Mixed global bunker prices persist as LNG costs fall and storage tightness deepens

Global bunker prices moved in mixed directions in Week 07. The 380 HSFO index rose to around $432/MT, while VLSFO strengthened more notably to just above $520/MT. In contrast, MGO LS slipped slightly to about $779/MT, with the market showing a modest upward corrective bias overall.

The global scrubber spread widened to just above $88/MT, continuing to move toward the $100/MT breakeven threshold, although port-level dynamics remained mixed. Conventional VLSFO continued to show stronger economic performance versus HSFO combined with scrubber use.

ECA spreads strengthened further during the week, particularly in Venice, signalling continued upward momentum. MABUX expects this trend to persist into next week.

European gas storage levels fell further to around 36%, pointing to a tight supply balance ahead of the summer refill season. Despite this, the TTF benchmark declined to €31.85/MWh by week’s end.

LNG bunker prices in Sines dropped sharply to $821/MT, although conventional fuels remained more competitive overall.
Across major hubs, the MABUX Market Differential Index continued to show broad undervaluation across bunker fuel segments, with Fujairah emerging as the only overvalued port in the HSFO segment.

Meanwhile, Rotterdam bunker sales data showed steady demand for conventional fuels in 2025, alongside continued growth in LNG and bio-blended marine fuel volumes.

MABUX expects bunker price dynamics next week to remain mixed without a clear sustained trend.

Source: MABUX