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Mabux: Global Bunker Prices
<!DOCTYPE html><html lang="en_US"><head><title>Mabux: Global Bunker Prices</title><base href="https://www.mabux.com/"><link rel="apple-touch-icon" sizes="180x180" href="/apple-touch-icon.png"><link rel="icon" type="image/png" sizes="32x32" href="/favicon-32x32.png"><link rel="icon" type="image/png" sizes="16x16" href="/favicon-16x16.png"><link rel="manifest" href="/site.webmanifest"><link rel="mask-icon" href="/safari-pinned-tab.svg" color="#5bbad5"><meta name="msapplication-TileColor" content="#2d89ef"><meta name="theme-color" content="#ffffff"><meta name="viewport" content="width=device-width, initial-scale=1.0, maximum-scale=1.0, user-scalable=no"><meta name="description" content="Shipping News and Bunker Price Indications Worldwide for the Marine Fuels Industry, Global Indices, Marine Fuel Quality, Supplier Directory. Always current and accurate information. 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justify-content: space-between;"><a class="apinfo"> ➤ API solutions are available upon request <br> ➤ EU Allowances (EUA Futures) are now being published on MABUX </a><div style="display: flex; align-items: center;"><img id="image_en" height="25px" width="50px" style="margin: auto; padding-left: 10px;" src="images/elements/flags/us.svg"><a clicks-on="Register" href="/registration">Register</a><a clicks-on="Sign in" href="/authentication">Sign in</a></div></nav></div></header><main class="main"><style> .logo { display: none; } .headerContent { justify-content: flex-end; } </style><div clicks-page="1 - Start page" clicks-on="Open"></div><div id="popup_message" style=" /*display: none;*/ /*ps #20 terms of responces*/ display: none; /*ps*/ position: fixed; z-index: 10002; top: 35%; left: 25%; width: 50%; border: 2px solid #541e15; text-align: center; padding:10px 0 20px; background: #ffffff;"><div class="row"><div class="col-md-12 col-xs-12"><p>Please use your current login and password. If don’t remember your password you can <a href="/password/restoration">click</a> to setup new.</p><button id="popup_message_info_close" type="button">Close</button></div></div></div><a href='/' class='logo2'><img src='/images/elements/logo.png'></a><ul class="mainFeatures2"><li class='lng'><div class='list'><strong>LNG BUNKER PAGE <br> </strong><ul><li>LNG bunker indexes</li><li>OIL/GAS futures settlements</li><li>LNG bunker news</li><li>LNG fuel energy content</li></ul><a href="/registration" class="action" clicks-on="LNG" >SEE LNG BUNKER INDEXES</a></div></li><li class='mbp'><div class='list'><strong>MARKET BUNKER PRICES (MBP)</strong><ul><li>400+ ports worldwide</li><li>Bunker Price History available from 2002</li><li>Supplier's contact details</li><li>Price forecast short (1 day) and long (rolling forward 2 years)</li><li>Differentials section: VLSFO/380 HSFO, VLSFO/MGO LS, MGO LS/VLSFO</li></ul><a href="/price-indications/1" class="action" clicks-on="MBP" >See Market Bunker Prices</a></div></li><li class='dbp'><div class='list'><strong>DIGITAL BUNKER PRICES (DBP:ICE/NYMEX)</strong><ul><li>Price adjustments to the Bunker Market's volatility instantly</li><li>Completely independent</li><li>Free from price manipulations</li><li>Unique tool to identify overcharge/undercharge prices</li></ul><a href="/dbp-indications/1" class="action" clicks-on="DBP" >See Digital Bunker Prices for free</a></div></li></ul><div class='trial' ><a clicks-on="Trial" href="/registration" class="action">Try free for 3 days</a></div><ul class="features" style='padding-top: 2rem;'><li class='gbindex'><strong class="title">MABUX ARA LNG Bunker Index</strong><table class="stTable" style = 'border: 2px solid darkgrey;'><thead style='text-align: center;'><th class = 'wprop c mbp-color r-border b-border' colspan="2">Port</th><th class = 'wprop c mbp-color r-border b-border' colspan="2"><span class="fName">LNG</span><span class="fUnit">$/mton</span></th><th class = 'wprop c mbp-color r-border b-border' colspan="2"><span class="fName">MGO LS</span><span class="fUnit">$/mton</span></th><th class = 'c mbp-color r-border b-border' style='width: 5rem;'>Date</th></thead><tbody style='font-weight: var(--bolder);'><tr><td class='c r-border' colspan="2">ARA</td><td class='c'><div class="valueWrap"> 805.01 </div></td><td class='r-border'><div class="valueWrap"><span class="chg"><span class="blue">0.00</span></span></div></td><td class='c'><div class="valueWrap"> 670.00 </div></td><td class='r-border'><div class="valueWrap"><span class="chg"><span class="blue">0.00</span></span></div></td><td class='r-border' style='width: 5rem; text-align: center;'>Nov 18</td></tr></tbody></table><a clicks-on="LNG Bunker Index" class="title" href='/registration' style='font-size: 1rem; font-weight: normal;'> Click to see more LNG Bunker Indexes </a></li><li class='gbindex'><strong class="title">MABUX Global Bunker Index</strong><table class="stTable" style = 'border: 2px solid darkgrey;'><thead style='text-align: center;'><th class="wprop c mbp-color r-border b-border" colspan="2"><span class="fName">380HSFO</span><span class="fUnit">$/mton</span></th><th class="wprop c mbp-color r-border b-border" colspan="2"><span class="fName">VLS FO</span><span class="fUnit">$/mton</span></th><th class="wprop c mbp-color r-border b-border" colspan="2"><span class="fName">MGO LS</span><span class="fUnit">$/mton</span></th><th class='mbp-color r-border b-border'>Date</th></thead><tbody style='font-weight: var(--bolder);'><tr><td class="c"><div class="valueWrap"> 520.68 </div></td><td class="c r-border"><div class="valueWrap"><span class="chg"><span class="green">+2.53</span></span></div></td><td class="c"><div class="valueWrap"> 599.63 </div></td><td class="c r-border"><div class="valueWrap"><span class="chg"><span class="green">+3.56</span></span></div></td><td class="c"><div class="valueWrap"> 763.71 </div></td><td class="c r-border"><div class="valueWrap"><span class="chg"><span class="green">+4.11</span></span></div></td><td class='r-border' style='width: 5rem; text-align: center;'>Nov 22</td></tr></tbody></table><a clicks-on="Bunker Index" class="title" href='/registration' style='font-size: 1rem; font-weight: normal;'> Click to see Regional Bunker Indexes </a></li><li class='mbpvsdbp'><strong class="title">MBP INDEX vs DBP INDEX (ICE/NYMEX)</strong><table class="stTable vs" style = 'border: 2px solid darkgrey;'><thead style='text-align: center;'><tr><th class='vs-color r-border b-border' rowspan="2" style='text-align: center; vertical-align: middle;'><div>All Indexes</div><div>in $/mton</div></th><th class="c vs-color r-border b-border" colspan="3">380HSFO</th><th class="c vs-color r-border b-border" colspan="3">VLS FO</th><th class="c vs-color r-border b-border" colspan="3">MGO LS</th><th class='vs-color r-border b-border' rowspan="2">Date</th></tr><tr><th class="c vs-color b-border">MBP Index</th><th class="c vs-color b-border">DBP Index</th><th class="c vs-color r-border b-border">Diff</th><th class="c vs-color b-border">MBP Index</th><th class="c vs-color b-border">DBP Index</th><th class="c vs-color r-border b-border">Diff</th><th class="c vs-color b-border">MBP Index</th><th class="c vs-color b-border">DBP Index</th><th class="c vs-color r-border b-border">Diff</th></tr></thead><tbody style='font-weight: var(--bolder);'><tr><td class="c r-border">Rotterdam</td><td class="c"><div class="valueWrap"> 458 </div></td><td class="c"><div class="valueWrap"> 469 </div></td><td class="c r-border chg"><span class="green">-11</span></td><td class="c"><div class="valueWrap"> 514 </div></td><td class="c"><div class="valueWrap"> 562 </div></td><td class="c r-border chg"><span class="green">-48</span></td><td class="c"><div class="valueWrap"> 670 </div></td><td class="c"><div class="valueWrap"> 778 </div></td><td class="c r-border chg"><span class="green">-108</span></td><td style='width: 5rem; text-align: center;'>Nov 22</td></tr><tr><td class="c r-border">Singapore</td><td class="c"><div class="valueWrap"> 466 </div></td><td class="c"><div class="valueWrap"> 489 </div></td><td class="c r-border chg"><span class="green">-23</span></td><td class="c"><div class="valueWrap"> 570 </div></td><td class="c"><div class="valueWrap"> 567 </div></td><td class="c r-border chg"><span class="red">+3</span></td><td class="c"><div class="valueWrap"> 683 </div></td><td class="c"><div class="valueWrap"> 787 </div></td><td class="c r-border chg"><span class="green">-104</span></td><td style='width: 5rem; text-align: center;'>Nov 22</td></tr><tr><td class="c r-border">Fujairah</td><td class="c"><div class="valueWrap"> 457 </div></td><td class="c"><div class="valueWrap"> 499 </div></td><td class="c r-border chg"><span class="green">-42</span></td><td class="c"><div class="valueWrap"> 562 </div></td><td class="c"><div class="valueWrap"> 560 </div></td><td class="c r-border chg"><span class="red">+2</span></td><td class="c"><div class="valueWrap"> 750 </div></td><td class="c"><div class="valueWrap"> 835 </div></td><td class="c r-border chg"><span class="green">-85</span></td><td style='width: 5rem; text-align: center;'>Nov 22</td></tr><tr><td class="c r-border">Houston</td><td class="c"><div class="valueWrap"> 450 </div></td><td class="c"><div class="valueWrap"> 461 </div></td><td class="c r-border chg"><span class="green">-11</span></td><td class="c"><div class="valueWrap"> 550 </div></td><td class="c"><div class="valueWrap"> 581 </div></td><td class="c r-border chg"><span class="green">-31</span></td><td class="c"><div class="valueWrap"> 675 </div></td><td class="c"><div class="valueWrap"> 697 </div></td><td class="c r-border chg"><span class="green">-22</span></td><td style='width: 5rem; text-align: center;'>Nov 22</td></tr></tbody></table><a clicks-on="MBP/DBP Index" class="title" href='/dbp-indications/1' style='font-size: 1rem; font-weight: normal;'> Click to see more details </a></li><li class='dbppre'><div class="hero"><div class="heroContent"><p class="leading"><span class="highlight">Digital Bunker Prices</span><br><p class="extract">Reasons, Mechanism, Benefits</p></p><a clicks-on="DBP presentation" href="" class="action pdf_open" >Click to view presentation</a></div></div></li><div class='trial' ><a clicks-on="Trial" href="/registration" class="action">Try free for 3 days</a></div><li class="analysis"><strong class="title">Analytical Section</strong><ul><li>Daily and Weekly Bunker analyses and Future Curves</li><li>World and regional Bunker indices</li><li>Bunker Price Forecast for 40+ ports</li><li>Digital Bunker Prices</li></ul></li><li class="industry"><strong class="title">MABUX for Industry</strong><ul><li><b>API for integration with your application, custom solutions available upon demand</b></li><li>Bunker market analyses upon request for required region or port</li><li>Bunker Price seminars that allow to learn how to use MABUX tools for bunker business</li><li><a clicks-on="Directory" href="http://www.mabux-directory.com" target="_blank"> MABUX Open Bunker Directory </a> features contact details of bunker suppliers, traders and brokers worldwide. </li></ul></li><li class="futures"><strong class="title">Latest News</strong><ul class="newsSection"><li class="article" clicks-on="News" id='a27497'><span class="pubDate">2024-11-22</span><h4 class="articleTitle atitle"><a class="to_switch" href="#a27497" title="Click to read full article"> Oil prices edge up to 2-week high as Ukraine war intensifies </a></h4><short class="excerpt" > Oil prices edged up about 1% to a two-week high on Friday as the intensifying war in Ukraine this week boosted the market's geopolitical risk premium. Brent futures rose 66 cents, or 0.9%, to $74.89 a barrel by 11:39 a.m. EST (1639 GMT), while U.S. West... <a class=" to_full" href="#" title="Click to read full article">Read more</a></short><full class="excerpt to_short" style='display:none'> Oil prices edged up about 1% to a two-week high on Friday as the intensifying war in Ukraine this week boosted the market's geopolitical risk premium.<br /> Brent futures rose 66 cents, or 0.9%, to $74.89 a barrel by 11:39 a.m. EST (1639 GMT), while U.S. West Texas Intermediate crude rose 77 cents, or 1.1%, to $70.87.<br /> That put both crude benchmarks up over 5% for the week and on track for their highest closes since Nov. 7 as Moscow steps up its Ukraine offensive after Britain and the U.S. allowed Kyiv to strike deeper into Russia with their missiles.<br /> "The Russia-Ukraine escalation has raised geopolitical tensions beyond levels seen during the year-long conflict between Israel and Iran-backed militants," said Saxo Bank analyst Ole Hansen.<br /> The Kremlin said a strike on Ukraine using a newly developed hypersonic ballistic missile was a message to the West that Moscow will respond harshly to any "reckless" Western actions in support of Ukraine.<br /> "What the market fears is accidental destruction in any part of oil, gas and refining that not only causes long-term damage but accelerates a war spiral," said PVM analyst John Evans.<br /> The U.S., meanwhile, imposed new sanctions on Russia's Gazprombank as President Joe Biden steps up actions to punish Moscow for its invasion of Ukraine before he leaves office on Jan. 20.<br /> The Kremlin said the new U.S. sanctions were an attempt by Washington to hinder the export of Russian gas, but noted that a solution would be found.<br /><br /> The U.S. also banned food, metals and other imports from about 30 more Chinese companies over alleged forced labor involving the Uyghurs.<br /> China, the world's biggest oil importer, announced policy measures this week to boost trade, including support for energy product imports, amid worries over U.S. President-elect Donald Trump's threats to impose tariffs.<br /> China's crude oil imports were set to rebound in November, according to analysts, traders and ship tracking data.<br /> Oil imports also increased in India, the world's third biggest oil importer, as domestic consumption increased, according to government data.<br /> CAPPING PRICE GAINS<br /> Pressuring prices on Friday, euro zone business activity took a surprisingly sharp turn for the worse this month as the bloc's dominant services industry contracted and manufacturing sank deeper into recession.<br /> In contrast, S&P Global said its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, increased to the highest level since April 2022, with the services sector proving the bulk of the increase.<br /> But with those business activity gauges moving in opposite directions in the U.S. and Europe, the U.S. dollar jumped to a two-year high versus a basket of other currencies.<br /> A stronger greenback makes oil more expensive in other countries, which can reduce demand.<br /> In Germany, the biggest economy in Europe, the economy grew less than previously estimated in the third quarter, the statistics office reported on Friday.<br /> China said it would expand the scope of its anti-subsidy investigation into dairy imports from the European Union to cover additional EU subsidy programmes, following the bloc's tariff plan for China-made electric vehicles. <artsrc>Source: Reuters/Investing.com</artsrc></full></li><li class="article" clicks-on="News" id='a27496'><span class="pubDate">2024-11-22</span><h4 class="articleTitle"><a href="/mabux/news/article/27496" title="Click to read full article">EUROPE: GIBRALTAR SEES 3.4% M-O-M INCREASE IN BUNKER CALLS</a></h4><p class="excerpt"> Some 400 vessels called for bunkers in Gibraltar last month – 3.4% up on the 387 that refuelled in September. Last month’s total was, however, 9.1% down on the 440 calls that was registered in October 2023, according to statistics provided by the Government... <a href="/mabux/news/article/27496" title="Click to read full article">Read more</a></p></li><li class="article" clicks-on="News" id='a27495'><span class="pubDate">2024-11-22</span><h4 class="articleTitle"><a href="/mabux/news/article/27495" title="Click to read full article">ASIA PACIFIC: ODFJELL TO EXPAND STORAGE CAPACITY AT ULSAN TERMINAL</a></h4><p class="excerpt"> Norwegian chemical tanker owner Odfjell has announced the approval of an expansion project which will increase capacity at its Odfjell Terminals Korea (OTK) installation by 28%, to exceed 400,000 cubic metres (cbm). The project, known as E5, comprises... <a href="/mabux/news/article/27495" title="Click to read full article">Read more</a></p></li><li class="article" clicks-on="News" id='a27494'><span class="pubDate">2024-11-22</span><h4 class="articleTitle"><a href="/mabux/news/article/27494" title="Click to read full article">GLOBAL: BUNKER HOLDING UNVEILS ORGANISATIONAL CHANGES</a></h4><p class="excerpt"> Bunker Holding is restructuring its Executive Management and separating its sales and operations divisions in order to ‘prepare for future growth’ and respond to ‘an increasingly complex market’. In a statement to Bunkerspot today (21 November), Bunker... <a href="/mabux/news/article/27494" title="Click to read full article">Read more</a></p></li><li class="article" clicks-on="News" id='a27493'><span class="pubDate">2024-11-22</span><h4 class="articleTitle"><a href="/mabux/news/article/27493" title="Click to read full article">EUROPE: REM OFFSHORE SECURES NOK 1 BILLION IMR CONTRACT WITH DEEPOCEAN AND EQUINOR</a></h4><p class="excerpt"> Rem Offshore has secured an eight-year Inspection, Maintenance, and Repair (IMR) contract worth NOK 1 billion with Equinor, its largest agreement to date. The project, developed in collaboration with DeepOcean, includes the construction of a next-generation... <a href="/mabux/news/article/27493" title="Click to read full article">Read more</a></p></li><li class="article" clicks-on="News" id='a27492'><span class="pubDate">2024-11-22</span><h4 class="articleTitle"><a href="/mabux/news/article/27492" title="Click to read full article">GLOBAL: INDUSTRY DEBATE HIGHLIGHTS CHALLENGES IN METHANOL INFRASTRUCTURE</a></h4><p class="excerpt"> GLOBAL: INDUSTRY DEBATE HIGHLIGHTS CHALLENGES IN METHANOL INFRASTRUCTURE Written by Tom Barlow-Brown Published: 21 November 2024 The shipping industry is embracing methanol as a promising alternative fuel for decarbonisation, yet significant hurdles... <a href="/mabux/news/article/27492" title="Click to read full article">Read more</a></p></li><li class="article" clicks-on="News" id='a27491'><span class="pubDate">2024-11-22</span><h4 class="articleTitle atitle"><a class="to_switch" href="#a27491" title="Click to read full article"> Oil heads for weekly gains on anxiety over intensifying Ukraine war </a></h4><short class="excerpt" > Oil prices extended gains on Friday, heading for a weekly uptick of more than 4%, as the Ukraine war intensified with Russian President Vladimir Putin warning of a global conflict. Brent crude futures gained 10 cents, or 0.1%, to $74.33 a barrel by 0448... <a class=" to_full" href="#" title="Click to read full article">Read more</a></short><full class="excerpt to_short" style='display:none'> Oil prices extended gains on Friday, heading for a weekly uptick of more than 4%, as the Ukraine war intensified with Russian President Vladimir Putin warning of a global conflict.<br /> Brent crude futures gained 10 cents, or 0.1%, to $74.33 a barrel by 0448 GMT. U.S. West Texas Intermediate crude futures rose 13 cents, or 0.2%, to $70.23 per barrel.<br /> Both contracts jumped 2% on Thursday and are set to cap gains of more than 4% this week, the strongest weekly performance since late September, as Moscow stepped up its offensive against Ukraine after the U.S. and Britain allowed Kyiv to strike Russia with their weapons.<br /> Putin said on Thursday it had fired a ballistic missile at Ukraine and warned of a global conflict, raising the risk of oil supply disruption from one of the world's largest producers.<br /> Russia this month said it produced about 9 million barrels of oil a day, even with output declines following import bans tied to its invasion of Ukraine and supply curbs by producer group OPEC+.<br /> Ukraine has used drones to target Russian oil infrastructure, including in June, when it used long-range attack drones to strike four Russian refineries.<br /> Swelling U.S. crude and gasoline stocks and forecasts of surplus supply next year limited price gains. [EIA/S]<br /> "Our base case is that Brent stays in a $70-85 range, with high spare capacity limiting price upside, and the price elasticity of OPEC and shale supply limiting price downside," Goldman Sachs analysts led by Daan Struyven said in a note.<br /><br /> "However, the risks of breaking out are growing," they said, adding that Brent could rise to about $85 a barrel in the first half of 2025 if Iran supply drops by 1 million barrels per day on tighter sanctions enforcement under U.S. President-elect Donald Trump's administration.<br /> Some analysts forecast another jump in U.S. oil inventories in next week's data.<br /> "We will be expecting a rebound in production as well as US refinery activity next week that will carry negative implications for both crude and key products," said Jim Ritterbusch of Ritterbusch and Associates in Florida.<br /> The world's top crude importer, China, meanwhile on Thursday announced policy measures to boost trade, including support for energy product imports, amid worries over Trump's threats to impose tariffs. <artsrc>Source: Reuters/Investing.com</artsrc></full></li><li class="article" clicks-on="News" id='a27490'><span class="pubDate">2024-11-22</span><h4 class="articleTitle atitle"><a class="to_switch" href="#a27490" title="Click to read full article"> StanChart: Traders Continue to Ignore Non-OPEC Supply Slowdown </a></h4><short class="excerpt" > Last month, commodity analysts at Standard Chartered reported that global oil demand hit an all-time high of 103.79 million barrels per day (mb/d) in August, marking the third successive month in which a new all-time demand high has been set. According... <a class=" to_full" href="#" title="Click to read full article">Read more</a></short><full class="excerpt to_short" style='display:none'> Last month, commodity analysts at Standard Chartered reported that global oil demand hit an all-time high of 103.79 million barrels per day (mb/d) in August, marking the third successive month in which a new all-time demand high has been set. According to StanChart, global oil demand growth clocked in at a healthy 1.32 mb/d in August. Well, it appears that oil markets are poised to finish the year on a bullish note. <br /><br /> On Tuesday, the Joint Organisations Data Initiative (JODI) released its latest oil market report. Following the release, StanChart has worked out that global oil demand in September clocked in at 103.012 million barrels per day (mb/d), the fourth consecutive month global demand has ever exceeded 103 mb/d. The y/y increase in demand in September was 1.136 mb/d, slightly below the average of 1.332 mb/d YTD but an improvement on August, when growth was just 0.631 mb/d.<br /><br /> Previously, StanChart pointed out that oil demand growth, not absolute oil demand, is what has been slowing down from earlier post-pandemic years. Indeed, StanChart has noted that global oil demand has been setting a series of new all-time highs in the current year. <br /><br /> StanChart reported that the largest demand gains in August came from Korea (219 kb/d), Italy (185 kb/d), Saudi Arabia (117 kb/d), Türkey (99 kb/d) and Spain (88 kb/d). StanChart has now revised its 2024 global demand growth estimate upwards to 1.45 mb/d, thanks to the bigger-than-expected growth in August.<br /><br /> StanChart points out that traders continue to ignore the fact that non-OPEC supply has slowed more than demand so far in 2024. According to estimates by the IEA, non-OPEC supply growth<br /><br /> slowed down from 2.40 mb/d in 2023 to 0.93 mb/d in 2024, while demand growth slowed down from 1.99 mb/d in 2023 to 0.86 mb/d in 2024. The IEA, therefore, estimates that non-OPEC supply in 2024 has grown slower than supply in 2023 by 1.47 mb/d while demand has slowed by a smaller margin of 1.13 mb/d. Other energy agencies have come up with even larger relative supply-side slowdown estimates than the IEA. For instance, the U.S. Energy Information Administration (EIA) estimates that non-OPEC supply has slowed by 1.89 mb/d from a year ago (from 2.52 mb/d in 2023 to 0.63 mb/d in 2024) while demand has slowed by 1.19 mb/d (from 2.10mb/d in 2023 to 0.91mb/d in 2024). StanChart estimates that non-OPEC supply has slowed by 1.83 mb/d in 2024 (from 2.50 mb/d in 2023 to 0.67 mb/d in 2024) while demand growth has slowed by 0.60 mb/d (from 2.05 mb/d in 2023 to 1.45 mb/d in 2024).<br /><br /> Regarding the mid-and longer-term outlook, StanChart has reported that its model (and the EIA’s) shows that market conditions would allow all the OPEC+ voluntary cuts being rolled back in 2025 without inventories increasing more than would be warranted by higher demand (about 0.3mb/d) if OPEC+ countries keep to targets and payback some past overproduction. The commodity experts have predicted that actions by OPEC+ are likely to determine the near-and mid-term oil price trajectory. According to StanChart, much of the negative sentiment that has dominated oil markets over the past three months can be chalked up to misapprehensions about the tapering mechanism for the voluntary cuts made by eight OPEC+ countries. Many traders are worried that the balance of oil demand growth and non-OPEC+ supply growth might not offset the scale of restored OPEC+output, leaving oil markets oversupplied. However, the experts have pointed out that this assumption flies in the face of continued reassurances from OPEC+ members that the tapering would be fully dependent on market conditions rather than being automatic. Trader focus has been on the question of how many barrels could be returned before a surplus emerged; however, positioning and price dynamics imply that the answer to that question is zero. In a November 3 press release, OPEC announced that output increases would be postponed by a month until the start of 2025. StanChart says the delayed return of more barrels to the market does not necessarily mean that OPEC felt the physical market could not absorb the oil, but rather reflects its awareness that extremely pessimistic 2025 oil balance predictions have viewed the tapering through that lens. StanChart says the latest announcement by OPEC strengthens the case that the pace of tapering will be market-dependent and not automatic as traders fear. This realization is likely to have driven the latest oil price rally.<br /><br /><artsrc>Source: Oilprice.com</artsrc></full></li><li class="article" clicks-on="News" id='a27489'><span class="pubDate">2024-11-22</span><h4 class="articleTitle atitle"><a class="to_switch" href="#a27489" title="Click to read full article"> India Poised to Double Down on Natural Gas Amid Rapid Growth </a></h4><short class="excerpt" > India’s energy demand growth is not limited to oil. The world’s third-largest crude oil importer is set to become a major force in the natural gas market as its demand is expected to surge in the coming decades amid industry and population expansion.... <a class=" to_full" href="#" title="Click to read full article">Read more</a></short><full class="excerpt to_short" style='display:none'> India’s energy demand growth is not limited to oil. The world’s third-largest crude oil importer is set to become a major force in the natural gas market as its demand is expected to surge in the coming decades amid industry and population expansion. <br /><br /> The share of natural gas in India’s primary energy supply is currently between 6% and 8%, according to data from various government statistics and international forecasters such as the International Energy Agency (IEA) and the Statistical Review of World Energy published annually by the Energy Institute.<br /><br /> Small Share of Natural Gas in Power Generation<br /><br /> Unlike in other major economies, India’s share of gas used for power generation is smaller as the country continues to bet big on coal-fired electricity and expands renewables capacity. India has a goal to reach net-zero, but two decades later than most countries, in 2070.<br /><br /> Renewable capacity installations are booming, with the 200 gigawatt (GW) milestone reached in October, data from India’s Central Electricity Authority showed earlier this month. Renewable electricity generation capacity now stands at 203.18 GW, up by 13.5% compared to October 2023. Renewable energy now accounts for 46.3% of total installed capacity of 453 GW.<br /> Related: World’s Largest Climate Fund Sees Few Investment Opportunities<br /><br /> India targets to have a total of 500 GW power capacity from non-fossil sources by 2030.<br /><br /> While the country continues to boost renewable capacity installations for power generation, it will increasingly rely on natural gas for industrial production and processes, especially in fertilizers, oil refining, and petrochemicals.<br /><br /> Industry to Drive Gas Demand Surge<br /><br /> As India sees fertilizers as a critical industry for its agricultural sector, and as steelmaking and construction are booming to meet the growing economy and population, natural gas demand will continue to rise. India’s domestic production, although it has increased over the past two decades, will not be enough to meet growth in demand. So the country will have to rely on more liquefied natural gas (LNG) imports, considering that it lacks pipeline connections with major gas producers such as Russia or the Gulf petrostates.<br /><br /> Shell, the world’s top LNG trader, expects global LNG demand to surge by 50% by 2040, driven by higher demand from Asia, with coal-to-gas switching in China and a boost in LNG consumption to fuel economic growth in South and Southeast Asia.<br /><br /> In the fiscal year 2023, India imported about 20 million tons of LNG, more than half of which from Qatar, according to government data. The United Arab Emirates (UAE) and the United States were the next two big suppliers of LNG to India.<br /><br /> These imports are set to jump in the coming years as India is expanding its refining, petrochemicals, and fertilizer industries, and economic and population growth spur additional demand for construction, steelmaking, and gas-fueled vehicles.<br /><br /> India was the fastest-growing major economy in 2023, with GDP increasing by 7.8%. It is on track to become the third-largest economy in the world by 2028, the IEA said in its World Energy Outlook 2024.<br /><br /> Population and GDP growth, as well as a shift towards cleaner energy, are set to nearly double India’s gas consumption to 113.7 billion cubic meters (Bcm) by 2040 from 65 billion cubic meters (Bcm) in 2023, according to Rystad Energy research last month.<br /><br /> Near-term demand is supported by a 51% jump in domestic gas production since 2020 but this will not be enough to meet the country’s growing demand for natural gas.<br /><br /> “The result is that India will continue to rely heavily on imports to satisfy its future energy needs,” Rystad Energy’s analysts noted.<br /><br /> Rising gas demand could prompt India to move to contract more LNG production from the Middle East, according to Kaushal Ramesh, Vice President, Gas & LNG Research, at Rystad Energy.<br /><br /> “The geographical proximity of the two regions, combined with the substantial volume of uncontracted LNG production in the Middle East, presents an excellent opportunity for India to secure favorable terms – it’s an ideal buyer-seller relationship that could help fuel India’s needs,” Ramesh said.<br /><br /> India’s gas demand growth will be driven by industry. Natural gas is the input for the production of urea, key for fertilizers. India will continue to support urea production, regardless of natural gas prices, as it aims to ensure food security, Rystad says. <br /><br /> Then there is the refining sector, which also consumes a lot of natural gas. Indian refiners plan capacity expansions to meet rising demand for fuels and petrochemicals.<br /><br /> Moreover, India aims to be a refining hub in Asia as it is boosting refining capacity and expects to continue relying on fossil fuels until at least 2040.<br /><br /> India’s natural gas consumption is set to triple by 2050 amid industry expansion and rising oil refining, the U.S. Energy Information Administration (EIA) said earlier this year. <br /><br /> In 2022, India’s natural gas consumption amounted to 7.0 billion cubic feet per day (Bcf/d), with over 70% of the demand coming from the industrial sector. By 2050, India’s natural gas consumption is set to more than triple to 23.2 Bcf/d, according to EIA’s estimates. <br /><br /> Among India’s five consuming sectors, the industrial sector’s share of gas consumption will grow the most, rising to 80% of total consumption, followed by the transportation sector rising to 10%. <br /><br /> By 2050, gas consumption will surge by more than 250% for the production of basic chemicals and by more than 400% for refining, with the two industries together accounting for about 79% of India’s industrial natural gas demand in 2050, the EIA reckons. <artsrc>Source: Oilprice.com</artsrc></full></li><li class="article" clicks-on="News" id='a27488'><span class="pubDate">2024-11-22</span><h4 class="articleTitle atitle"><a class="to_switch" href="#a27488" title="Click to read full article"> MABUX: Global bunker market to resume upward trend on Nov.22. </a></h4><short class="excerpt" > MABUX World Bunker Index (as index calculated based on current prices for 380 HSFO, VLSFO and MGO), showed a slight decline on Nov.21: 380 HSFO - USD/MT - 518.15 (-0.65) VLSFO - USD/MT – 596.07 (-0.93) MGO - USD/MT – 759.60 (-2.04) As of Nov.21,... <a class=" to_full" href="#" title="Click to read full article">Read more</a></short><full class="excerpt to_short" style='display:none'> MABUX World Bunker Index (as index calculated based on current prices for 380 HSFO, VLSFO and MGO), showed a slight decline on Nov.21:<br /><br /> 380 HSFO - USD/MT - 518.15 (-0.65)<br /> VLSFO - USD/MT – 596.07 (-0.93)<br /> MGO - USD/MT – 759.60 (-2.04)<br /><br /> As of Nov.21, the MABUX Market Differential Index (MDI), monitoring the correlation between market bunker prices (MBP) and the MABUX digital bunker price benchmark (DBP), revealed the following trends across major ports – Rotterdam, Singapore, Fujairah, and Houston:<br /><br /> HSFO Segment<br /> • Undercharge Zone: Singapore, Fujairah, and Houston, with underpricing premiums narrowing by $4 in Singapore and Fujairah and by $2 in Houston.<br /> • Rotterdam: A 100-percent correlation was observed between market prices and the MABUX digital benchmark.<br /><br /> VLSFO Segment<br /> • Undercharge Zone: Rotterdam and Houston, where the underpricing margins fell by $6 and $4, respectively.<br /> • Overcharge Zone: Singapore and Fujairah, with overpricing rates widening by $7 in Singapore and $3 in Fujairah.<br /><br /> MGO LS Segment<br /> • Undercharge Zone: All four ports remained undercharged. The underprice gap narrowed by:<br /> o $4 in Rotterdam<br /> o $12 in Singapore<br /> o $4 in Fujairah<br /> o $10 in Houston<br /> Additionally, Rotterdam and Singapore's MDI indexes dropped below the $100 mark.<br /><br /> Forecast for Nov. 22<br /> We expect Global bunker market to resume upward trend on Nov.22: 380 HSFO – plus 3-7 USD/MT, VLSFO – plus 3-7 USD/MT, MGO LS – plus 3-9 USD/MT.<br /><artsrc>Source: MABUX</artsrc></full></li></ul></li></ul><div class ='presentation'><div class='pdf_close'></div><div id="pdf_container"><canvas id="pdf_renderer" style='width: -webkit-fill-available; max-width: inherit;'></canvas></div><div><a class="action" id="pdf_prev"></a><a class="action" id="pdf_next"></a></div></div></main><footer class="footer"><div class="footerContent wide"><div class="footerTop"><section class="ibia"><p class="title">Member of <abbr title="International Bunker Industry Association">IBIA</abbr></p><img src="images/elements/ibia_logo.png" alt="IBIA Logo"></section><section class="contacts"><h1 class="title">Contact Us</h1><p> Email: <a href="mailto:info@mabux.com">info@mabux.com</a><br> Tel: <a href="tel:+4642140430">+46 42 14 04 30</a></p></section><section class="socials"><h1 class="title">Follow Us</h1><ul class="socials"><li><a clicks-on="Twitter" href="https://twitter.com/MabuxAB" target="_blank" ><i class="fa fa-twitter" aria-hidden="true"></i><span class="text">Twitter</span></a></li><li><a click-on="LinkedIn" href="https://www.linkedin.com/company/mabux/" target="_blank" ><i class="fa fa-linkedin" aria-hidden="true"></i><span class="text">LinkedIn</span></a></li><li><a clicks-on="Facebook" href="https://www.facebook.com/mabuxAB/" target="_blank" ><i class="fa fa-facebook" aria-hidden="true"></i><span class="text">Facebook</span></a></li><li><a clicks-on="Instagram" href="https://www.instagram.com/mabuxab/" target="_blank" ><i class="fa fa-instagram" aria-hidden="true"></i><span class="text">Instagram</span></a></li></ul></section></div><small class="footerBottom"><a href="/terms-and-conditions">Terms and Conditions</a><a href="/privacy-policy">Privacy Policy</a><span>© 2001 - 2024 Marine Bunker Exchange AB</span></small></div></footer><div class="contactsBlock"><ul class="socials"><li><a href="https://www.facebook.com/mabuxAB/" class="facebook" target="_blank" >Facebook</a></li><li><a href="https://twitter.com/MabuxAB" class="twitter" target="_blank" >Twitter</a></li><li><a href="https://www.linkedin.com/company/mabux/" class="linkedin" target="_blank" >LinkedIn</a></li></ul><div class="contacts"><a href="tel:+4642140430">+46 42 14 04 30</a><a href="mailto:info@mabux.com">info@mabux.com</a></div></div><div class="cookiePolicy"><p>This website uses cookies to store information on your computer. 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