Mabux: Global Bunker Prices

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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
1 027.00
+162.00
1 310.00
+110.00
Apr 6
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	1 027.00	+162.00	1 310.00	+110.00	Apr 6

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
778.10	+6.52	902.44	+1.01	1 515.06	-10.58	Apr 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	640	663	-23	665	738	-73	1 310	1 386	-76	Apr 9
Singapore	660	688	-28	775	819	-44	1 585	1 379	+206	Apr 9
Fujairah	628	633	-5	758	788	-30	1 635	1 442	+193	Apr 9
Houston	670	701	-31	830	815	+15	1 315	1 212	+103	Apr 9

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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
- Bunker Price Forecast for 40+ ports
- Digital Bunker Prices
MABUX for Industry
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Latest News
- 2026-04-09
  Oil prices pull back from session highs on Israel, Lebanon agreeing to negotiate
  Oil prices on Thursday pulled back from session highs after WTI crude briefly topped $100 a barrel, as a key point of contention in the Iran ceasefire was addressed after Israel said it would enter negotiations with Lebanon. Still, disruptions in the... Read more Oil prices on Thursday pulled back from session highs after WTI crude briefly topped $100 a barrel, as a key point of contention in the Iran ceasefire was addressed after Israel said it would enter negotiations with Lebanon. Still, disruptions in the Strait of Hormuz kept investors on edge about oil supply.
  At 13:27 ET (17:27 GMT), Brent Oil Futures expiring in June, the global benchmark, were up 0.2% to $94.92 a barrel, after earlier hitting as high as $99.50. Crude Oil WTI Futures were up 2.2% to $96.51 a barrel, after peaking at $102.64 in the session.
  Both benchmarks tumbled more than 13% on Wednesday after President Donald Trump announced a temporary ceasefire with Iran.
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  Israel says will negotiate with Lebanon, removing key point of contention
  Israeli strikes on Lebanon intensified sharply on Wednesday, even after Trump announced a two-week U.S.-Iran ceasefire on Tuesday. The continued bombardment exposed conflicting interpretations of the ceasefire, with Israel indicating its operations against Hezbollah are not covered, and the White House backing that up.
  Iran hardened its stance, warning that peace talks with the U.S. would be “unreasonable” under current conditions and accusing Israel of violating the ceasefire.
  But Israeli Prime Minister Benjamin Netanyahu on Thursday said: "In light of Lebanon’s repeated requests to open direct negotiations with Israel, I instructed at the Government meeting yesterday to open direct negotiations with Lebanon as soon as possible."
  
  "The negotiations will focus on the disarmament of Hezbollah and the establishing of peaceful relations between Israel and Lebanon. Israel appreciates the call made today by the Prime Minister of Lebanon to demilitarize Beirut," Netanyahu said.
  Still, Iran has halted oil tanker traffic through the Strait of Hormuz, delaying any meaningful recovery in global oil flows.
  JPMorgan says ’moderate oil price shock’
  JPMorgan noted that the current rise in global oil prices still wasn’t as sharp as previous oil shocks, especially considering that the ongoing conflict had caused the biggest disruption to supply in history.
  "It is comforting that the rise in global crude oil prices is limited thus far. Our 2Q26 forecast is for an average of $100/bbl Brent crude that then fades, a price increase which is quite modest in the face of an unprecedented reduction in global energy supply," JPMorgan’s Bruce Kasman said.
  "While previous geopolitical shocks produced an immediate scramble for oil that intensified price pressures, substantial current supply buffers and widespread optimism that this disruption will be transitory have limited price increases to date," he said.
  "Despite an announced cease-fire, the conflict is not resolved and oil prices could spike from already elevated levels if fears of an extended disruption emerge. An extended disruption in the Strait of Hormuz would also generate physical supply constraints, depressing industrial activity, with Asia most exposed to a loss of Middle East energy imports," Kasman said.
  
  "Our baseline assumes that the cease-fire is a signal for a gradual reopening of the Strait. But the material rundown in buffer stocks has implications for the price path ahead. Combined with a likely sustained geopolitical risk premium, only a partial normalization in energy prices is anticipated during 2H26. Relative to our pre-crisis forecast for Brent crude to average $60bbl, we anticipate crude oil prices to settle closer to $85/bbl," he added.
  U.S. crude stocks rise to highest levels in 3 yrs - EIA
  Data from the Energy Information Administration showed crude stockpiles rose by 3.1 million barrels to 464.7 million barrels in the week ended April 3, the highest level in nearly three years, defying expectations for a roughly 1.0 million-barrel decrease.
  In contrast, fuel inventories declined, with distillate stocks -- including diesel and heating oil -- falling by 3.1 million barrels on strong exports, while gasoline inventories dropped by 1.6 million barrels.
  Source: Investing.com
- 2026-04-09
  U.S. Bio-LNG coalition pushes for government to seize potential ‘win’ of IMO framework
  A group of U.S. biofuel and bio-LNG producers are pressing the Trump administration to help shape, rather than kill, a global framework for reducing shipping’s greenhouse gas (GHG) emissions, arguing that the International Maritime Organization (IMO)... Read more
- 2026-04-09
  BIMCO recruiting ‘sounding board’ for its energy saving devices addendum
  As its project to develop a new Energy Saving Device Retrofitting Addendum is now approaching the consultation phase, BIMCO is inviting stakeholders with relevant experience in retrofit technologies or energy efficiency measures to join the ‘sounding... Read more
- 2026-04-09
  Norwegian operator orders 20 electric ferries from Candela
  Norwegian operator Boreal AS has ordered 20 Candela P-12 electric hydrofoil vessels from Sweden’s Candela Technology. The first two P-12 vessels will be delivered in 2027 and are planned to enter service on one of several potential routes currently... Read more
- 2026-04-09
  Unlocking Middle East oil flows contingent on normalising export logistics, says Wood Mackenzie
  While the prospects for the reopening of the Strait of Hormuz still remain unclear as Iran and the US enter a two-week ceasefire period, the beginning of any oil supply recovery in the Middle East will be highly dependent on a restoration of maritime... Read more
- 2026-04-09
  MOL and Shell announce ‘book and claim’ initiative
  Mitsui O.S.K. Lines (MOL) and Shell Trading Rotterdam B.V. have joined forces to implement a book and claim model which they say ‘enables the indirect generation of Environmental Attribute Certificates (EACs) derived from the use of low-carbon fuel on... Read more
- 2026-04-09
  Northern Lights’ third dual-fuel LNG, rotor sail-equipped LCO2 vessel named
  The third liquefied CO2 (LCO2) carrier for Northern Lights – the JV between Equinor, TotalEnergies and Shell – was named in Bergen this week. As previously reported by ship.energy, the 7,500 cubic metre (cbm) capacity Northern Phoenix was delivered... Read more
- 2026-04-09
  MABUX: Bunker Weekly Outlook, Week 15, 2026.
  The upward trajectory of bunker prices, driven by escalating tensions in the Middle East, reversed sharply on April 8 following reports of a two-week ceasefire. After an extended period of gains, global bunker indices entered a corrective phase, reflecting... Read more The upward trajectory of bunker prices, driven by escalating tensions in the Middle East, reversed sharply on April 8 following reports of a two-week ceasefire. After an extended period of gains, global bunker indices entered a corrective phase, reflecting a shift in market sentiment. The 380 HSFO index declined by USD 18.17, falling from USD 801.67 per MT last week to USD 783.50 per MT, once again moving below the USD 800 threshold. The VLSFO index also decreased by USD 18.18, from USD 940.04 per MT to USD 922.86 per MT. Meanwhile, the MGO LS index recorded a more pronounced drop of USD 42.14, declining from USD 1635.44 per MT to USD 1593.30 per MT, and similarly breaking below the USD 1600 mark. At the time of writing, the global bunker market remains under downward pressure, with corrective dynamics continuing to dominate price movements.
  
  The MABUX Global Scrubber Spread (SS)—the price differential between 380 HSFO and VLSFO—edged up marginally by USD 0.99, rising from USD 138.37 last week to USD 139.36, and remaining well above the psychological breakeven threshold of USD 100.00. However, the weekly average of the index declined by USD 9.95, indicating underlying weakening momentum. In Rotterdam, the SS Spread remained unchanged at USD 40.00, although it briefly narrowed to USD 22.00 during the period. The port’s weekly average spread also decreased by USD 12.67, reflecting a softening trend. In Singapore, the SS Spread contracted more significantly, declining by USD 27.00 from USD 162.00 last week to USD 135.00, with an intraperiod low of USD 131.00. The weekly average spread in the port also dropped by USD 28.00. The corrective movements observed in the bunker market are likely to exert further downward pressure on the SS Spread. We expect the spread to continue narrowing in the coming week. For additional details, refer to the “Differentials” section on mabux.com.
  
  The Istanbul ECA Spread (ES) remained unchanged over the week at USD 100.00, despite peaking at USD 150.00 amid heightened market volatility. The weekly average declined by USD 10.00, indicating a partial easing of upward pressure. The Venice ECA Spread remains temporarily suspended due to the absence of consistent market quotations. Amid the ongoing de-escalation of tensions in the Middle East, the ECA Spread is expected to hold near current levels in the short term. Further details are available in the “Differentials” section on mabux.com.
  
  The ongoing military standoff in the Middle East continues to exert upward pressure on the EU gas market. A significant share of European gas imports originates from Persian Gulf producers, particularly Qatar. However, supply flows have been disrupted by Iranian attacks on regional energy infrastructure, with growing concerns that volumes may not fully recover even in the event of a near-term de-escalation. At the same time, tightening inventory levels are increasing the sensitivity of both European and Asian markets to weather-related demand fluctuations and unplanned outages. The spot market is also showing signs of reduced liquidity, as market participants increasingly shift toward the relative security of long-term contractual arrangements.
  
  As of April 7, the level of natural gas in European underground storage facilities recorded a marginal increase for the first time since the beginning of the year, reaching 28.61% of total capacity (+0.56 percentage points week-on-week). Despite this uptick, storage levels remain significantly lower—by 32.85%—compared to the level observed on January 1, 2026 (61.46%). At the end of Week 15, the European gas benchmark TTF posted a notable increase, rising by EUR 3.547/MWh to EUR 53.247/MWh, compared to EUR 49.700/MWh the previous week, thereby moving back above the EUR 50.00/MWh threshold.
  
  The price of LNG as a bunker fuel at the port of Sines (Portugal) declined by a further USD 163.00 this week, falling to USD 1,149/MT from USD 1,312/MT the previous week. At the same time, the price differential between LNG and conventional fuel continued to widen significantly, reaching USD 476 in favor of LNG (compared to USD 195 a week earlier). As of April 6, MGO LS was quoted at USD 1,625/MT at the port of Sines. More detailed information is available in the “LNG Bunkering” section of mabux.com.
  
  Amid the ongoing Middle East conflict, the MABUX Market Differential Index (MDI)—which reflects the ratio between market bunker prices (MBP) and the MABUX digital bunker benchmark (DBP)—displayed a clear shift in valuation dynamics across the world’s biggest hubs: Rotterdam, Singapore, Fujairah, and Houston:
  
  • 380 HSFO segment: Fujairah and Houston moved back into the undervalued zone, resulting in all four ports being assessed as undervalued. Discount levels widened by 36 points in Rotterdam, 53 points in Fujairah, and 143 points in Houston, while Singapore recorded a marginal contraction of 7 points. Notably, Fujairah’s MDI approached full (100%) correlation between MBP and DBP.
  
  • VLSFO segment: Fujairah and Houston similarly shifted into undervalued territory, joining Rotterdam and Singapore. The MDI discount increased across all ports: by 52 points in Rotterdam, 29 points in Singapore, 53 points in Fujairah, and 116 points in Houston. Houston’s MDI also approached near full (100%) correlation between MBP and DBP.
  
  • MGO LS segment: Rotterdam returned to the undervalued zone, becoming the only port in this category assessed as undervalued, with the average discount widening by 116 points. The remaining three ports were overvalued. However, overvaluation levels declined by 69 points in Singapore and 89 points in Fujairah, while Houston recorded a 15-point increase.
  
  Following the announcement of a two-week ceasefire in the Middle East, MDI dynamics have increasingly shifted toward undervaluation, particularly in the 380 HSFO and VLSFO segments. We expect this undervaluation trend in bunker fuels to persist into the coming week. More detailed insights into the correlation between market prices and the MABUX digital benchmark are available in the “Digital Bunker Prices” section on mabux.com.
  
  DNV recorded five new alternative fuel vessel orders in March, a notable decline from 17 orders in February, reflecting a slowdown in contracting activity. LNG and LPG each accounted for two orders, while methanol secured one. The global LNG fleet continues to expand, reaching 921 vessels in operation, with a substantial orderbook of 673 vessels scheduled for delivery through 2033. LPG is showing steady momentum as a bunker fuel, with new orders recorded for the third consecutive month in 2026. A total of eight LPG-capable vessels have been ordered year-to-date, still trailing LNG’s 32 orders but exceeding methanol’s two. According to DNV, the LPG segment currently includes 150 vessels in operation and 90 on order for delivery through 2028. Methanol also demonstrates gradual growth. The operational fleet increased to 123 vessels in March, up from 118 in February, indicating five new deliveries during the month. The methanol orderbook remains significant, with 325 vessels scheduled for delivery through 2030. DNV data further indicates that 60 alternative fuel-capable vessels were delivered in the first quarter of 2026, including 27 LNG and 17 methanol-capable units, underscoring continued fleet expansion despite softer ordering activity. In contrast, ammonia remains largely inactive. No new ammonia-capable vessels were ordered in March, marking the third consecutive month without new contracts. The segment remains at an early stage of development, with just three vessels currently in operation and 42 on order for delivery by 2029.
  
  The two-week ceasefire agreement reached on April 8 in the Middle East conflict zone has reversed the downward trend in the global bunker market. We expect that bunker indices may resume their decline in the near term, provided all parties adhere to the agreed terms. Conversely, any violation of the ceasefire could trigger a renewed upward movement in prices.
  Source: MABUX
- 2026-04-09
  Oil rebounds as Lebanon strikes test ceasefire, Hormuz disruptions persist
  Oil prices climbed on Thursday after suffering their steepest one-day drop since April 2020, as disruptions in the Strait of Hormuz persisted and renewed geopolitical tensions in the Middle East clouded the outlook for supply. As of 20:12 ET (00:12 GMT),... Read more Oil prices climbed on Thursday after suffering their steepest one-day drop since April 2020, as disruptions in the Strait of Hormuz persisted and renewed geopolitical tensions in the Middle East clouded the outlook for supply.
  As of 20:12 ET (00:12 GMT), Brent Oil Futures expiring in June rose 2.5% to $97.10 per barrel, while West Texas Intermediate (WTI) crude futures climbed 2.8% to $97.09 per barrel.
  Both benchmarks tumbled more than 13% in the previous session amid ceasefire-driven optimism.
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  The rebound came as the Strait of Hormuz -- a critical artery that carries roughly a fifth of global oil supply -- remained largely blocked despite a tentative ceasefire between the United States and Iran.
  Limited and tightly controlled vessel movement has resumed, but shipping disruptions persist, with Iran retaining significant control over transit and access, reports showed.
  Market sentiment was further unsettled by escalating Israeli strikes on Lebanon, which risk undermining the fragile truce. Reports indicated that tanker passage through the strait was halted following the attacks, although U.S. officials signaled early signs of a partial reopening.
  Iran said peace talks with the U.S. would be “unreasonable” following the latest strikes, arguing that the attacks violated the terms of the newly announced ceasefire.
  Oil had plunged on Wednesday after U.S. President Donald Trump announced a two-week ceasefire with Iran, triggering hopes of a reopening of Hormuz and easing supply bottlenecks.
  
  However, analysts cautioned that the market reaction may have been premature, as structural disruptions to supply chains and infrastructure across the region could take months to repair.
  Data from the Energy Information Administration showed on Wednesday that crude stockpiles rose by about 3.1 million barrels to 464.7 million barrels in the latest week, defying expectations of a modest draw.
  At the same time, refined product inventories declined, with distillate stocks falling by around 3.1 million barrels and gasoline inventories dropping by about 1.6 million barrels. Source: Investing.com
- 2026-04-09
  Goldman Sachs lowers second-quarter 2026 oil price forecasts
  Goldman Sachs trimmed its second‑quarter 2026 forecasts for Brent and U.S. crude to $90 and $87 a barrel, respectively, late on Wednesday, after the U.S. and Iran agreed on a two-week ceasefire. Previously, the bank forecast Brent and West Texas Intermediate... Read more Goldman Sachs trimmed its second‑quarter 2026 forecasts for Brent and U.S. crude to $90 and $87 a barrel, respectively, late on Wednesday, after the U.S. and Iran agreed on a two-week ceasefire.
  Previously, the bank forecast Brent and West Texas Intermediate (WTI) oil prices to average $99 and $91 a barrel, respectively.
  "Given the reduction in the risk premium at the front of the curve and already edging up oil flows through the SoH (Strait of Hormuz), we nudge down our Q2 forecast for Brent/WTI," the bank said in a note.
  Brent crude oil prices are down over 11% so far this week on the hope that the Strait of Hormuz would reopen after U.S. President Donald Trump agreed to a two-week ceasefire with Iran.
  However, prices rose during the early Asia session on Thursday on concerns that supply from the key Middle East producing region may not fully resume amid doubts about the ceasefire holding and as the crucial strait remains restricted. [O/R]
  Goldman’s third- and fourth‑quarter oil price forecasts were at $82 and $80 for Brent and $77 and $75 for WTI, respectively.
  The bank said risks to its price forecasts remain skewed to the upside, reflecting the potential for longer‑lasting disruptions and more persistent crude production losses.
  In a severe case where the ceasefire doesn’t hold and with persistent Middle East production losses of around 2 million barrels per day, Brent could average closer to $115 in the fourth quarter, the bank said.
  Source: Reuters/Investing.com

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