO – plus 1-13 USD/MT, VLSFO – plus 1-3 USD/MT, MGO LS – minus 2-4 USD/MT.
  Source: MABUX

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