Mabux: Global Bunker Prices

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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
758.50
0.00
692.00
+4.00
Feb 10
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	758.50	0.00	692.00	+4.00	Feb 10

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
438.28	+4.67	527.32	+5.03	786.07	+3.28	Feb 12

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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	410	445	-35	454	493	-39	692	713	-21	Feb 12
Singapore	440	441	-1	488	535	-47	675	706	-31	Feb 12
Fujairah	415	406	+9	479	526	-47	742	769	-27	Feb 12
Houston	359	418	-59	472	477	-5	661	698	-37	Feb 12

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Analytical Section
- Daily and Weekly Bunker analyses and Future Curves
- World and regional Bunker indices
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Latest News
- 2026-02-12
  Oil prices tumble more than $1 as IEA cuts demand forecast
  Oil prices tumbled by more than $1 a barrel on Thursday as investors gave more weight to the International Energy Agency lowering its global oil demand forecast for 2026 against the receding risk of U.S. attacks on Iran. Brent crude oil futures were... Read more Oil prices tumbled by more than $1 a barrel on Thursday as investors gave more weight to the International Energy Agency lowering its global oil demand forecast for 2026 against the receding risk of U.S. attacks on Iran.
  Brent crude oil futures were down $1.26, or 1.82%, at $68.14 a barrel by 10:16 a.m. CDT (1616 GMT). U.S. West Texas Intermediate crude fell $1.24, or 1.92%, to $63.39.
  Global oil demand will rise more slowly than previously expected this year, the IEA said on Thursday, while projecting a sizeable surplus despite outages that cut supply in January.
  The Brent and WTI benchmarks reversed gains to turn negative after the IEA’s monthly report, having derived support earlier from concerns over the U.S.-Iran backdrop.
  "It just ran out of steam," said Phil Flynn, senior analyst with the Price Futures Group. "The market’s doubling down on the lowering demand forecast."
  On Wednesday, U.S. President Donald Trump said after talks with Israeli Prime Minister Benjamin Netanyahu that they had yet to reach a definitive agreement on how to move forward with Iran but that negotiations with Tehran would continue.
  On Tuesday, Trump had said he was considering sending a second aircraft carrier to the Middle East if a deal is not reached with Iran. The date and venue of the next round of talks have yet to be announced.
  
  A hefty build in U.S. crude inventories had capped the early price gains. U.S. crude inventories rose by 8.5 million barrels to 428.8 million barrels last week, the Energy Information Administration said, far exceeding the 793,000 increase expected by analysts in a Reuters poll.
  U.S. refinery utilisation rates dropped by 1.1 percentage points in the week to 89.4%, EIA data showed.
  On the supply side, Russia’s seaborne oil products exports in January rose by 0.7% from December to 9.12 million metric tons on high fuel output and a seasonal drop in domestic demand, data from industry sources and Reuters calculations showed. Source: Reuters/Investing.com
- 2026-02-12
  The UK extends general licence deadline for Lukoil’s Bulgarian subsidiaries
  Bulgaria’s Ministry of Energy has announced that the UK has extended the term of the general licence for the operation of Lukoil’s four Bulgarian subsidiaries, including Lukoil-Bulgaria Bunker and the Lukoil Neftohim Burgas refinery, until 13 August. The... Read more
- 2026-02-12
  Belize holding workshops on decarbonization action plan
  The Belize Port Authority will be hosting workshops today and tomorrow (12 and 13 February) as part of the validation process for its National Action Plan (NAP) for Maritime Decarbonization. As previously reported, the NAP – which the Port Authority... Read more
- 2026-02-12
  Meyer Turku completes net-zero cruise ship concept
  Finnish shipbuilder Meyer Turku has announced it has completed work on a net-zero cruise ship concept, with a lifecycle carbon footprint reduced by more than 90% compared to the baseline defined by the International Maritime Organization (IMO). The... Read more
- 2026-02-12
  Port of Antwerp-Bruges calls for European leaders to ‘take action’ to strengthen competitiveness of EU industry
  As Belgium hosted the European Industry Summit yesterday (11 February), the Port of Antwerp-Bruges has claimed that ‘high energy and carbon costs, lengthy and uncertain permitting procedures, and an uneven playing field compared to imports from regions... Read more
- 2026-02-12
  ABS delivers new ammonia safety report for EMSA
  An ABS-led consortium has produced a new report on the safe use of ammonia as a marine fuel for the European Maritime Safety Agency (EMSA). In a statement sent to ship.energy today (12 February), ABS said that the report includes recommendations that... Read more
- 2026-02-12
  FOBAS report highlights ‘challenging and dynamic’ fuel quality landscape in H2 2025
  In its Fuel Insight Fuel Quality Report, published today (12 February), Lloyd’s Register’s Fuel Oil Bunker Analysis & Advisory Service (FOBAS) says that the second half of 2025 was marked by a ‘significant rise in the frequency and severity of regional... Read more
- 2026-02-12
  Oceanbird lands first commercial wing sail order
  Wind-assisted propulsion system (WAPS) company Oceanbird, the joint venture between Alfa Laval and Wallenius Lines, has announced it its first official sale. The undisclosed shipowner has placed an order for two Oceanbird ‘Wing 560’ wing sails that... Read more
- 2026-02-12
  MABUX: Bunker Weekly Outlook, Week 07, 2026.
  At the close of Week 07, MABUX global bunker indices continued to move in mixed directions. The 380 HSFO index rose by USD 4.90, increasing from USD 427.06/MT last week to USD 431.96/MT. The VLSFO index also recorded a gain of USD 9.86, climbing to USD... Read more At the close of Week 07, MABUX global bunker indices continued to move in mixed directions. The 380 HSFO index rose by USD 4.90, increasing from USD 427.06/MT last week to USD 431.96/MT. The VLSFO index also recorded a gain of USD 9.86, climbing to USD 520.07/MT compared to USD 510.21/MT the previous week. In contrast, the MGO LS index declined by USD 2.17, falling from USD 780.87/MT to USD 778.70/MT. At the time of writing, the global bunker market was undergoing a moderate upward correction.
  
  The MABUX Global Scrubber Spread (SS)—the price differential between 380 HSFO and VLSFO—continued its moderate upward movement, increasing by $4.96 from $83.15 last week to $88.11, gradually approaching the psychological threshold of $100.00 (SS Breakeven). The average weekly value of the index also rose by $4.07. In Rotterdam, the SS Spread declined by $2.00, narrowing to $43.00 compared to $45.00 the previous week. However, the port’s average weekly SS value increased by $6.16. In Singapore, the price differential between 380 HSFO and VLSFO remained unchanged at $52.00, while the average weekly value in the port decreased by $2.50. Overall, the SS Spread dynamics at the end of the week did not demonstrate a pronounced trend. The market continues to reflect stronger economic performance for conventional VLSFO compared to the 380 HSFO + scrubber combination. We expect mixed SS Spread movements to persist into next week. Detailed information is available in the “Differentials” section at mabux.com.
  
  At the close of the week, the Istanbul ECA Spread (ES) remained unchanged at $80.00, although it temporarily reached $100.00 during the week. The weekly average increased by $3.33. In Venice, the ECA Spread rose by $20.00, from $70.00 to $90.00, while the weekly average gained $9.34. Throughout the week, ES indices in both ports hovered close to the psychological threshold of $100.00. We expect the moderate upward trend in the ECA Spread to persist into next week. Detailed information could be found in the “Differentials” section at mabux.com.
  
  Contrary to expectations of an LNG supply surplus this year, Italy’s energy major Eni expects the global gas market to remain relatively balanced in 2026. European demand is set to stay elevated after the winter as the region moves to replenish significantly depleted inventories, while Asian consumption is likely to recover amid softer prices. Gas withdrawals from European underground storage facilities are occurring at the fastest pace in several years, pointing to end-of-winter inventory levels at their lowest since 2022. As a result, Europe will require exceptionally high import volumes during the shoulder seasons and summer to rebuild storage to the EU-mandated 80–90% capacity by November 2026. Alongside stronger European demand, Eni also anticipates a recovery in Asian consumption, which could further constrain available supply and result in a structurally tight market balance next year.
  
  As of February 10, the level of gas reserves in European underground storage facilities continued to decline, falling to 36.13% of total capacity, down 3.73 percentage points compared to the previous week. At the same time, storage levels are already 25.33% below the level recorded on January 1, 2026 (61.46%). By the end of Week 07, the European gas benchmark TTF extended its downward movement, decreasing by 1.014 euros/MWh to 31.846 euros/MWh, compared to 32.860 euros/MWh the previous week.
  
  The price of LNG as a bunker fuel at the port of Sines (Portugal) continued its downward trend this week, declining by USD 75.00 to USD 821/MT, compared with USD 896/MT last week. Despite the decrease, the price differential between LNG and conventional fuel remains in favor of conventional fuel, although it has narrowed to USD 67. As of February 10, MGO LS at the port of Sines was quoted at USD 754/MT. More detailed information is available in the LNG Bunkering section of mabux.com.
  
  At the close of Week 07, the MABUX Market Differential Index (MDI)—the ratio of Market Bunker Prices (MBP) to the MABUX Digital Bunker Benchmark (DBP)—reflected the following trends across the world’s major hubs: Rotterdam, Singapore, Fujairah, and Houston:
  
  • 380 HSFO segment: Fujairah moved into the overvalued zone, becoming the only overvalued port in this fuel segment, with the average weekly overvaluation increasing by 13 points. The other three ports remained undervalued. MDI levels declined by 8 points in Rotterdam, 12 points in Singapore, and 1 point in Houston. Notably, the MDIs in Singapore and Fujairah remained close to the 100% correlation mark between MBP and DBP.
  
  • VLSFO segment: All ports continued to be undervalued. The MDI decreased by 14 points in Rotterdam and by 12 points in Singapore, while in Fujairah the index fell by 8 points. Houston’s MDI remained unchanged.
  
  • MGO LS segment: All ports were also undervalued in this segment. The MDI declined by 16 points in both Rotterdam and Singapore, by 11 points in Fujairah, and by 9 points in Houston.
  
  Based on the results of the past week, the balance between undervalued and overvalued ports included one—and so far the only—overvalued port: Fujairah (380 HSFO segment). At the same time, undervaluation levels across all bunker fuel segments continued to decline gradually. Although the market remains predominantly undervalued, we expect MDI indices to continue trending toward reduced undervaluation, with the potential for additional ports to shift into the overvalued zone.
  
  More detailed information on the correlation between market prices and the MABUX digital benchmark is available in the Digital Bunker Prices section of mabux.com.
  
  In 2025, total sales of fossil and bio-blended marine fuels at the Port of Rotterdam reached 9,356,382 tonnes, marginally lower than the 9,390,768 tonnes recorded in 2024. High sulphur fuel oil (HSFO) remained the dominant fuel grade at Europe’s largest bunker hub, with sales rising year-on-year to 3,420,908 tonnes from 3,330,327 tonnes in 2024. Ultra-low sulphur fuel oil (ULSFO) sales increased to 864,782 tonnes, while marine gasoil (MGO) volumes also posted y-o-y growth, reaching 1,253,616 tonnes. In contrast, very low sulphur fuel oil (VLSFO) sales fell below the 3 million tonne threshold, declining from 3,076,817 tonnes in 2024 to 2,850,083 tonnes in 2025. Overall sales of conventional marine fuels rose on a y-o-y basis, increasing from 8,638,662 tonnes in 2024 to 8,726,675 tonnes in 2025. However, this gain was partially offset by a contraction in bio-blended fuel sales, which declined from 752,103 tonnes to 629,707 tonnes over the same period. LNG bunker sales recorded another strong year at the Port of Rotterdam. Following a 52% y-o-y surge to 941,366 cubic metres (cbm) in 2024, fossil LNG sales climbed further to 992,911 cbm in 2025, representing a 5.5% y-o-y increase. Bio-blended LNG volumes rose sharply, expanding from 2,775 cbm in 2024 to 17,644 cbm in 2025. Sales of bio-blended methanol also increased significantly, rising from 3,946 tonnes to 11,819 tonnes over the same period.
  
  We expect bunker fuel price dynamics next week to continue reflecting mixed index movements, without the formation of a clear sustainable trend.
  Source: MABUX
- 2026-02-12
  Oil prices rise on concerns about US-Iran tensions
  Oil prices edged up on Thursday morning as investors worried about escalating tensions between the U.S. and Iran, on fears that any attacks on Tehran or shipping could lead to supply disruptions. Brent crude oil futures were up 27 cents, or 0.39%, at... Read more Oil prices edged up on Thursday morning as investors worried about escalating tensions between the U.S. and Iran, on fears that any attacks on Tehran or shipping could lead to supply disruptions.
  Brent crude oil futures were up 27 cents, or 0.39%, at $69.67 a barrel at 0350 GMT. U.S. West Texas Intermediate crude rose 29 cents, or 0.45%, to $64.92.
  Both benchmarks settled higher on Wednesday. Brent futures gained 0.87% and WTI gained more than 1.05%, as investor worries about U.S.-Iran tensions overshadowed a build in U.S. crude stocks.
  U.S. President Donald Trump said after talks with Israeli Prime Minister Benjamin Netanyahu on Wednesday that they reached no "definitive" agreement on how to move forward with Iran, but he insisted negotiations with Tehran would continue.
  On Tuesday, Trump said he was considering sending a second aircraft carrier to the Middle East if a deal is not reached with Iran, even as Washington and Tehran prepared to resume talks.
  U.S. and Iranian diplomats held indirect talks last week in Oman. The date and venue of the next round of U.S.-Iran talks have yet to be announced.
  A sustained break above a $65–$66 level would require further escalation in the Middle East, while any de-escalation could quickly trigger profit-taking back toward $60-$61 in WTI, IG analyst Tony Sycamore said.
  U.S. job growth unexpectedly accelerated in January and the unemployment rate fell to 4.3%, the Labor Department said, signalling health in the economy.
  
  "The resilient U.S. economy is also supporting oil demand expectations," said Mingyu Gao, chief researcher for energy and chemicals at China Futures.
  A hefty build in U.S. crude inventories capped price gains. U.S. crude inventories rose by 8.5 million barrels to 428.8 million barrels last week, the Energy Information Administration said, far exceeding analysts’ expectations in a Reuters poll for a 793,000-barrel rise.
  However, since the start of the year, global oil inventory builds have generally come in below expectations and net long positions in overseas crude oil futures and options have not yet reached overweight levels, said Gao.
  Oil prices are therefore likely to remain biased to the upside, supported by the U.S.-Iran situation, tighter sanctions on Russian oil and expectations of reduced exports, Gao added.
  Source: Reuters/Investing.com

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