In the 46th week of the year, Marine Bunker Exchange (MABUX) global indices resumed a moderate downward trend.
The 380 HSFO index dropped by US$7.39 to US$522.40/MT, the VLSFO index saw a US$8.09 decline to US$601.05/MT, edging closer to the US$600 mark, and the MGO index fell by US$13.63 to US$759.55/MT.
“At the time of writing, a slight upward correction was observed in the global bunker market,” noted a MABUX official.
The MABUX Global Scrubber Spread (SS)—the price gap between 380 HSFO and VLSFO—narrowed slightly by US$0.70 to US$78.65 and remained below the US$100 breakeven threshold. However, the weekly average rose by US$7.57.
In Rotterdam, the SS Spread increased by US$14, climbing from US$30 to US$44, with a US$21 rise in the weekly average. Meanwhile, in Singapore, the 380 HSFO/VLSFO spread declined by US$10, moving from US$115 to US$105, once again nearing the US$100 level, though the weekly average inched up by US$2. Overall, the SS Spread displayed no clear trend throughout the week, remaining close to or below the US$100 threshold.
“No sustainable trend is expected next week for the 380 HSFO and VLSFO price differential,” stated a MABUX official.
According to a statement, European gas prices have recently surged due to concerns over supply stability, driven by escalating tensions in the Middle East and unplanned outages in Norway, Europe’s largest gas supplier. Further adding to these concerns is the upcoming expiration of the Ukraine-Russia agreement on Russian gas transit to Europe via Ukraine, set for December 31, 2024.
However, the rise in European gas prices has attracted additional LNG shipments. According
to data from Kpler, LNG imports into Europe climbed to 7.54 million metric tons in October,
up from 6.37 million tons in September and marking the highest monthly import volumes
since May. As of November 11, European regional storage facilities were 93.04%, down 2.29% from the previous week. By the close of Week 46, the European gas benchmark TTF
had risen by 3.763 euros/MWh, reaching 44.255 euros/MWh (compared to 40.492
euros/MWh the previous week).
At the port of Sines in Portugal, the price of LNG as bunker fuel rose by US$79 this week, reaching US$927/MT as of 11 November. Additionally, the price gap between LNG and conventional fuel widened notably, with the spread favouring MGO LS increasing to US$195 from US$105 the previous week. On this date, MGO LS was priced at US$732/MT at the port of Sines.
In Week 45, the MDI index—measuring the correlation between market bunker prices (MABUX MBP Index) and the MABUX digital bunker benchmark (MABUX DBP Index)—showed the following patterns across the four major global hubs: Rotterdam, Singapore, Fujairah, and Houston.
– 380 HSFO segment: Singapore and Houston returned to the undercharge zone, joining Fujairah. Weekly averages increased by 13 points in Singapore, 6 points in Fujairah, and 18 points in Houston. Rotterdam remained the only overcharged port in this segment, with its weekly average decreasing by 26 points.
– VLSFO segment: Singapore and Fujairah stayed in the overcharge zone, though weekly averages dropped by 12 points in Singapore and 3 points in Fujairah. Rotterdam and Houston remained undervalued, with Rotterdam’s weekly average rising by 5 points, while Houston’s fell by 8 points.
– MGO LS segment: All four ports continued to be undervalued. Weekly averages rose by 3 points in Rotterdam, 6 points in Singapore, and 9 points in Fujairah, while Houston saw a slight decrease of 1 point. Across all ports, MDI readings stayed below the US$100 level.
“Bunker fuel prices in the market lack clear directional dynamics and are moving sideways.
This trend is expected to persist into the following week,” stated Sergey Ivanov, Director of MABUX.
