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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
863.00
0.00
930.00
+5.00
Jul 6
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	863.00	0.00	930.00	+5.00	Jul 6

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
539.99	-3.51	675.55	-7.43	1 070.46	+3.27	Jul 7

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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	440	525	-85	565	573	-8	930	1 122	-192	Jul 7
Singapore	445	551	-106	647	646	+1	904	1 115	-211	Jul 7
Fujairah	460	487	-27	635	538	+97	1 185	1 178	+7	Jul 7
Houston	440	527	-87	562	604	-42	943	1 057	-114	Jul 7

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Latest News
- 2026-07-07
  Oil prices gain as UKMTO says tanker struck by projectile in Hormuz
  Oil prices gained on Tuesday, after a tanker transiting the Strait of Hormuz was struck by an unidentified projectile, the United Kingdom Maritime Trade Operations agency said. Track real-time oil prices and expert energy market analysis with InvestingPro... Read more Oil prices gained on Tuesday, after a tanker transiting the Strait of Hormuz was struck by an unidentified projectile, the United Kingdom Maritime Trade Operations agency said.
  
  Track real-time oil prices and expert energy market analysis with InvestingPro - now 60% off
  
  The vessel is believed to have structural damage, the UKMTO said, adding that there have been no casualties or environmental impact reported. Ships sailing through the strait were advised to "transit with caution," the UKMTO flagged.
  
  By 10:12 ET (14:12 GMT), Brent crude futures, the global oil benchmark, had risen by 2.7% to $73.93 a barrel, while U.S. West Texas Intermediate crude futures had advanced by 2.5% to $70.29 a barrel.
  
  Earlier, the U.K. Maritime Trade Operations agency said it had received a report from a tanker traveling south near the Omani coast that was hit by an unidentified projectile, triggering a fire. Iran has made no official claim for the attack, although anonymous sources quoted by Iranian state television suggested that assault targeted a tanker carrying natural gas from Qatar.
  
  Axios, citing two U.S. officials, also reported that Iran’s military fired at least two missiles at commercial ships transiting the Strait of Hormuz on Monday night, ending a week-long halt in attacks under a U.S.-Iran understanding. The U.S. is likely to retaliate with strikes against Iranian targets, the report said.
  
  Iran has said any vessel attempting to traverse the Strait of Hormuz must use routes approved by Tehran, adding that interference from the U.S. would be met with "a rapid and decisive action."
  
  The reported attacks came after a one-week agreement between Washington and Tehran to suspend attacks in the strait expired, placing a memorandum of understanding signed less than three weeks ago at risk of unraveling, Axios said.
  
  Crude prices have retreated since the signing of the interim peace deal in June. After the onset of the conflict in late February, oil prices surged, surpassing $110 a barrel at one point and driving concerns over a global burst of inflation.
  
  Recent data points have indicated that flows are beginning to once again move through the strait, although it remains unclear if flows have fully recovered. Along with Iran’s nuclear ambitions and fighting between Israel and Tehran-backed Hezbollah militants in Lebanon, control of the Strait of Hormuz has become a major issue in peace negotiations. Iran has demand that it retain some control over the strait, a vital chokepoint for global shipping. The U.S. has rebuffed these demands.
  
  "Oil prices are back to pre-conflict levels, even though the Strait of Hormuz is still only seeing a fraction of traffic go through. There is still supply-chain stress here," analysts at Deutsche Bank including Henry Allen said in a note.
  
  But any uptick in oil prices was mitigated by the prospect for increased global oil supplies. The Organization of the Petroleum Exporting Countries and its allies, including Russia, agreed on Sunday to raise its production targets by 188,000 barrels per day from August, following similar increases in June and July.
  
  Meanwhile, the United Arab Emirates, which ditched OPEC+ output quotas in May, said it had lifted crude production by more than 3.8 million barrels per day in June -- topping levels before the start of the Iran war.
  
  Saudi Aramco also cut the August official selling price of its flagship Arab Light crude for Asia to a discount against the regional benchmark for the first time since 2020, highlighting intensifying competition for market share as Gulf exports recover. Source: Investing.com
- 2026-07-07
  Global gas demand to fall 0.5% in 2026, IEA says
  Global natural gas consumption is forecast to decline 0.5% this year, mainly due to higher prices that are reducing demand from power generators and industry after the U.S.-Iran conflict tightened supplies, the International Energy Agency said Tuesday. The... Read more Global natural gas consumption is forecast to decline 0.5% this year, mainly due to higher prices that are reducing demand from power generators and industry after the U.S.-Iran conflict tightened supplies, the International Energy Agency said Tuesday.
  
  The agency said global gas demand is expected to drop by around 20 billion cubic metres in 2026, marking the third annual decline this decade following decreases in 2020 and 2022, according to its third-quarter 2026 Gas Market Report.
  
  Gas demand in Asia fell around 1% year-on-year in the first half of 2026 as higher prices encouraged fuel switching, particularly to coal in the power sector.
  
  Europe’s benchmark TTF price and Asia’s Platts JKM benchmark both recorded their highest average second-quarter prices since 2022. TTF rose 32% year-on-year to average nearly $16 per million British thermal units, while spot LNG prices in Asia increased 45% to an average of $17.5 per mmBtu.
  
  The U.S.-Iran conflict has sharply reduced liquefied natural gas flows through the Strait of Hormuz, a shipping route that typically carries about 20% of global LNG supplies.
  
  Global LNG supply for the full year is expected to remain broadly unchanged from 2025 as increased production in other regions offsets disruptions in the Gulf.
  
  If the Strait is not fully reopened before the start of the fourth quarter, global LNG supply could record its first annual decline since 2012, the report said.
  
  LNG supply from Qatar and the United Arab Emirates has fallen sharply, with output down almost 80% in the March-June period compared with the same four months in 2025. Source: Reuters/Investing.com
- 2026-07-07
  Tanker struck by projectile off Oman
  The UK Maritime Trade Operation Centre (UKMTO) has reported that a tanker was hit by a projectile yesterday (6 July) at a position some eight nautical miles east of Limah, Oman, while local media outlets have identified the vessel as a Qatari state-owned... Read more
- 2026-07-07
  ES | ECSA: EU ETS Directive review should mandate Member States to use some ETS revenues for shipping’s decarbonisation
  European Shipowners | ECSA, which is pressing for the European Commission’s upcoming review of the EU Emissions Trading System (ETS) to compel EU Member States to allocate a portion of their EU ETS revenues to sustainable fuels’ development, has published... Read more
- 2026-07-07
  Grimaldi presents ammonia-ready PCTC Grande Istanbul in Türkiye
  Italy’s Grimaldi Group last week presented its ‘ammonia-ready’ pure car and truck carrier Grande Istanbul in Türkiye. The vessel, which is one of 17 ammonia-ready PCTCs that Grimaldi is adding to its fleet, was presented at a ceremony held on Thursday... Read more
- 2026-07-07
  Capital Ship Management takes delivery of methanol-ready crude oil tanker
  Capital Ship Management Corp. has announced it recently took delivery of the methanol-ready 157,000 DWT Suezmax crude oil tanker, M/T Archigos. Built by HD Hyundai Samho Shipyard, South Korea, the vessel is one of two sister vessels scheduled to be... Read more
- 2026-07-07
  WMU and MPA renew commitment to maritime education, manpower development
  The World Maritime University (WMU) and Maritime and Port Authority of Singapore (MPA) have signed a Memorandum of Understanding (MOU) reaffirming their commitment to nurturing and developing maritime leaders and contributing to capacity development for... Read more
- 2026-07-07
  New European association aims to ‘create greater opportunities for women across every area of the maritime sector’
  The Women in Maritime Association (WIMA) Europe, which was officially launched in Batumi, Georgia last month, is looking to ‘bring together professionals, educators, industry leaders, and institutions with a shared vision of strengthening the role of... Read more
- 2026-07-07
  Oil prices gain as focus shifts to supply recovery and demand
  Oil prices edged higher on Tuesday, but gains were limited as traders looked beyond easing geopolitical tensions in the Middle East and turned their attention to supply increases and demand prospects. Brent crude futures gained 28 cents, or 0.39%,... Read more Oil prices edged higher on Tuesday, but gains were limited as traders looked beyond easing geopolitical tensions in the Middle East and turned their attention to supply increases and demand prospects.
  
  Brent crude futures gained 28 cents, or 0.39%, to $72.29, and U.S. West Texas Intermediate crude rose to $68.84 a barrel, up 29 cents, or 0.26% as of 0046 GMT, after settling down to around pre-Iran war levels on Monday.
  
  "The steps towards recovery in supply have eased the immediate risk premium, but the market remains wary of putting too much faith in the stability of the current truce given the on again-off again nature of U.S.-Iran relations," said Tim Waterer, chief market analyst at KCM Trade.
  
  President Donald Trump said on Monday the United States would either reach a deal with Iran or "finish the job," renewing his threat of military action as Tehran projects defiance following the funeral of former Supreme Leader Ayatollah Ali Khamenei.
  
  Investors have been keeping a close eye on talks between the U.S. and Iran over the fate of shipping through the Strait of Hormuz while tracking the recovery in Gulf oil exports.
  
  The United Arab Emirates raised crude output above 3.8 million bpd in June, its highest since April 2020 and above pre-Iran war levels, after leaving OPEC+ production quotas in May, according to Reuters estimates.
  
  "We will be watching for early signs of demand response, particularly from China. The market has priced in a lot of the positive supply news, so the next leg in oil prices will depend on whether physical reality matches the optimistic headlines," Waterer added.
  
  The Organization of the Petroleum Exporting Countries and its allies including Russia agreed on Sunday to further increase output targets by 188,000 bpd from August, on top of similar increases for June and July.
  
  Saudi Arabia cut the August official selling price (OSP) for its flagship Arab Light crude to Asia to $1.50 a barrel below the Oman/Dubai average, an $11 cut from the previous month and the biggest drop in more than two decades, according to a Saudi Aramco pricing statement released on Monday.
  
  Source: Reuters/Investing.com
- 2026-07-07
  North America Drove Nearly Half Of Global Emissions Growth In 2025
  The Energy Institute has released the 2026 Statistical Review of World Energy, published in partnership with Ember and in collaboration with KPMG and Kearney. The Statistical Review was previously published for more than 70 years by BP, and it remains... Read more The Energy Institute has released the 2026 Statistical Review of World Energy, published in partnership with Ember and in collaboration with KPMG and Kearney. The Statistical Review was previously published for more than 70 years by BP, and it remains one of the most useful annual references for understanding the global energy system.
  
  The full report and data can be found at this link.
  
  Over the next month, I will dig into the major categories in the report, including oil, natural gas, coal, renewables, electricity, and carbon dioxide emissions. But the first lesson from the 2026 edition is broad and uncomfortable: the world continues to add clean energy at an impressive pace, but total energy demand is still growing fast enough that fossil fuel consumption and carbon emissions continue to rise.
  
  That has been the recurring theme of the energy transition. The problem is not that renewables are failing to grow. Solar and wind are growing rapidly. Batteries are scaling. Low-carbon electricity is gaining share. The problem is that global energy demand keeps rising, and new clean energy is still being layered on top of a system dominated by oil, natural gas, and coal.
  
  In 2025, global total energy supply rose from 592.2 exajoules to 600.3 exajoules, an increase of about 1.4%. Renewable energy rose much faster in percentage terms, increasing nearly 10%. But in absolute terms, renewables added about 3.2 exajoules, while total energy supply increased by about 8.1 exajoules.
  
  That arithmetic explains much of the global emissions picture. Renewables grew quickly, but not quickly enough to cover all new demand and reduce fossil fuel use at the same time.
  
  Oil, natural gas, and coal all increased in 2025. Combined fossil fuel supply rose by about 4.6 exajoules, accounting for more than half of the total increase in global energy supply.
  
  Fossil Fuels Still Dominate
  
  In 2025, oil remained the world’s largest energy source at 201.0 exajoules. Natural gas increased to 150.7 exajoules, while coal rose to 166.0 exajoules. Combined, those three fossil fuels supplied about 518 exajoules of global energy.
  
  That means fossil fuels still accounted for roughly 86% of global total energy supply in 2025. Renewables, despite rapid growth, accounted for about 5.9%. Nuclear supplied about 5.2%, and hydroelectricity supplied about 2.7%.
  
  Those shares explain why the transition remains so difficult. Renewables can grow at a high percentage rate and still represent a relatively small share of total energy supply. When the starting base is smaller, even rapid growth takes time to reshape the overall system.
  
  There is a common misunderstanding in energy discussions. Many people assume that if solar and wind are growing quickly, fossil fuels must be shrinking. That is not what the data show. In a growing energy system, both can happen at once. Renewables can rise sharply, while fossil fuel use also rises.
  
  That is exactly what happened in 2025.
  
  North America’s Emissions Warning
  
  One of the most striking findings in this year’s Statistical Review is that North America was responsible for nearly half of the global increase in carbon dioxide emissions. According to the Energy Institute, North America accounted for 47% of the 2025 global increase in emissions, with U.S. emissions rising 3.2%.
  
  Energy & Utilities
  
  That is a notable reversal from the long-term U.S. trend. U.S. emissions have generally declined from their peak, helped by coal-to-gas switching, efficiency improvements, renewable growth, and changes in the industrial mix. But 2025 showed that emissions progress is not guaranteed.
  
  A 13% increase in U.S. coal-fired generation contributed significantly to the increase. At the same time, U.S. electricity demand rose 3%, broadly in line with the global average. The U.S. also accounted for 40% of global data center electricity consumption, underscoring the growing energy footprint of artificial intelligence, cloud computing, and digital infrastructure.
  
  This creates a difficult tension. The U.S. added renewable power, with solar generation growing more than 28%. Renewables provided more than 19% of U.S. electricity, and the U.S. now hosts almost 19% of global installed battery capacity. Yet emissions still rose because electricity demand increased and coal generation rebounded.
  
  Solar certainly has not failed. But clean energy growth has to be large enough to meet new demand while also displacing existing fossil fuel consumption. In 2025, that did not happen.
  
  The U.S. Energy Advantage
  
  The report also highlights North America’s strengthening position in global energy markets. Oil and natural gas together supplied more than three-quarters of the region’s energy, supported by abundant domestic resources, especially U.S. shale production.
  
  The United States remained the world’s largest oil and gas producer in 2025, supplying nearly 21% of global oil production and 26% of global natural gas production. The U.S. has produced more natural gas than it consumes since 2016, and in the past three years it has produced more oil than it consumes.
  
  That has major geopolitical and economic consequences. North America benefits from energy abundance, relatively low natural gas prices, and a powerful export position. The U.S. accounted for more than 25% of global LNG exports and 23% of global oil product exports.
  
  This is a sharp contrast with import-dependent regions such as Europe, where high energy costs and geopolitical vulnerability have shaped energy policy since Russia’s invasion of Ukraine.
  
  But energy abundance comes with a tradeoff. A region that produces, consumes, and exports large quantities of fossil fuels will also struggle to reduce emissions quickly unless low-carbon energy scales faster than demand growth.
  
  A Diverging Global System
  
  The 2026 Statistical Review shows an energy system moving in several directions at once.
  
  Asia Pacific remained by far the largest energy-consuming region, with total energy supply rising to 283.8 exajoules. China alone accounted for 162.2 exajoules, more than one-quarter of the global total. India’s energy supply continued to rise, reaching 39.1 exajoules.
  
  North America’s total energy supply rose to 113.7 exajoules, led by the United States. Europe’s energy supply was essentially flat, rising only modestly to 72.1 exajoules, while the Middle East and Africa both continued to grow.
  
  This regional divergence is one of the defining features of the modern energy system. Europe is trying to reduce fossil fuel dependence. North America is strengthening its role as an oil and gas exporter while also expanding renewables. China is building more renewable energy than any other country while still consuming huge amounts of coal. India and other developing economies are increasing energy consumption as they grow.
  
  There is no single global energy transition. There are regional transitions, shaped by resource endowments, politics, income levels, industrial structure, security concerns, and affordability.
  
  The Solar Breakthrough Is Real
  
  The most encouraging trend in the report is the continued rise of solar power. In the United States, solar grew more than 28% in 2025. Globally, renewables increased from 32.2 exajoules to 35.4 exajoules. That was the fastest-growing major energy category in the data.
  
  Solar is no longer a niche contributor. In many regions, it is now one of the cheapest sources of new electricity. Batteries are also becoming more important, helping shift solar output into higher-value hours and improving grid flexibility.
  
  But deployment alone is not enough. Grids, storage, transmission, backup generation, permitting, and demand management must all keep pace. Otherwise, renewable growth can be constrained by the physical limits of the power system.
  
  The next phase of the transition will be less about whether solar can grow. It clearly can. The harder question is whether the rest of the system can adapt quickly enough to convert renewable growth into sustained fossil fuel displacement.
  
  The Big Picture
  
  The 2026 Statistical Review tells a familiar story, but with new urgency. The world is producing and consuming more energy than ever. Renewables are growing rapidly. Solar is breaking through. Batteries are scaling. Low-carbon electricity is gaining ground.
  
  But oil, natural gas, and coal are still growing too.
  
  That is why global emissions continue to rise. The world is not yet replacing fossil fuels quickly enough. It is adding clean energy into a system where total demand keeps expanding.
  
  The transition is real, but so is the scale of the incumbent energy system. Fossil fuels still supply roughly 86% of global total energy. That share will not fall quickly unless clean energy growth accelerates, efficiency improves, electrification expands, and total fossil fuel demand begins to decline.
  
  In the coming articles, I will dig deeper into the individual fuels and regional trends. But the overview from this year’s Statistical Review is clear: the world made impressive progress in clean energy in 2025, yet the overall system still moved further into record territory for energy consumption and emissions.
  
  The energy transition is advancing. It just is not yet advancing fast enough to stop emissions from rising. Source: Oilprice.com

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