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
685.00
+14.00
Feb 16
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	707.50	-51.00	685.00	+14.00	Feb 16

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
445.92	+11.22	534.96	+12.34	793.73	+14.30	Feb 19

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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	424	450	-26	475	499	-24	685	715	-30	Feb 19
Singapore	455	446	+9	507	542	-35	692	708	-16	Feb 19
Fujairah	445	411	+34	505	532	-27	758	771	-13	Feb 19
Houston	373	421	-48	471	481	-10	674	722	-48	Feb 19

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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
- API for integration with your application, custom solutions available upon demand
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Latest News
- 2026-02-19
  Oil prices rise 2% to six-month high on concern over potential US-Iran conflict
  Oil prices rose about 2% on Thursday to their highest in six months, as traders worried about tensions between the U.S. and Iran, which stepped up military activity in the oil-producing Middle East. Brent futures were up $1.23, or 1.8%, to $71.58 a... Read more Oil prices rose about 2% on Thursday to their highest in six months, as traders worried about tensions between the U.S. and Iran, which stepped up military activity in the oil-producing Middle East.
  Brent futures were up $1.23, or 1.8%, to $71.58 a barrel at 1551 GMT. U.S. West Texas Intermediate (WTI) crude was up $1.34, or 2.1%, at $66.53.
  After advancing more than 4% on Wednesday, Brent is on track to close at its highest since July 31, while WTI is on track for its highest close since August 1.
  Oil prices got a boost from "geopolitical tensions and the worry that the U.S. is going to strike (Iran) in the near future," said Andrew Lipow, president of Lipow Oil Associates. "The market will continue to rally in anticipation of something happening."
  Iran planned a joint naval exercise with Russia on Thursday, Iran’s semi-official Fars news agency reported, days after the country shut down the Strait of Hormuz for a few hours for military drills. The Strait is a vital link for trade, with about 20% of global oil supply passing through it.
  President Donald Trump said the U.S. had to make a meaningful deal with Iran.
  "Good talks are being had. It’s proven to be, over the years, not easy to make a meaningful deal with Iran. We have to make a meaningful deal, otherwise bad things happen," Trump told the first meeting of his Board of Peace in Washington.
  
  The U.S. has deployed warships near Iran, with U.S. Vice President JD Vance saying Washington was considering whether it should continue diplomatic engagement with Tehran or pursue another option.
  Iran issued a notice to airmen that it planned rocket launches in areas across the south of the country on Thursday, according to the U.S. Federal Aviation Administration website.
  Some countries have asked their residents to leave Iran.
  SAUDI ARABIA AND UKRAINE
  Separately, crude oil exports from Saudi Arabia, the world’s largest oil exporter, fell to 6.988 million barrels per day, its lowest since September, data from the Joint Organizations Data Initiative showed on Thursday. Earlier this month, Reuters reported that OPEC+ was leaning toward a resumption in oil output increases from April.
  OPEC+ includes the Organization of the Petroleum Exporting Countries and other producers like Russia.
  Two days of peace talks in Geneva between Ukraine and Russia ended on Wednesday without a breakthrough, with Ukrainian President Volodymyr Zelenskiy accusing Moscow of stalling U.S.-mediated efforts to end the four-year-old war.
  U.S. crude and gasoline and distillate inventories fell last week, market sources said, citing American Petroleum Institute figures on Wednesday. That was contrary to expectations in a Reuters poll that crude stocks would rise by 2.1 million barrels in the week to February 13. Oil prices were up despite the Director of the International Energy Agency saying that oil demand growth is less than one million barrels per day and that a substantial surplus was expected.
  
  Official U.S. oil inventory reports from the Energy Information Administration are due at noon. [EIA/S]
  Source: Reuters/Investing.com
- 2026-02-19
  Fuel removed from grounded barge at Port of San Juan
  The US Coast Guard has announced that vessel salvors have now removed the fuel from the Defiant barge which grounded during bad weather on 9 February close to the entrance of the Port of San Juan harbour in Puerto Rico. The US Coast Guard, the Department... Read more
- 2026-02-19
  Compromising the NZF risks further deadlock, delays and a patchwork of regional regulations, warns new report
  Announcing the publication of a new report on the International Maritime Organization’s (IMO) Net-Zero Framework (NZF), Tristan Smith, Professor of Energy and Transport at UCL Shipping and Oceans Research Group, has argued that ‘pursuing compromise’ on... Read more
- 2026-02-19
  Østensjø Rederi’s new hybrid tug to feature Steerprop propulsion
  Spain’s GONDAN Shipbuilders has placed an order with Finland’s Steerprop for hybrid-capable azimuth units to be installed on a new tugboat – the first tug design from naval architect Skipsteknisk – for Norwegian shipowner Østensjø Rederi. In a statement... Read more
- 2026-02-19
  CMA CGM orders six LNG-powered boxships in India
  French container shipping giant CMA CGM has announced it has signed a shipbuilding contract with Cochin Shipyard Limited for six LNG-powered 1,700 TEU (twenty-foot equivalent unit) containerships to be built in India. The contract was signed during... Read more
- 2026-02-19
  GT Wings’ performance assessment methodology for AirWing Jet Sail receives LR verification
  Wind-assisted propulsion systems (WAPS) technology company GT Wings has announced it has secured Lloyd’s Register (LR) verification of sea trials performance assessment methodology for its AirWing Jet Sail technology. The announcement follows 10 months... Read more
- 2026-02-19
  Sulnox inks Panamanian distribution deal
  Marine fuel additive firm Sulnox has signed an agreement with Motor Plus Panama, S.A. for the distribution its products in the Port of Colón. Part of IHS Holding Group, Motor Plus is engaged in fuel distribution, bunkering, oil and product storage... Read more
- 2026-02-19
  MABUX: Bunker Weekly Outlook, Week 08, 2026.
  At the end of Week 08, the MABUX global bunker indices recorded a moderate decline. The 380 HSFO index decreased by USD 0.51, from USD 433.61/MT last week to USD 433.10/MT. The VLSFO index declined by USD 2.21, from USD 522.29/MT to USD 520.00/MT. The... Read more At the end of Week 08, the MABUX global bunker indices recorded a moderate decline. The 380 HSFO index decreased by USD 0.51, from USD 433.61/MT last week to USD 433.10/MT. The VLSFO index declined by USD 2.21, from USD 522.29/MT to USD 520.00/MT. The MGO LS index posted the most significant reduction, falling by USD 5.18, from USD 782.79/MT last week to USD 777.61/MT. At the time of writing, the global bunker market was characterized by mixed index movements.
  
  The MABUX Global Scrubber Spread (SS) — the price differential between 380 HSFO and VLSFO — entered a phase of moderate decline, decreasing by $1.70 (from $88.68 last week to $87.11), while remaining firmly below the psychological threshold of $100.00 (SS breakeven). At the same time, the weekly average value of the index increased by $2.78. In Rotterdam, the SS Spread widened by $6.00 ($48.00 versus $42.00 last week), while the port’s weekly average edged up by a marginal $0.17. In Singapore, the 380 HSFO/VLSFO differential narrowed by $9.00 (from $50.00 last week to $41.00), with the weekly average in the port declining by $5.00. Overall, the weekly dynamics of the SS Spread remained without a clearly defined trend. VLSFO continues to retain its position as the more cost-effective bunker fuel compared to the 380 HSFO + scrubber combination. We expect no significant changes in the SS Spread dynamics next week, with mixed index fluctuations likely to persist. More detailed information is available in the “Differentials” section at mabux.com.
  
  By the end of the week, the Istanbul ECA Spread (ES) increased by $5.00, rising from $80.00 last week to $85.00, and temporarily reaching $90.00 during the week. The weekly average also advanced by $3.34. In Venice, the ECA Spread declined by $3.00, from $90.00 to $87.00. However, the port’s weekly average increased by $3.16. Throughout the week, the ES indices in both ports remained close to the psychological threshold of $100.00. We expect the ECA Spread to maintain a pattern of mixed fluctuations next week. Detailed information is available in the “Differentials” section at mabux.com.
  
  Europe is projected to import a record volume of liquefied natural gas (LNG) this year, driven primarily by the need to replenish storage inventories and sustain ongoing pipeline exports to Ukraine. However, structural challenges persist. Two gas storage facilities in Germany are scheduled for closure after operators notified the federal government that continued operations are no longer economically viable. In contrast, China has been actively replenishing its own gas storage while overall LNG demand has remained subdued throughout most of 2025. Imports only accelerated in the final two months of the year, reflecting seasonal heating requirements. Amid ample supply availability and relatively weak domestic consumption growth, China is positioned to re-export surplus LNG volumes, including to Europe, thereby adding flexibility to global trade flows. In the near term, however, the approaching shoulder season and declining heating demand are expected to exert downward pressure on EU gas prices, partially offsetting the structural bullish factors associated with storage replenishment and supply-side adjustments.
  
  As of February 17, the level of natural gas in European underground storage facilities continued to decline, falling to 33.02% of total capacity, down a further 3.11 percentage points compared to the previous week. Storage levels are now 28.44 percentage points below those recorded on January 1, 2026 (61.46%). At the same time, storage fullness decreased to 22.29% in Germany and to 14.29% in the Netherlands. By the end of Week 8, the European gas benchmark TTF extended its downward trend, declining by 2.024 euros/MWh to 29.822 euros/MWh, compared to 31.846 euros/MWh last week, thereby falling below the 30.000 euros/MWh threshold.
  
  The price of LNG as a bunker fuel at the port of Sines (Portugal) declined over the week by USD 68.00, falling to USD 753/MT from USD 821/MT the previous week. The price differential between LNG and conventional fuel remains in favor of conventional fuel, narrowing to USD 11. As of February 16, MGO LS was quoted at USD 742/MT in the port of Sines. More detailed information is available in the “LNG Bunkering” section of mabux.com.
  
  At the close of Week 08, the MABUX Market Differential Index (MDI) — representing the ratio of Market Bunker Prices (MBP) to the MABUX Digital Bunker Benchmark (DBP) — reflected the following bunker price trends across the world’s крупнейшие hubs: Rotterdam, Singapore, Fujairah, and Houston:
  
  • 380 HSFO segment: Singapore moved into the overvalued zone, joining Fujairah, with the average weekly overvaluation increasing by 6 and 7 points, respectively. Rotterdam and Houston remained in the undervalued zone, with MDI levels declining by 4 points in Rotterdam and by 2 points in Houston. Singapore’s MDI remained close to the 100% correlation mark between MBP and DBP.
  
  • VLSFO segment: All ports continued to be undervalued, with the MDI declining further: by 5 points in Rotterdam, 1 point in Singapore, 7 points in Fujairah, and 6 points in Houston. Houston’s MDI approached the 100% correlation threshold between MBP and DBP.
  
  • MGO LS segment: All ports remained undervalued. The MDI decreased by an additional 1 point in Rotterdam, 8 points in Singapore, and 11 points in Fujairah, while increasing by 1 point in Houston.
  
  By the end of the week, the balance between undervalued and overvalued ports continued to shift toward overvaluation. In the 380 HSFO segment, two ports — Singapore and Fujairah — are now classified as overvalued. In the remaining bunker fuel segments, undervaluation levels continued to narrow, gradually approaching the 100% correlation mark between MBP and DBP. We expect this trend of diminishing undervaluation — with the potential for additional ports to enter the overvalued zone — to persist next week.
  
  More detailed information on the correlation between market prices and the MABUX Digital Bunker Benchmark is available in the “Digital Bunker Prices” section at mabux.com.
  
  Rotterdam’s competitive position as Europe’s largest bunker hub continues to weaken amid the uneven transposition of the EU Renewable Energy Directive III (RED III) across member states. The Netherlands has fully implemented the directive since the start of the year, effectively embedding compliance-related costs into bunker pricing structures. In contrast, delays in Belgium and Germany’s decision to exempt international bunker suppliers from RED III obligations have generated a clear regulatory asymmetry within the ARA cluster. This divergence is now directly reflected in regional price spreads. As of 18 February, Rotterdam’s VLSFO was assessed at a $20/MT premium to Antwerp and at parity with Hamburg. For a hub that has historically benefited from a structural pricing discount driven by scale, infrastructure depth, and liquidity, such a configuration represents a material shift. The current pricing structure suggests an erosion of Rotterdam’s traditional competitive edge rather than a temporary market distortion. Demand-side fundamentals reinforce this assessment. Throughout January, market participants reported a sustained decline in enquiry activity and finalized stem volumes in Rotterdam, with some operators describing conditions as critically subdued. Evidence points to a measurable redirection of bunker demand toward Antwerp and Hamburg, where a less burdensome regulatory framework translates into more competitive delivered prices. Current projections indicate a potential 10–15% year-on-year contraction in Rotterdam bunkering volumes, with incremental flow redistribution toward Antwerp, Hamburg, and Dunkirk. Given Rotterdam’s significant throughput base, even a contraction at the lower end of this range would materially affect the regional supply-demand balance. Combined with softer outright fuel prices and persistent demand weakness, the probability of structural oversupply extending into Q3 is increasing. Under such conditions, inventory accumulation is likely to intensify downward pressure on margins and price levels, accelerating the ongoing structural reconfiguration of the Northwest European bunker market.
  
  We believe that the global bunker market currently lacks drivers capable of forming a sustainable trend. Bunker indices will continue to fluctuate in different directions next week.
  Source: MABUX
- 2026-02-19
  Oil prices extend gains on concerns of potential US-Iran conflict
  Oil prices rose in Asian trade on Thursday as the U.S. and Iran attempted to ease a standoff in talks over Tehran’s nuclear programme while both sides heightened military activity in the key oil-producing region. Brent futures climbed 24 cents, or 0.3%... Read more Oil prices rose in Asian trade on Thursday as the U.S. and Iran attempted to ease a standoff in talks over Tehran’s nuclear programme while both sides heightened military activity in the key oil-producing region.
  Brent futures climbed 24 cents, or 0.3% to $70.59 a barrel by 0415 GMT, while U.S. West Texas Intermediate (WTI) crude gained 28 cents, or 0.4%, to trade at $65.47 a barrel.
  Both benchmarks settled more than 4% higher on Wednesday, posting their highest settlements since January 30, as traders priced in potential supply disruptions amid concerns of U.S.-Iran conflict.
  The main concern for the oil market is that a flare-up in tensions could disrupt shipping in the Strait of Hormuz, ANZ analysts said in a note. About 20% of the world’s oil consumption passes through the waterway.
  "Tensions between Washington and Tehran remain high, but the prevailing view is that full-scale armed conflict is unlikely, prompting a wait-and-see approach," said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities.
  "U.S. President Donald Trump does not want a sharp rise in crude prices, and even if military action occurs, it would likely be limited to short-term air strikes," Kikukawa added.
  A little bit of progress was made during Iran talks in Geneva this week but distance remained on some issues, the White House said on Wednesday, adding that Tehran was expected to come back with more details in a couple of weeks.
  
  Iran issued a notice to airmen (NOTAM) that it plans rocket launches in areas across its south on Thursday from 0330 GMT to 1330 GMT, according to the U.S. Federal Aviation Administration website.
  At the same time, the U.S. has deployed warships near Iran, with U.S. Vice President JD Vance saying Washington was weighing whether to continue diplomatic engagement with Tehran or pursue "another option".
  Satellite images show that Iran has recently built a concrete shield over a new facility at a sensitive military site and covered it in soil, experts say, advancing work at a location reportedly bombed by Israel in 2024.
  Iranian state media reported the country had shut down the Strait of Hormuz for a few hours on Tuesday, without making clear whether the waterway had fully reopened.
  Meanwhile, two days of peace talks in Geneva between Ukraine and Russia ended on Wednesday without a breakthrough, with Ukrainian President Volodymyr Zelenskiy accusing Moscow of stalling U.S.-mediated efforts to end the four-year-old war.
  U.S. crude and gasoline and distillate inventories fell last week, market sources said, citing American Petroleum Institute figures on Wednesday, contrary to expectations in a Reuters poll that crude stocks would rise by 2.1 million barrels in the week to February 13.
  Official U.S. oil inventory reports from the Energy Information Administration are due on Thursday. [EIA/S] Source: Reuters/Investing.com
- 2026-02-19
  After Years of Buybacks, Big Oil is Drilling Again
  After years of prioritizing returning cash to shareholders, oil supermajors are about to do something few expected: turning to growth as a top priority. The reason: contrary to dominant expectations, oil and gas will continue to be needed for decades. For... Read more After years of prioritizing returning cash to shareholders, oil supermajors are about to do something few expected: turning to growth as a top priority. The reason: contrary to dominant expectations, oil and gas will continue to be needed for decades.
  
  For years, analysts from some of the most reputable organizations have been predicting a pending decline in oil demand specifically, but also gas demand. The predictions, notably from the International Energy Agency, were based on projections about a widespread adoption of electric vehicles that would undermine demand for fuels, and a steady and accelerating shift to wind and solar for power generation, undermining demand for natural gas. Only none of these projections materialized.
  
  EV adoption happened at a massive scale only in China, thanks to a steady and abundant flow of subsidies. Yet even that massive adoption of EVs did not lead to peak oil demand in China. It only contributed to a slowdown in demand growth. Elsewhere, EVs have struggled, with carmakers incurring tens of billions in losses—so now some are bringing back diesel models.
  
  Last November, the International Energy Agency walked back its prediction that crude oil demand growth would peak before 2030. Because the IEA’s reports are so closely followed, one could say that the game for Big Oil changed overnight—although in fairness, it had been changing for a while already, as bold transition prediction after bold transition prediction failed. The industry was already pivoting away from its low-carbon experiments and quietly, or not so quietly, refocusing on its core business. Now, it seems the time has come to start thinking big again. And shareholders are fine with it.
  
  “We think investors are likely to focus more on growth than distributions going forwards,” RBC Capital analyst Biraj Borkhataria said in a recent note, as quoted by the Financial Times. The key theme for Big Oil this quarter, the analyst also said, was expanding their oil reserves in order to be able to expand production—despite the persistent near-term forecasts of oversupply.
  
  The reserve replacement issue has been on the backburner in the past few years. That was because the supermajors were trying to reinvent themselves as low-carbon energy suppliers and traders, although their overall success in these ventures has been mixed. All this was done because the global analyst community saw no long-term future in oil and gas. Now, reserve replacement is once again in the spotlight, because oil and gas do, in fact, have a long-term future.
  
  “If I were to look back, I wish we had not walked away from Guyana when we did. That is the honest truth,” Shell’s chief executive Wael Sawan said during this quarter’s earnings call. Now, Shell is “hungry for growth”, according to its top executive—and it is not the only one. Once again, the U.S. majors are better positioned, not just in Guyana but elsewhere as well. This is mostly the result of the different pace of growth in climate-related policies in European countries and in the United States, which gave Exxon, Chevron, ConocoPhillips and the rest of the industry more freedom in choosing where to invest their money.
  
  Yet now that the European majors have also realized they need to show their shareholders a sustainable business model rather than just keep boosting dividends, there are going to be some changes in investment decision-making there. Shell’s Sawan is talking about acquisitions, because that’s the fastest way to expand your reserve base. Fellow supermajor BP has been making new oil discoveries, the latest announced just this month, in Angola. Norway’s Equinor is planning a major international expansion to boost its reserves.
  
  When the latest earnings season began, media rushed to warn their readers that Big Oil was about to report its weakest results in years as oil prices shed a cumulative 20% last year. That was bound to be reflected in annual financial results. And it was—but it did not seem to lead to shareholder outrage and demands for a reversal of the current course.
  
  “The last thing they [Big Oil] will do is cut dividends. They will reduce the buybacks if they have any buybacks and they may have to taper their capital program.” That’s what one senior S&P Global analyst, the chief energy strategist of S&P Global Energy, told CNBC.
  
  In fact, it appears that the last thing Big Oil would do is keep prioritizing shareholder returns at the expense of growth—the shareholders themselves are demanding growth as a means of ensuring the long-term flow of those dividends that analysts joked in recent years were the only thing keeping any investors in Big Oil companies. They are not joking anymore.
  
  “A year of upstream energy abundance lies in store in 2026, but with potential bottlenecks downstream,” Rystad Energy said in its predictions for this year. It then went on to add, “We can thus expect to see depressed primary energy prices, albeit with potential for healthy margins in some energy carrier and storage segments. However, the deeper primary energy prices fall in 2026, the more they will rebound in 2027 and 2028.” The supply squeeze seems to be on its way. Source: Oilprice.com

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