Mabux: Global Bunker Prices

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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
1 061.63
-185.27
850.00
-40.00
Feb 1
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	1 061.63	-185.27	850.00	-40.00	Feb 1

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
477.00	-7.38	712.79	-7.92	1 019.49	-21.05	Feb 2

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MBP INDEX vs DBP INDEX (ICE/NYMEX)

All Indexes in $/mton	380HSFO			VLS FO			MGO LS			Date
All Indexes in $/mton	MBP Index	DBP Index	Diff	MBP Index	DBP Index	Diff	MBP Index	DBP Index	Diff	Date
Rotterdam	394	511	-117	590	616	-26	850	939	-89	Feb 2
Singapore	400	529	-129	678	620	+58	847	948	-101	Feb 2
Fujairah	375	549	-174	662	619	+43	1 150	996	+154	Feb 2
Houston	390	473	-83	625	593	+32	980	940	+40	Feb 2

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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
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MABUX for Industry
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Latest News
- 2023-02-02
  Oil steadies on mixed economic data, Russian petroleum products ban
  Oil prices steadied on Thursday on mixed data about the state of the U.S. economy and looming sanctions on Russian oil products. Brent crude futures fell 5 cents to $82.79 a barrel by 12:39 a.m. ET (1739) GMT, while West Texas Intermediate crude (WTI)... Read more Oil prices steadied on Thursday on mixed data about the state of the U.S. economy and looming sanctions on Russian oil products.
  Brent crude futures fell 5 cents to $82.79 a barrel by 12:39 a.m. ET (1739) GMT, while West Texas Intermediate crude (WTI) rose 3 cents to $76.44.
  Both benchmarks plunged more than 3% overnight after U.S. government data showed a large build in oil stocks.
  While new orders for U.S. manufactured goods rose broadly in December, orders for industrial equipment and other machinery fell, according to the latest data from the Commerce Department.
  "It was highlighting more slowing in the economy, particularly on the industrial side, which is a negative for petroleum," said John Kilduff, a partner at Again Capital.
  A rebound in the dollar index, which hit a nine-month low earlier in the session on softer U.S. Federal Reserve rate hike bets, also weighed on oil prices. A stronger greenback makes dollar-priced oil more expensive for holders of other currencies.
  The Fed raised its target interest rate by a quarter of a percentage point on Wednesday, but continued to promise "ongoing increases" in borrowing costs as part of its battle against inflation.
  "Inflation has eased somewhat but remains elevated," the U.S. central bank said in a statement that marked an explicit acknowledgement of the progress made in lowering the pace of price increases from the 40-year highs hit last year.
  While inflation appears to have slowed in major economies, the response of central banks and the speed of reopening from COVID-19 lockdowns is uncertain.
  "Investors have become less confident in the strength of the outlook; something we could see change repeatedly in this first quarter due to the lack of visibility on interest rates and China's COVID transition," said Craig Erlam, senior market analyst at OANDA.
  Helping to keep oil from moving lower was a European Union ban on Russian refined products is set to take effect on Feb. 5, potentially dealing a blow to global supply.
  EU countries will seek a deal on Friday on a European Commission proposal to set price caps on Russian oil products after postponing a decision on Wednesday because of divisions among member states, diplomats said.
  The European Commission proposed last week that from Feb. 5 the EU apply a price cap of $100 a barrel on premium Russian oil products such as diesel and a $45 per barrel cap on discounted products such as fuel oil.
  Meanwhile an OPEC+ panel endorsed the producer group's current output policy at a meeting on Wednesday, leaving production cuts agreed last year unchanged amid hopes of higher Chinese demand and uncertain prospects for Russian supply. Source: Reuters/Investing.com
- 2023-02-02
  GLOBAL: VERITAS CAPITAL COMPLETES ACQUISITION OF WOOD MACKENZIE
  Veritas Capital has informed Bunkerspot that an affiliate of the group has has completed the purchase of the energy consultancy Wood Mackenzie from Verisk. In a statement sent to Bunkerspot today (2 February), Veritas said that the acquired company... Read more
- 2023-02-02
  EUROPE: BALTIC PORTS SEE INCREASE IN CRUISE CALLS IN 2022
  The total number of cruise calls at Baltic ports increased from 648 in 2021 to 2,415 in 2022. There were calls to at least one Baltic port every month in 2022, according to data published by Cruise Baltic. The increase in cruise calls was also reflected... Read more
- 2023-02-02
  GLOBAL: MOL BECOMES ‘WORLD’S FIRST COMPANY TO EARN AIP FOR VESSEL CYBER RESILIENCE’
  Mitsui O.S.K. Lines (MOL) has obtained Approval in Principle (AiP) from Bureau Veritas for the basic design of a ship network with cyber resilience measures that have been developed in compliance with the Unified Requirement (UR) E26 issued by the International... Read more
- 2023-02-02
  EUROPE: MANAGING AND COMMERCIAL DIRECTORS OF DAN-BUNKERING EUROPE ANNOUNCED
  Dan-Bunkering has appointed internal candidates Hans Lind Dollerup and Michel Dominique Thomsen as Managing Director and Commercial Director, respectively, to head the new, unified Dan-Bunkering Europe. In September, Dan-Bunkering announced a new commercial... Read more
- 2023-02-02
  MABUX: Bunker Weekly Outlook, Week 05, 2023.
  Over the Week 05, MABUX global bunker indices showed a moderate downward correction. The 380 HSFO index fell by 9.32 USD: from 490.19 USD/MT last week to 480.87 USD/MT. The VLSFO index, in turn, decreased by 8.46 USD (713.73 USD/MT versus 722.19 USD/MT... Read more Over the Week 05, MABUX global bunker indices showed a moderate downward correction. The 380 HSFO index fell by 9.32 USD: from 490.19 USD/MT last week to 480.87 USD/MT. The VLSFO index, in turn, decreased by 8.46 USD (713.73 USD/MT versus 722.19 USD/MT last week). The MGO index also lost 35.10 USD (from 1076.50 USD/MT last week to 1041.40 USD/MT). We expect this is a short-run downward correction and the global bunker market still retains the potential for further uptrend.
  
  Global Scrubber Spread (SS) - the price differential between 380 HSFO and VLSFO - remained virtually unchanged over the Week 05 - plus $0.86 ($232.86 vs. $232.00 last week), although the average increased by $9.66. In Rotterdam, SS Spread rose by $13.00 to $206.00 (vs. $193.00 last week), breaking the psychological $200 mark. In Singapore, the 380 HSFO/VLSFO price difference was flat at $268.00. Meantime, the SS Spread weekly averages in Rotterdam and Singapore also added $13.16 and $8.16, respectively. More information is available in the "Differentials" section at mabux.com.
  
  EU gas inventories are still unusually high for this time of the year – at full across the EU and well above the five-year average for the winter heating season. The high volumes of gas in storage and the constant influx of LNG cargoes are easing supply concerns in the absence of most of the Russian pipeline gas.
  
  Despite that the price of LNG as bunker fuel at the port of Sines (Portugal) unexpectedly rose significantly for the first time in the last 8 weeks and reached 1446 USD/MT on January 30 (plus 271 USD compared to last week). The price difference between LNG and conventional fuel was 390 USD on January 30: MGO LS at the port of Sines was quoted at 1056 USD/MT that day. We expect LNG bunker prices may fall again next week.
  
  During the Week 05, the MDI index (comparison of MABUX market bunker prices (MBP Index) vs MABUX digital bunker benchmark (DBP Index)) maintained an underestimation of 380 HSFO fuel in all four selected ports. The underprice premium sharply decreased in Rotterdam to minus $34 from minus $123 last week. In the other selected ports, the undercharge ratio changed insignificantly and amounted to minus $ 125 in Singapore, minus $ 163 in Fujairah and minus $ 80 in Houston.
  
  In the VLSFO segment, according to MDI, three selected ports: Singapore, Fujairah and Houston are still in the overcharge zone: plus $45, plus $28 and plus $16, respectively. Rotterdam remains the only VLSFO underestimated port: minus $24. Overprice margins have risen while underpricing has declined.
  
  In the MGO LS segment, Fujairah remains the only overvalued port: plus $ 116 while overcharge ratio moderately increased. In all other ports, the MDI registered an underpricing of MGO LS: Rotterdam - minus $63, Singapore - minus $91 and Houston - minus $12. The underprice levels narrowed slightly.
  
  More information on the correlation between market prices and the MABUX digital benchmark is available in the “Digital Bunker Prices” section at mabux.com.
  
  The Port of Rotterdam Authority registered 29,029 sea-going vessel arrivals in 2022 – 0.5% up on the 28,876 seen in 2021. However, the number of inland vessels saw a slight decrease on the year, from 98,469 in 2021 to 97,459 in 2022. Looking ahead, the Port Authority noted that from July methanol ‘will be bunkered regularly’. ‘Ahead of this, the preconditions for safe bunkering have now been agreed with the parties involved,’ the Port of Rotterdam Authority said. Methanol was included on the European bunker hub’s 2022 marine fuel statistics. The total volume of traditional and bio-blended marine fuel oil and distillate products delivered in Rotterdam last year was 10,510,355 metric tonnes – up substantially on the 9,592,145 mt sold in 2021. However, LNG bunker volumes fell 45% on the year.
  
  There are a lot of uncertainties regarding Russian fuel supply in the coming months, the key being whether Russia can place the fuel displaced from Europe elsewhere, and whether a planned price cap on Russia’s fuels would work as intended. Despite the current downward correction in the global bunker market, we are of option that there is still the potential for further growth. World bunker indices may show a moderate uptrend next week.
  Source: MABUX
- 2023-02-02
  Oil climbs as dollar slumps, OPEC+ keeps output cut policy
  Oil prices rebounded on Thursday after tumbling in the previous session as a weaker dollar brought back some appetite for risk assets and the OPEC+ decision to roll over an output cut helped ease oversupply concerns. Brent crude futures rose 65 cents,... Read more Oil prices rebounded on Thursday after tumbling in the previous session as a weaker dollar brought back some appetite for risk assets and the OPEC+ decision to roll over an output cut helped ease oversupply concerns.
  Brent crude futures rose 65 cents, or 0.8%, at $83.49 a barrel as of 0353 GMT, while West Texas Intermediate (WTI) U.S. crude futures advanced 71 cents, or 0.9%, to $77.12 a barrel.
  Both benchmarks plunged more than 3% overnight after U.S. government data showed big builds in crude and oil products inventory.
  The Federal Reserve raised its target interest rate by a quarter of a percentage point on Wednesday, yet continued to promise "ongoing increases" in borrowing costs as part of its ongoing battle against inflation.
  "Those hawkish reaffirmations from the Fed were met with rising doubts from the markets, which saw a dovish takeaway from Jerome Powell's acknowledgement of progress in the 'disinflationary process' and that he is not worried about loosening financial conditions," said Yeap Jun Rong, Market Analyst at IG, in a note.
  "Inflation has eased somewhat but remains elevated," the U.S. central bank said in a statement that marked an explicit acknowledgement of the progress made in lowering the pace of price increases from the 40-year highs hit last year.
  The U.S. dollar index dived to a fresh nine-month low on Thursday in reaction to the softer rate hike bets. A weaker greenback makes dollar-priced oil less expensive for holders of other currencies, boosting demand.
  An OPEC+ panel endorsed the oil producer group's current output policy at a meeting on Wednesday, leaving production cuts agreed last year in place amid hopes of higher Chinese demand and uncertain prospects for Russian supply.
  OPEC+ agreed to cut its production target by 2 million barrels per day (bpd), about 2% of world demand, from November last year until the end of 2023 to support the market.
  Prices are also rising in the backdrop of a Feb 5. ban on Russian refined products by the European Union.
  EU countries will seek a deal on Friday on a European Commission proposal to set price caps on Russian oil products, after postponing a decision on Wednesday amid divisions between member states, diplomats said.
  The European Commission proposed last week that from Feb. 5 the EU apply a price cap of $100 per barrel on premium Russian oil products such as diesel and a $45 cap per barrel on discounted products such as fuel oil. Source: Reuters/Investing.com
- 2023-02-02
  Diesel Margins Could Get a Boost from Russian Diesel Ban
  Refining margins in Asia have dropped in recent weeks as China ramped up exports of fuels amid high export quotas assigned to its refiners in recent months. The profit margins of processing diesel are still at high levels historically, and they could... Read more Refining margins in Asia have dropped in recent weeks as China ramped up exports of fuels amid high export quotas assigned to its refiners in recent months. The profit margins of processing diesel are still at high levels historically, and they could start rising again once the EU embargo on seaborne imports of Russian fuels comes into force on February 5. For example, the profit margin for gasoil, the key component of diesel, from processing Dubai crude at a Singapore refinery fell by 34% from its fourth-quarter peak of $46.83 per barrel in the middle of October to $30.90 earlier this week, per estimates by Reuters’s Asia Commodities and Energy Columnist Clyde Russell.
  
  Going forward, the profit margins for fuels in Asia will reflect two opposing trends—the bearish one of potentially higher Chinese fuel exports and the bullish one of Europe potentially competing for diesel and other products from Asia in the absence of Russian fuel imports.
  
  Chinese exports of fuels jumped in December, with gasoline sales abroad matching an October 2020 record, following a huge export quota the authorities issued to refiners at the end of 2022.
  
  Exports of gasoline hit 1.91 million tons in December, hitting the record level seen in October 2020, while diesel exports rose to the highest level since March 2021, at 2.79 million tons, per official Chinese data.
  
  The high export levels in December were the result of the biggest batch of fuel export quotas issued for 2022 by authorities. China allocated 15 million tons of new fuel export quotas to its major refiners at the end of September. Exports were also high due to the still weak domestic demand as China started to ease in December the ‘zero Covid’ policy which led to a surge in infections.
  
  China’s fuel exports in January, however, could be much lower than in December as refiners looked to stock up on gasoline and diesel for domestic demand around the Lunar New Year on January 22, and meet expectations of rising demand at home after the Covid restrictions were lifted, analysts say.
  
  Nevertheless, China’s reopening and the higher fuel export quotas allocated in the first batch of 2023 look bullish about Chinese demand and fuel exports in the coming months.
  
  Refining margins in Asia could go higher if Europe – scrambling to replace Russian fuels after February 5 – turns to more supply from Asian refiners.
  
  “Once the EU embargo on Russian seaborne fuel exports kicks in we are likely to see prices for gasoline and especially diesel remain supported by tightening supply,” Ole Hansen, Head of Commodity Strategy at Saxo Bank, said in an analysis last week.
  
  “Russia may struggle to offload its diesel to other buyers with key customers in Asia being more interested in feeding their refineries with heavily discounted Russian crude, which can then be turned into fuel products selling at the prevailing global market price,” Hansen added.
  
  A shortfall seems likely for diesel despite the potential for more supply from the United States and the Middle East, he noted.
  
  “A shortfall seems likely, not least considering the prospect for a strong recovery in China leading to lower export quotas,” Hansen said.
  
  The expected rebound in jet fuel demand, in turn, is likely to pressure diesel yields, “creating another layer of support for distillate cracks on either side of the Atlantic,” according to the strategist.
  
  There are a lot of uncertainties regarding Russian fuel supply in the coming months, the key being whether Russia can place the barrels displaced from Europe elsewhere, and whether a planned price cap on Russia’s fuels would work as intended. The European Union was considering setting a $100 a barrel price cap on Russian diesel to limit the potential fallout on global supply after the EU ban on Russian refined products comes into effect on February 5. Days before the EU ban is set to kick in, the EU is still at odds over a cap on the price of Russian diesel and other products.
  Source: Oilprice.com
- 2023-02-02
  MABUX: Downtrend to return to Global bunker market on Feb. 02.
  MABUX World Bunker Index (as index calculated on current prices for 380 HSFO, VLSFO and MGO) demonstrated short upward correction on Feb. 01: 380 HSFO - USD/MT – 484.38 (+4.34) VLSFO - USD/MT – 720.71 (+9.03) MGO - USD/MT – 1 040.54 (+5.90) As... Read more MABUX World Bunker Index (as index calculated on current prices for 380 HSFO, VLSFO and MGO) demonstrated short upward correction on Feb. 01:
  
  380 HSFO - USD/MT – 484.38 (+4.34)
  VLSFO - USD/MT – 720.71 (+9.03)
  MGO - USD/MT – 1 040.54 (+5.90)
  
  As of February 01, the MABUX MBP/DBP Index (MDI) (comparison of market bunker prices vs. the MABUX digital bunker price Benchmark) registered no sustainable trend with irregular changes in underprice premium’s volumes in the HSFO segment while all four selected ports are underestimated, slight increase of overprice ratio in Singapore, Fujairah and Houston while narrowing of underprice premium at Rotterdam in the VLSFO segment, and underprice down while overprice up in the MGO LS segment.
  
  We expect Global bunker indices to turn to downtrend on Feb. 02: 380 HSFO – minus 5-12 USD/MT, VLSFO – minus 5-17 USD/MT, MGO LS – minus 10-30 USD/MT.
  Source: MABUX
- 2023-02-02
  Nuclear Power Is Entering A New Era
  The global energy crisis is putting an unprecedented squeeze on the nuclear power industry. The urgent need to shore up energy security in the context of the Russian war in Ukraine has convalesced with the equally urgent need to decarbonize the global... Read more The global energy crisis is putting an unprecedented squeeze on the nuclear power industry. The urgent need to shore up energy security in the context of the Russian war in Ukraine has convalesced with the equally urgent need to decarbonize the global energy mix as the line of no return for catastrophic climate change grows ever closer. For many countries, this has meant that public and private sector leaders have been forced to reconsider their attitudes toward nuclear energy, a proven emissions-free technology capable of producing a whole lot of energy reliably and consistently.
  
  The renewed interest in nuclear energy is all well and good for the nuclear energy industry, except the sector is now faced with a major problem. Booming demand after decades of neglect is pushing an aging nuclear fleet to its limits. While some countries, such as China, Russia, and South have continued to invest in expanding their nuclear fleets over the past few decades, the controversial nature of nuclear energy has by and large halted the commissioning of new nuclear reactors in the West. The United States remains the largest nuclear producer in the world, with 92 nuclear reactors running, but also has one of the oldest fleets on the planet, with an average nuclear reactor age of 42 years.
  
  As a result of declining nuclear plant production coupled with increasing nuclear power demand, nuclear reactors have been kept running for far longer than was ever planned. Typically, nuclear reactors are decommissioned after about 40 years. But now, operators around the world are pushing lifespans to as much as 80 years and questioning whether keeping a reactor running for a full century could be considered a safe and acceptable practice.
  
  “By the end of the decade, two-thirds of the world’s currently operating nuclear reactors will be running on borrowed time, splitting uranium atoms longer than they were ever designed or licensed to, in a risky experiment with planetary consequences,” Bloomberg reported last week. The biggest risks associated with aging facilities are brittle concrete and steel, which can raise the threat level for nuclear accidents.
  
  Nuclear accidents are exceedingly rare. Though the tragic disasters at Chernobyl, Three Mile Island, and Fukushima loom large in the public consciousness, nuclear power production is, on the whole, a remarkably safe energy source. In fact, on the whole, nuclear energy actually saves lives compared to those which would have otherwise been lost to air pollution associated with the burning of fossil fuels. “For every terawatt-hour of energy generated (roughly the annual electricity consumption of 27,000 people in the European Union) there are 32.72 deaths due to accidents and air pollution associated with lignite,” reports Geopolitical Intelligence Services. “For nuclear energy, this figure is only 0.07 deaths.”
  
  That being said, no matter how low the average threat level is for nuclear disaster, any amount of increase to that level is worrying. As rare as these tragedies are, their potential for disaster is enormous. But in the current context of dual energy and climate crises, more and more people are thinking that the reward may outweigh the risk. An emissions-free baseload power is a hard thing to turn your back on in this day and age. Countries aren’t just putting off retiring their nuclear energy plants; they’re slowly but surely laying the groundwork for new nuclear as well, marking a major reversal in attitudes for most Western leaders.
  
  It doesn’t hurt that nuclear energy technology is changing, becoming safer and cheaper to install and operate. In fact, we are likely on the precipice of a new nuclear era with the impending rollout of small modular reactors. These models, which are currently in development, are considered to be a much safer and more efficient option, as they can be manufactured off site, allowing for a far greater degree of industry standardization and economies of scale. Source: Oilprice.com