Mabux: Global Bunker Prices

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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
707.50
-51.00
674.00
+3.00
Feb 16
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	707.50	-51.00	674.00	+3.00	Feb 16

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
434.95	+2.28	522.23	+1.64	778.21	+2.40	Feb 17

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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	440	-35	453	488	-35	674	695	-21	Feb 17
Singapore	438	436	+2	483	530	-47	668	688	-20	Feb 17
Fujairah	415	401	+14	475	521	-46	738	751	-13	Feb 17
Houston	357	413	-56	456	471	-15	647	689	-42	Feb 17

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Analytical Section
- Daily and Weekly Bunker analyses and Future Curves
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Latest News
- 2026-02-17
  Why natural gas prices are falling
  Natural gas prices have dropped sharply this month, a move Morgan Stanley links to milder late-February weather and a rapid recovery in supply following Winter Storm Fern. Access in-depth commodities research only on InvestingPro Analyst Devin McDermott... Read more Natural gas prices have dropped sharply this month, a move Morgan Stanley links to milder late-February weather and a rapid recovery in supply following Winter Storm Fern.
  Access in-depth commodities research only on InvestingPro
  Analyst Devin McDermott wrote in a note to clients that prices “have pulled back ~29% so far in February alongside a milder shift in weather,” adding that the recent reversal in heating demand has been a major factor.
  Morgan Stanley believes the broader supply-demand outlook into summer “still skews constructive,” but warned that a sharp pickup in drilling in the Haynesville has introduced new risks.
  The firm noted that the basin’s rig count “is up +10 in the past month to 52,” which is now “~10% above our est of what the market needs this year.”
  According to the note, this rise in activity has helped push Lower 48 dry gas production to “approximately 107.9 bcf/d month-to-date, up 1.5 bcf/d versus the January average.”
  The bank also pointed to a notable swing in weather conditions. After a late-January cold snap briefly lifted Henry Hub to “~$7/mmbtu,” Morgan Stanley said weather has “flipped milder,” with heating degree days running around 9% below the 10-year average. Prompt Henry Hub has fallen back to roughly $3.10.
  LNG feedgas demand has recovered quickly, and Morgan Stanley continues to expect “~3.8 bcf/d of LNG growth in ’26,” including an early March start for Golden Pass. But the combination of rebounding supply and a softer February has created a more mixed picture.
  
  Even so, the firm said weak hydro conditions in the western U.S. could boost gas-fired power burn by “~0.5 bcf/d” this summer, offering some support later in the year. Source: Investing.com
- 2026-02-17
  Yanmar targets marine hydrogen engine testing by 2029
  Japanese engine maker Yanmar Power plans to test marine hydrogen combustion engines at its planned factory in Amagasaki City, Hyogo Prefecture, by March 2029. The company has not yet confirmed a timeline for the commercial deployment of the engines. Yanmar... Read more Japanese engine maker Yanmar Power plans to test marine hydrogen combustion engines at its planned factory in Amagasaki City, Hyogo Prefecture, by March 2029.
  
  The company has not yet confirmed a timeline for the commercial deployment of the engines.
  
  Yanmar added that it also plans to develop powertrains compatible with methanol and ammonia and “establish corresponding production systems.” Source: ENGIИE
- 2026-02-17
  Bunker sales jump 16.5% y-o-y in Singapore
  For a second successive month, bunker sales (including alternative fuels) surpassed the 5 million metric tonnes (mt) mark in Singapore. The 5,227,100 mt recorded in January marked a 16.5% year-on-year (y-o-y) increase on the 4,487,900 mt registered... Read more
- 2026-02-17
  MacGregor supplying equipment for BC Ferries’ diesel-battery hybrid newbuilds
  MacGregor has announced it has been selected to supply cargo access solutions and deck machinery for four new diesel-battery hybrid, all-electric ready vessels, being built for BC Ferries. As previously reported, the vessel will be built at China Merchants... Read more
- 2026-02-17
  Suzun Marine Fuels looking to ramp up Turkish delivery ops and establish global truck supply network
  Suzun Marine Fuels has informed ship.energy that it is looking to build on its recent expansion into the international side of Türkiye’s bunker market by growing its fleet of road tank wagons (RTWs) and also establishing relationships with physical suppliers... Read more
- 2026-02-17
  TotalEnergies’ Laure Ong appointed Senior LNG Bunker Trader, Asia
  Laure Ong has announced she has taken on the position of Senior LNG Bunker Trader, Asia, for TotalEnergies Gas & Power Asia (TEGPA). In a social media post today (17 February), Ong, whose previous position at the energy major was General Manager –... Read more
- 2026-02-17
  Oil prices edge lower with US-Iran talks in focus
  Oil prices fell slightly in holiday-thinned trade on Tuesday, with focus squarely on upcoming negotiations between the U.S. and Iran. Strength in the dollar, before a string of economic and Federal Reserve cues this week, also pressured crude markets.... Read more Oil prices fell slightly in holiday-thinned trade on Tuesday, with focus squarely on upcoming negotiations between the U.S. and Iran.
  Strength in the dollar, before a string of economic and Federal Reserve cues this week, also pressured crude markets.
  Brent oil futures for April fell 0.3% to $68.45 a barrel, while West Texas Intermediate crude futures rose 1.1% to $63.45 a barrel by 21:00 ET (02:00 GMT). The move in WTI futures was skewed by a U.S. holiday on Monday.
  Trading volumes were largely quashed by market holidays in China, Hong Kong, Taiwan, South Korea, and Singapore.
  Get more key price insights on oil markets by upgrading to InvestingPro
  US-Iran dialogue in focus amid heightened tensions
  U.S. and Iranian ministers are set to meet in Geneva, Switzerland, on Tuesday to discuss the Middle Eastern country’s nuclear enrichment activities, media reports showed.
  U.S. President Donald Trump told reporters on Monday that he will be “indirectly involved” in the discussions, although it was unclear what this will entail.
  The Geneva meeting comes just weeks after talks between Tehran and Washington proved to be largely inconclusive earlier this month.
  Reports showed the U.S. had deployed a second aircraft carrier to the Middle East ahead of talks with Iran, and that Washington was planning an extended military campaign in the region if talks fell through.
  Markets priced in a greater risk premium for crude on the prospect of worsening geopolitical conditions in the Middle East, which stand to potentially disrupt supplies.
  Source: Investing.com
- 2026-02-17
  Oil Bears Are Dangerously Underestimating Geopolitical Risk
  For decades, oil prices could swing wildly on even the distant prospect of war in the Middle East. With U.S. shale, that changed, leading many to assume that anything short of an oil blockade in the Strait of Hormuz will leave oil markets cold—and such... Read more For decades, oil prices could swing wildly on even the distant prospect of war in the Middle East. With U.S. shale, that changed, leading many to assume that anything short of an oil blockade in the Strait of Hormuz will leave oil markets cold—and such a blockade is highly unlikely. This, however, is a false sense of security. Geopolitics can still flip the script on oil bears.
  
  The most recent oil price rally was prompted by the threat of a military escalation between the United States and Iran. Interestingly, the oil blockade that the United States imposed on Venezuela earlier this year failed to really move benchmarks in any consistent way. A war with Iran, on the other hand, has pushed Brent crude past $67 per barrel and WTI to over $62.
  
  Rystad Energy recently published five possible scenarios about U.S.-Iranian relations, with the best-case one involving productive talks leading to a new nuclear deal that the U.S. would force on Tehran, per the consultancy, and that would lead to an increase in Iran’s oil production. This is obviously a bearish scenario – but the other four are increasingly bullish. They range from limited U.S. strikes on Iranian nuclear facilities and possibly oil infrastructure to wide-ranging strikes, the death of the country’s Supreme Leader, and civil unrest ensuing after the collapse of the government.
  
  Interestingly, Rystad Energy does not see a huge price increase potential for crude oil in any of its scenarios. In the worst-case ones, the consultancy sees oil jumping by $10 to $15 per barrel as Iran’s production suffers from the aftermath of adverse events. Some, however, note that if the war spreads across the Middle East, prices could top $100.
  
  A Bloomberg article looked at such a scenario recently, with the authors noting that the price shock would be the result of Iran closing the Strait of Hormuz, albeit for a brief period. Even though brief, such a disruption would affect 20% of global oil supply, the authors noted, leading to a potential price jump of as much as 80%, based on historical data. Still, the effect on oil prices from this worst-case scenario would be limited—because the world, at least according to the authors, does not need as much oil as it did decades ago.
  
  The reason for this is energy efficiency, with the authors pointing out that “In the US, the amount of oil needed to produce one unit of GDP has fallen by about a quarter since 2011.” However, on a global scale, crude oil remains the top primary energy source, which means a price shock would cause pain—although not as much pain as it might have caused 20 years ago, for instance, thanks to inflation. “Inflation means $100 oil today buys fewer goods and services than $100 oil a decade or two ago,” Dina Esfandiary and Ziad Daoud wrote. This is hardly any consolation for those who, with Brent at over $100, would be able to afford even fewer goods and services.
  
  However, such a major disruption is the least likely scenario for the U.S.-Iranian conflict. Just this weekend, Reuters reported that Iran wanted to make a deal with the U.S., citing a senior Tehran official as suggesting the Iranian side was willing to make concessions in order to strike a deal and get sanctions lifted.
  
  Needless to say, that would be highly bearish for oil prices because it would likely lead to an expansion in Iran’s oil production. But in case the two fail to agree on a deal, the potential for escalation remains active—and the prospect of a deal is also distant, despite this latest signal from Tehran. Indeed, last week saw oil prices make gains on reports that the U.S. was building a substantial military presence in the Persian Gulf, signaling it was prepared for an extended conflict with Iran—and that extended conflict significantly raises the risk of oil infrastructure getting targeted and disrupting Iran’s production of crude, currently at some 3.2 million barrels daily. The extended conflict scenario also increases the risk of other Middle Eastern oil producers getting drawn into the fighting as targets for strikes, facing potential disruption to their oil infrastructure.
  
  Yet events from last year suggest that no one in the Middle East really wants oil prices to go through the roof. Higher is better up to a point, and while oil demand is among the least elastic in the world, it still responds to price shocks. Some analysts point to China’s oil storage spree as grounds for arguing there will be no oil price shock. China is the world’s largest importer of crude, it is the biggest buyer of Iranian crude, and it has been buying more oil than it has been refining for over a year—and building new storage to keep doing the same. China, in other words, is insulating itself against just such price shocks. The rest of the world, however, doesn’t really have China’s capacity to insulate itself. For the rest of the world—and for China, too—a geopolitical price shock would be painful. Source: Oilprice.com
- 2026-02-17
  China Hits Renewable Milestone, But Coal Isn’t Going Anywhere
  For the first time ever, China now has more operating power capacity from clean energy sources than capacity running on fossil fuels, thanks to a decade of booming solar and wind installations. China, the undisputed global leader in clean energy... Read more For the first time ever, China now has more operating power capacity from clean energy sources than capacity running on fossil fuels, thanks to a decade of booming solar and wind installations.
  
  China, the undisputed global leader in clean energy investment, has 52% of operating power capacity coming from non-fossil fuel sources as of February 2026, while 48% of installed capacity is fossil fuel-based, according to data tracked by Global Energy Monitor.
  
  For years, China, the world’s biggest greenhouse gas polluter, has accounted for a large part of total global clean energy investment and has installed more solar and wind power capacity than the rest of the world combined.
  
  China’s clean energy capacity, including nuclear and hydropower, is soaring to record highs as the world’s second-largest economy looks to have domestic energy sources – with the help of a massive supply chain of panels and batteries – meet an increasingly larger share of rising electricity demand.
  
  But Beijing continues to rely on coal, too, and its coal power capacity additions hit in 2025 their highest level in a decade. China has the world’s largest coal power fleet and accounts for a massive 71% of total global coal power capacity under development, per Global Energy Monitor data.
  
  China leads in both renewables and coal expansion to meet growing electricity demand. The clean energy boom has in no way made its coal power sector irrelevant.
  
  Concerns about energy security prompt China to continue building coal-fired power plants, while coal capacity developers are rushing to install more gigawatts before more stringent emissions regulation potentially limit the growth.
  
  China has as much as 674 GW of non-fossil power capacity under construction and 237 GW of fossil fuel capacity under construction, according to Global Energy Monitor.
  
  Of the non-fossil fuel capacity under construction, China’s 234 GW of utility-scale solar capacity is greater than the same figure for the rest of the world combined, the tracker showed.
  
  Solar leads China’s current power capacity in development, which includes construction, pre-construction, and announced capacity. Solar is closely followed by wind, hydropower ranks third, and fourth comes coal capacity expansion.
  
  Coal is still very much alive in China despite the huge milestone of non-fossil sources now outpacing fossil-fuel installed capacity.
  
  China continues to rely on coal for power generation to avoid blackouts and industry shutdowns during peak demand and periods of faltering hydropower when rainfall is scarce.
  As of January 2026, China had 1,243 GW of operating coal power capacity, Global Energy Monitor data showed. A total of 501 GW coal power capacity was under development, although not all of this is expected to move to construction.
  
  Over the past decade, China has added 362 GW of operating coal power capacity.
  
  Last year, China’s current coal power build-out cycle reached a new high, according to a report by the Centre for Research on Energy and Clean Air (CREA) and Global Energy Monitor (GEM) from earlier this month.
  
  China commissioned 78 GW of coal power capacity in 2025, the highest annual total in a decade, even as coal power generation declined, and clean energy met all net growth in power demand, the report found.
  
  New and reactivated coal power project proposals surged to a record high of 161 GW, which accounts for 13% of the current operational capacity, the study showed.
  
  “If built, the projects proposed in just this one year would commit China to years of coal expansion beyond power demand growth and climate requirements, reflecting a rush by the coal industry stakeholders to advance projects ahead of tighter policy constraints,” analysts at CREA and Global Energy Monitor wrote in the report.
  
  China presses on with massive build-out and record new proposals in coal power capacity despite leading the global investment in energy transition solutions and technologies.
  
  China, the largest market, made up $800 billion of all $2.3 trillion energy transition investments in 2025, a BloombergNEF report showed last month.
  
  Moreover, “China continues to account for a clear majority of global supply chain investment, and BNEF expects this situation to continue for at least the next three years,” the report said.
  
  China isn’t ditching one source for another; it uses its domestic manufacturing chain to expand renewables while still relying on coal for baseload capacity and stable grids. Source: Oilprice.com
- 2026-02-17
  MABUX: Global bunker indices to resume upward trend on Feb. 17.
  The MABUX World Bunker Index — a composite indicator reflecting daily prices for 380 HSFO, VLSFO, and MGO — showed mixed movements without a firm trend on Feb. 16: 380 HSFO: USD/MT 432.67 (+0.16) VLSFO: USD/MT 520.59 (-0.26) MGO: USD/MT 768.85 (-8.88) As... Read more The MABUX World Bunker Index — a composite indicator reflecting daily prices for 380 HSFO, VLSFO, and MGO — showed mixed movements without a firm trend on Feb. 16:
  
  380 HSFO: USD/MT 432.67 (+0.16)
  VLSFO: USD/MT 520.59 (-0.26)
  MGO: USD/MT 768.85 (-8.88)
  
  As of Feb. 16, the MABUX Market Differential Index (MDI) — which monitors the correlation between Market Bunker Prices (MBP) and the MABUX Digital Bunker Price Benchmark (DBP) – indicated the following dynamics across the key global hubs of Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: Singapore and Fujairah were overcharged, with premiums widening by $2 in Singapore and narrowing by $1 in Fujairah. Rotterdam and Houston remained in the underpriced zone, with discounts narrowing by $2in Rotterdam and staying unchanged in Houston. Singapore’s MDI remained close to the 100% correlation level between MBP and DBP.
  
  • VLSFO segment: All four ports continued to be undercharged. The discount values decreased by $3 in Rotterdam, increased by $3 in Singapore, remained unchanged in Fujairah, and rose by $2 in Houston. Houston’s MDI stayed close to full correlation between MBP and DBP.
  
  • MGO LS segment: All ports were in the undercharge zone. The underpricing unchanged in Rotterdam and Fujairah, while increasing by $4 in Singapore and $1 in Houston. Fujairah’s MDI remained close to the 100-percent correlation mare.
  
  We expect Global bunker indices to resume upward trend on Feb. 17: 380 HSFO – plus 2-5 USD/MT, VLSFO – plus 2-5 USD/MT, MGO LS – plus 3-5 USD/MT.
  Source: MABUX

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