Global bunker prices mixed as Middle East uncertainty keeps fuel markets volatile

Global bunker prices remained volatile in Week 23, with fuel indices moving in different directions as uncertainty over the Middle East conflict continued to affect energy and bunker markets.

The MABUX 380 HSFO Index declined by USD 9.99 to USD 718.72/MT, while the VLSFO Index posted a slight gain of USD 1.39 to USD 866.96/MT. MGO LS fell by USD 13.02 to USD 1,291.82/MT, dropping below the USD 1,300/MT mark for the first time since March 6, 2026. By the end of the week, bunker prices were showing signs of renewed upward momentum.

The Global Scrubber Spread widened by USD 11.38 to USD 148.24, staying well above the USD 100 breakeven level. Rotterdam’s spread moved back above this threshold, rising to USD 106, while Singapore narrowed slightly to USD 148.

Regional dynamics remained mixed. The Istanbul ECA Spread rose strongly to USD 75, while Venice remained unavailable due to a lack of regular quotations.

Energy markets also remained under pressure. European gas storage reached 40.76% by June 2 but stayed below seasonal norms, while TTF prices were broadly stable. LNG bunker fuel at Sines increased to USD 1,099/MT.

Looking ahead, MABUX expects bunker indices to remain mixed, with volatility driven by geopolitical uncertainty and tightening global energy markets.

Source: MABUX