Global bunker prices rose sharply in Week 09, with the 380 HSFO index climbing above $450/MT, VLSFO approaching $550/MT and MGO LS exceeding $800/MT, supported by continued strength across the fuel complex and bullish market sentiment.
The global scrubber spread widened to around $96, moving closer to the $100 breakeven threshold. Singapore recorded the most pronounced increase, while Rotterdam saw only modest gains. Despite the upward trend, VLSFO continues to retain a cost advantage over HSFO combined with scrubber use.
ECA spreads also strengthened, reaching the $100 level in Istanbul and rising in Venice, supporting renewed demand for conventional ULSFO.
European gas storage levels continued to decline to around 31% of capacity, significantly below levels at the start of the year, while the TTF benchmark edged higher to just above €30/MWh. LNG bunker prices in Sines rose to about $775/MT, narrowing the price gap with conventional marine fuels and improving LNG’s relative competitiveness.
Across major hubs, the MABUX Market Differential Index indicated expanding undervaluation across most bunker segments, with Singapore re-entering the undervalued zone in HSFO. The balance between undervalued and overvalued ports shifted further toward undervaluation, suggesting continued pricing adjustments ahead.
MABUX expects the bunker market’s upward momentum to persist next week, although the pace of gains may moderate.
Source: MABUX
