Global bunker market ends week 46 with mixed trends
**Global Bunker Market Navigates Mixed Trends at Week 46 Close**
At the conclusion of Week 46, the global bunker market presented a diverse landscape, with fluctuations observed across key fuel grades. According to MABUX, the 380 HSFO index saw a decrease of US$2.97, settling at US$435.64 per metric ton. In contrast, the VLSFO index experienced an uptick of US$2.89, reaching US$512.31 per metric ton. Demonstrating significant upward momentum, the MGO index surged by US$20.80, surpassing the US$800 per metric ton threshold to land at US$815.48.
“As of the time of writing, global bunker prices continue to move in a mixed pattern, showing no distinct directional trend,” commented Sergey Ivanov, Director, MABUX.
**Scrubber Spread Widens, Enhancing HSFO Cost-Effectiveness**
The MABUX Global Scrubber Spread (SS), which represents the price difference between 380 HSFO and VLSFO, continued its moderate upward trajectory. It gained US$5.86 from the previous week, rising to US$76.67 per metric ton, inching closer to the significant psychological mark of US$100.00 (SS Breakeven). The weekly average value of this index also saw an increase of US$4.39. This widening trend was also evident in Rotterdam, where the SS Spread added US$13.00, reaching US$40.00 per metric ton, indicative of a stable upward movement. The port’s weekly average SS Spread grew by US$9.50. In Singapore, the price differential between 380 HSFO and VLSFO widened by US$7.00, exceeding the US$80.00 mark to stand at US$86.00 per metric ton. The weekly average in Singapore also climbed by US$10.00. Collectively, the SS Spread trend clearly illustrates a widening price gap between 380 HSFO and VLSFO. In the medium term, the SS Spread is anticipated to approach the US$100.00 level once more, further amplifying the cost-effectiveness of utilizing the HSFO plus scrubber combination over conventional VLSFO.
**LNG Markets Remain Stable Amidst Ample Supply**
Global LNG markets demonstrated broad stability throughout October 2025, bolstered by robust supply from the United States, Qatar, and Africa, coupled with moderating demand from key Asian consumers. Additional volumes from upcoming U.S. projects, including progress at Rio Grande LNG, contributed to maintaining the global supply-demand equilibrium. Meanwhile, Asian demand growth remained subdued due to mild weather conditions and high inventory levels. LNG continued to play a crucial role in stabilizing the European gas market during the third quarter of 2025, with imports rising by 38% year-on-year and regasification rates consistently near the upper end of the seasonal range.
As of November 11th, European regional gas storage facilities were 82.39% full, reflecting a slight decrease of 0.63% from the preceding week. With the onset of colder weather, gas withdrawals have marginally surpassed injection levels. Current storage levels remain 11.06% higher than the 71.33% recorded at the start of the year. The European TTF gas benchmark experienced a moderate decline during Week 46, falling by €1.449 per megawatt-hour to €31.102/MWh, compared to €32.551/MWh in the week prior.
The price of LNG as bunker fuel at the port of Sines, Portugal, decreased by another US$2.00 this week, settling at US$730 per metric ton, down from US$732 per metric ton in the previous week. The price differential between LNG and conventional fuel remained favorable for LNG, widening to US$83 from US$48 a week earlier, with MGO LS quoted at US$813 per metric ton at the port of Sines on the same day.
**MDI Reflects Global Undervaluation Trend**
At the close of Week 46, the MABUX Market Differential Index (MDI), which gauges the ratio of market bunker prices (MBP) to the MABUX digital bunker benchmark (DBP), indicated the following bunker fuel price trends across major global hubs: Rotterdam, Singapore, Fujairah, and Houston.
* **380 HSFO segment:** Rotterdam, Singapore, and Fujairah were classified as undervalued. Average weekly MDI values saw an increase of 4 points in Rotterdam and 2 points in Singapore, while remaining unchanged in Fujairah. Houston was the sole port identified as overvalued in this segment, with its MDI decreasing by 2 points.
* **VLSFO segment:** All four ports were undercharged. Average weekly MDI undervaluation levels decreased by 5 points in Rotterdam, 9 points in Singapore, 6 points in Fujairah, and 1 point in Houston. Notably, Houston’s MDI approached a 100% correlation between MBP and DBP.
* **MGO LS segment:** Singapore transitioned into the undervalued zone, resulting in all ports within this category being undervalued. MDI levels rose by 24 points in Rotterdam, 24 points in Singapore, and 34 points in Fujairah, though they declined by 4 points in Houston. Fujairah’s MDI neared the US$100.00 mark.
“By the end of the week, the overall balance of overvalued and undervalued ports continued to shift towards undervaluation, most significantly driven by Singapore’s movement in the MGO LS segment. We believe the trend toward undervaluation in MDI values remains sustainable and is expected to persist in the global bunker market next week,” added Ivanov.
“We believe the global bunker market still retains growth potential. Global bunker indices may continue a moderate upward trend in the coming week,” concluded Sergey Ivanov, Director, MABUX.