Mabux: Global Bunker Prices

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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
1 449.00
+93.00
1 425.00
+40.00
Sep 7
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	1 449.00	+93.00	1 425.00	+40.00	Sep 7

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
682.68	+9.89	841.58	+11.63	1 486.31	+22.60	Sep 11

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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	610	740	-130	710	841	-131	1 425	1 628	-203	Sep 11
Singapore	685	783	-98	878	965	-87	1 320	1 621	-301	Sep 11
Fujairah	680	730	-50	930	905	+25	1 502	1 684	-182	Sep 11
Houston	542	734	-192	765	880	-115	1 420	1 600	-180	Sep 11

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Analytical Section
- Daily and Weekly Bunker analyses and Future Curves
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Latest News
- 2026-09-11
  BIMCO: Likelihood of agreement on NZF this year is ‘questionable’
  BIMCO has warned that despite ‘some sporadic signs of willingness to compromise’ during last week’s ISWG-GHG 22, disagreements on aspects of the IMO Net Zero Framework (NZF) mean that ‘convergence… seems challenging’ and it is ‘questionable if there is... Read more
- 2026-09-11
  Port of Long Beach reports busiest August on record
  The Port of Long Beach has recorded its busiest August on record and the fifth-strongest month in its 115-year history. The Californian port moved 919,992 twenty-foot equivalent units (TEU) last month, up 2% from August 2025. Imports rose 3.6% to... Read more
- 2026-09-11
  ABS opens support facility in Bergen
  Classification and technical advisory services provider ABS has officially opened a new offshore and marine support centre in Bergen, Norway. In a statement issued yesterday (10 September), John McDonald, ABS Chairman and CEO, said: ‘We see Norway... Read more
- 2026-09-11
  BC Ferries cleared to apply price cap balance to offset fuel costs
  The BC Ferries Commissioner has approved British Columbia-based BC Ferries’ request to apply its price cap balance as of 30 September to offset higher fuel costs. In a statement issued yesterday (10 September), BC Ferries explained that: ‘The price... Read more
- 2026-09-11
  First TTS LNG bunker delivery to Baleària vessel in Tenerife
  The Port of Tenerife has played host to the first truck-to-ship (TTS) LNG bunker operation of a Baleària vessel. The bunkering, which took place yesterday (10 September) at the Canary Islands port, saw the Spanish ferry company’s Mercedes Pinto fast... Read more
- 2026-09-11
  New dual-fuel LNG carrier named at SHI shipyard
  Kawasaki Kisen Kaisha, Ltd. (“K” LINE) has announced that a naming ceremony for the newbuilding LNG carrier Toho Emerald was held at a Samsung Heavy Industries (SHI) facility in South Korea on Wednesday (9 September). The carrier is owned by T.K. LNG... Read more
- 2026-09-11
  Oil prices set to end week above $100 for first time in nearly 4 months
  Oil prices rose on Friday and both major benchmarks are on track to end the week above $100 a barrel for the first time since mid-May, as increasing attacks along key shipping routes in the Middle East fuel fears of a prolonged disruption to supplies. Brent... Read more Oil prices rose on Friday and both major benchmarks are on track to end the week above $100 a barrel for the first time since mid-May, as increasing attacks along key shipping routes in the Middle East fuel fears of a prolonged disruption to supplies.
  
  Brent crude futures rose 81 cents, or 0.8%, to $108.44 a barrel by 0345 GMT. U.S. West Texas Intermediate crude rose 69 cents, or 0.7%, to $103.17 a barrel. Both benchmarks rose more than 6% on Thursday.
  
  On a weekly basis, the benchmarks were trading nearly 13% higher — the steepest gain since the week ended July 17.
  
  Iran-aligned Houthis seized control of Yemen’s port of Mocha on Thursday, posing a further threat to Red Sea traffic, while Gulf traffic remains restricted through the Strait of Hormuz as tanker attacks in the region have intensified in recent days.
  
  Attacks from Yemen on Saudi energy facilities marked an escalation beyond Iran and the Strait of Hormuz and raised fears of prolonged disruptions in the broader region, analysts say.
  
  "While meaningful volumes are still moving through the Strait of Hormuz, flows remain well below pre‑war levels, underscoring how fragile the situation has become," ING analysts said in a note.
  
  U.S. DIESEL PRICES SURPASS $6 A GALLON
  
  Oil supply disruptions due to the U.S.-Iran war, along with Ukrainian attacks on Russia’s refineries, pushed the U.S. national average diesel price past $6 a gallon for the first time ever on Thursday, according to price tracker GasBuddy.
  
  Still, U.S. President Donald Trump has not shown any signs of easing attacks on Iran. He warned the U.S. may hit Iran’s Pickaxe Mountain near its heavily damaged Natanz uranium enrichment facility, but said he thought the war would end immediately after the November midterm elections.
  
  Iran said it had attacked 10 ships near the Strait of Hormuz on Wednesday, after the U.S. hit five Iranian oil tankers. Iran’s Islamic Revolutionary Guard Corps said it would escalate its response to any further attacks.
  
  "With events spiralling and Iran showing it is willing to stretch this conflict as wide and as long as it can, it is becoming increasingly likely that WTI crude will retest the $119.48 high from early March," IG analyst Tony Sycamore said.
  
  Analysts said the rally’s durability will hinge on China, the world’s largest crude importer. If China continues to buy, it could amplify the impact of supply disruptions and drive prices higher.
  
  OPEC lowered its forecast for world oil demand growth in 2026 to 380,000 barrels per day, a copy of its monthly report showed, marking the fifth straight downward revision. OPEC oil output fell by 640,000 bpd in August, a Reuters survey found.
  
  "The next leg in oil will depend less on headlines and more on whether physical flows improve or deteriorate further," said Phillip Nova analyst Priyanka Sachdeva.
  
  "The question now is whether the market can stabilise below $120, or whether another wave of supply disruption pushes crude into a completely new price regime." Source: Reuters/Investing.com
- 2026-09-11
  U.S. Crude Inventories Fall As Brent Prices Soar
  Crude oil inventories in the United States saw a decrease of 400,000 barrels during the week ending September 4, according to new data from the U.S. Energy Information Administration (EIA) released on Thursday. The decrease brings commercial stockpiles... Read more Crude oil inventories in the United States saw a decrease of 400,000 barrels during the week ending September 4, according to new data from the U.S. Energy Information Administration (EIA) released on Thursday. The decrease brings commercial stockpiles to 424.1 million barrels, according to government data, which are now on par with the five-year average for this time of year.
  
  The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories had fallen by 300,000 barrels in the period.
  
  Crude futures were trading up at 11:50 a.m. in New York; Brent futures were trading at $106 per barrel—up $4.79 (+4.73%) on the day but up roughly $12 per barrel from this same time last week. WTI was also trading up on the day, by $4.45 per barrel (+4.63%) on Thursday morning at $100.50, up about $11 per barrel since this time last week.
  
  For total motor gasoline, the EIA reported that inventories increased by 1.3 million barrels, after falling by 1.2 million barrels in the week prior. The most recent figures showed that average daily gasoline production fell to 9.3 million barrels. For middle distillates, inventories increased by 2.1 million barrels with production increasing to an average of 5.3 million barrels daily. Distillate inventories are now 13% below the five-year average.
  
  Total products supplied—a proxy for U.S. oil demand—averaged 20.1 million barrels per day over the last four weeks, down 3.7% compared to the same period last year. Gasoline demand averaged 8.8 million barrels per day over the last four weeks, with the distillate four-week average supplied averaging 3.7 million barrels—down 2.6% year over year. Source: Oilprice.com
- 2026-09-11
  MABUX: Global bunker market set to extend upward trend on Sep. 11 amid escalating Middle East tanker attacks.
  The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO – continued its upward trajectory on Sep. 10 for the fourth consecutive session: 380 HSFO: USD/MT: 672.79 (+12.48) VLSFO: USD/MT: 829.95 (+5.97) MGO:... Read more The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO – continued its upward trajectory on Sep. 10 for the fourth consecutive session:
  
  380 HSFO: USD/MT: 672.79 (+12.48)
  VLSFO: USD/MT: 829.95 (+5.97)
  MGO: USD/MT: 1 463.71 (+8.54)
  
  As of Sep. 10, the MABUX Market Differential Index (MDI), which measures the spread between Market Bunker Prices (MBP) and the MABUX Digital Bunker Benchmark (DBP), registered the following trends across the four major global bunkering hubs—Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: All four ports remained underpriced. MDI discounts widened by $15 in Rotterdam, $9 in Singapore, $10 in Fujairah, and $24 in Houston. Houston’s MDI discount remained above the $100 mark, while Rotterdam also exceeded this threshold.
  
  • VLSFO segment: Fujairah remained the only overpriced port, although its premium narrowed by $10. The other three ports stayed underpriced, with MDI discounts widening by $33 in Rotterdam, $26 in Singapore, and $20 in Houston. Rotterdam’s MDI discount moved above the $100 threshold.
  
  • MGO LS segment: All four ports remained in the underpriced zone. MDI discounts widened by $33 in Rotterdam, $30 in Singapore, $23 in Fujairah, and $31 in Houston. MDI discounts remained well above the $100 mark across all four hubs.
  
  The global bunker market is expected to maintain its upward momentum on Sep. 11, supported by escalating geopolitical and supply-risk concerns following tanker attacks in the Middle East. The incidents are likely to reinforce the regional risk premium and provide additional upside support to bunker fuel prices:
  380 HSFO: plus 5-15 USD/MT, VLSFO: plus 5-20 USD/MT, MGO LS: plus 3–25 USD/MT.
  Source: MABUX
- 2026-09-11
  Permian Gas Has Been Worth Less Than Nothing for 118 Days This Year
  Outside Pecos, Texas, Chevron is getting ready to build a power plant to solve a problem the Permian Basin has been stuck with for years, which is that it produces far more natural gas than anyone nearby is willing to pay for. Chevron's subsidiary,... Read more Outside Pecos, Texas, Chevron is getting ready to build a power plant to solve a problem the Permian Basin has been stuck with for years, which is that it produces far more natural gas than anyone nearby is willing to pay for.
  
  Chevron's subsidiary, Energy Forge One, signed a 20-year agreement with Microsoft in June to build a gas-fired plant beside a data center campus, ramping up to roughly 2.67 gigawatts. The final investment decision is due by the end of this year, with power flowing in 2028.
  
  One deal in one county doesn't make a trend, but it does show how three separate energy problems in West Texas, all of them years in the making, are starting to find the same customer.
  
  Most of the talk out of Midland this year has been about restraint, with fewer rigs, tighter budgets and what one trade publication called a transition to slower, more disciplined growth. That describes the oil side well enough, but it misses what's happening with gas.
  
  WTI averaged $65 a barrel in 2025 and roughly $84 through July of this year, well above the $63 to $69 breakeven that Midland and Delaware basin operators reported to the Dallas Fed, so producers kept drilling.
  
  The catch is that every barrel now brings up more gas than it did a few years ago, a rising gas-to-oil ratio that tends to come with age in almost any oil field.
  
  The EIA expects Permian gas production to average 29.2 Bcf/d this year, up 6% and a record for the region.
  
  There isn't enough pipeline to move all of it…
  
  Waha, the pricing hub for Permian gas, traded negative on 118 of the first 131 trading days this year and is on pace to beat 2024's record for negative days.
  
  Negative means producers pay someone to take the gas off their hands, which they do because the alternative is shutting in the oil well that's actually making them money. So the Permian's trouble isn't production; it's that one of its two products spends much of the year worth less than nothing.
  
  Nobody in the midstream business is acting as if this ends soon, either. Enterprise Products Partners is expanding its Bahia NGL pipeline out of the Midland and Delaware basins, with ExxonMobil taking a 40% stake and contracts running into 2027.
  
  Data Centers Don't Wait for Pipelines
  
  East Daley Analytics figures LNG terminals and data centers together will pull more than 20 Bcf/d of new demand, and that the pipelines now being built toward the Gulf Coast won't sit empty waiting for it.
  
  Their read is that producers may end up drilling gassier acreage on purpose, just to keep both products moving through infrastructure that was designed mostly around crude.
  
  A behind-the-meter data center changes that without anyone laying new pipe...
  
  The plant going up at Pecos sits next to the wellhead, buys gas that would otherwise be competing for space in an oversubscribed gathering system, and burns it on site to make electricity the data center uses directly, never touching the public grid.
  
  RBC Capital Markets counts about 38 gigawatts of announced behind-the-meter gas capacity in Texas, more than any other state.
  
  One project alone, a build called GW Ranch, is targeting 7.5 gigawatts of on-site generation in West Texas by 2031, which is roughly what a mid-sized American city draws.
  
  One claim about these projects deserves more skepticism than it tends to get, which is that they're soaking up gas that would otherwise be flared. Nobody has demonstrated that for Project Kilby.
  
  An environmental compliance firm working in the sector made the point in a client note this summer, arguing that sitting near a stranded well doesn't prove a data center's fuel is displacing flared volumes, and that most developers haven't produced the project-level evidence to back it up.
  
  Flaring in the Permian has been falling anyway, with intensity down nearly 10% between 2023 and 2024, largely because pipelines like Matterhorn Express finally gave the gas somewhere to go.
  
  The simple fact is that the Permian makes more gas than the market can absorb even after the pipelines get built, and data centers are the first buyers in years with enough money and enough impatience to put a power plant where the gas already is.
  
  Wind Already Paid for the Wires
  
  Nolan County, with Sweetwater at its center, has been called the wind turbine capital of Texas since the mid-2000s, when hundreds of turbines went up on the plateaus between Abilene and Big Spring.
  
  Moving that power east required new transmission, which the state paid for through a roughly $7 billion program called CREZ. Those lines added about 18,000 megawatts of capacity, they've been paid down for years, and they're still carrying electricity today.
  
  That's a large part of why data center developers keep landing along this stretch of I-20, because the wires went in the ground long before anyone was planning gigawatt campuses.
  
  I wrote about what that's done to land values and ranch economics in the corridor in West Texas Cowboys Are Cashing In on the AI Land Rush.
  
  The piece of it that matters here is that wind already solved the region's east-west transmission problem, and everyone building now is spending capital somebody else committed two decades ago.
  
  Solar Is Still Waiting on Its Transmission Line
  
  A new high-voltage line called the Permian Reliability Project is working through siting now, and it's expected to do for far West Texas solar roughly what CREZ did for wind around Abilene, turning land that has plenty of sun and no way to sell the power into land a developer can actually finance.
  
  Where the next round of renewable buildout lands may look different from the last one, because turbines need open ground and distance from flight paths.
  
  One large project near Abilene switched from wind to solar after developers ran into airspace conflicts with Dyess Air Force Base. Panels have fewer of those constraints, and once the Permian Reliability Project's lines are up, solar sits much closer to the data center campuses now scouting land in the basin itself rather than in the Abilene corridor to the northeast.
  
  Crypto Miners Ran a Small Version of This First
  
  Putting data centers next to stranded gas isn't new in West Texas, it just hasn't been done at this size before.
  
  Miners have spent years hauling shipping containers full of rigs and small generators out to remote well sites and buying gas straight from producers who had no other way to sell it.
  
  ConocoPhillips ran an early version in the Bakken, ExxonMobil piloted its own, and the model spread across the Permian from there.
  
  Mining works for this because it doesn't care where the power comes from or whether the connection is reliable, so it can take energy nobody else wants, right where it's produced, without waiting on a pipeline permit.
  
  Ryan Dusek, a commodity risk advisor at the consultancy Opportune, has called it one of the few genuinely symbiotic arrangements in energy, since producers get rid of gas they can't move and miners get power at wholesale with no exposure to grid outages.
  
  Pecos runs on that same trade at a completely different scale.
  
  A container of mining rigs might burn a few million cubic feet of gas in a year, while a 2.67-gigawatt power plant is another business entirely, which is why what miners were doing out here a few years ago now looks like a rehearsal for something much bigger.
  
  Abbott's Pause Doesn't Touch Any of This
  
  Governor Greg Abbott ordered a pause on new data center approvals on Aug. 3, telling ERCOT and the Public Utility Commission of Texas to audit every project sitting in the grid's interconnection queue, which had grown to roughly 474 gigawatts of requests against a record peak demand of about 85 gigawatts.
  
  The audit covers around 300 large projects in ERCOT's Batch Zero process and looks at water use, ownership, public subsidies and a good deal else.
  
  None of it applies to projects that skip the grid connection.
  
  A developer building its own generation on site, the way Chevron and Microsoft are doing at Pecos, can keep going while the queue sits frozen.
  
  That fits what the directive was written for, since Abbott's stated concern is grid reliability for Texans who depend on the grid, and a data center making its own power was never drawing from it.
  
  The politics will keep moving through this fall's elections, and there's no firm end date on the audit, but the incentives point one direction regardless, because the more scrutiny grid-connected projects face in Texas, the better behind-the-meter starts to look. That's the model pulling gas demand, and eventually renewable demand, straight into the Permian and the corridors around it.
  
  Data centers didn't create any of these three problems…
  
  The stranded gas, the underused wind transmission and the solar line that still hasn't been built were all sitting in West Texas waiting on a buyer with enough capital and enough urgency to work around the infrastructure gaps instead of waiting for someone else to close them.
  
  Whether that buyer stays at the size currently advertised is a fair question, and ERCOT's own officials expect much of the interconnection queue to disappear once financial-commitment rules flush out the speculative filings.
  
  What's already signed is harder to argue with. Kilby is a 20-year contract with a final investment decision due before the year is out. Source: Oilprice.com

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