Marine Bunker Exchange (MABUX) reports that global bunker prices moved without a clear direction in Week 49. Some fuel grades posted modest gains, while others slipped, leaving the overall market without a dominant trend. The 380 HSFO index rose by USD 6.26 to USD 410.15/MT. Meanwhile, the VLSFO index edged up slightly to USD 489.11/MT, still below the USD 500/MT mark. In contrast, MGO LS dipped by USD 2.27 to USD 765.25/MT. As the week ended, bunker prices continued to show limited momentum, keeping market expectations cautious.
Scrubber Spread Declines Again
The global Scrubber Spread also narrowed. It fell by USD 4.98 to USD 78.96, once again slipping below the USD 80 threshold and remaining well under the USD 100 breakeven level. The weekly average also declined.
Regionally, Rotterdam saw its spread contract by USD 5 to USD 41. Singapore registered a slight increase of USD 3, bringing the spread to USD 83. However, the weekly average in Singapore still moved lower. Overall, the scrubber advantage remains weak, supporting the relative appeal of conventional VLSFO within current marine fuels economics. The present trend is expected to continue into next week.
Mediterranean ECA Fuels Gain Attention
With new emission control areas expanding—most recently, the Mediterranean ECA coming into force in May 2025—pricing dynamics inside these zones have become more important. As a result, the comparison between ULSFO and MGO LS now plays a larger role in regional bunker planning.
By the end of the week, the Istanbul ECA Spread dropped by USD 5. Venice recorded an even larger decrease of USD 24. Despite this softening, spreads remain near the USD 100 level, maintaining a healthy price advantage for ULSFO. This gap continues to support rising demand and encourages further development of ULSFO supply within the MedECA bunkering market.
LNG Export Growth Pressures Gas Prices
Global energy markets also saw notable changes. LNG exports from the United States rose 40% year over year in November, reaching an estimated 10.7 million tons. This marked the first time a single country exceeded 10 million tons in one month. Because of this increased availability, European natural gas prices fell to their lowest point in more than a year, even as winter demand began to rise. Forecasts suggest that prices could fall further in the months ahead.
European Gas Storage Declines but Remains Stable
As of early December, European gas storage levels stood at 74.95%, down from the previous week but still close to early-2025 benchmarks. Although inventories are slightly below last year’s levels, steady LNG inflows are helping ease concerns about winter shortages. By the end of Week 49, the regional gas benchmark TTF continued its downward trend, falling to 28.050 euros/MWh.
LNG Bunker Prices Move Lower
LNG as a bunker fuel also became more competitive. At the port of Sines, prices dropped by USD 36 to USD 668/MT. The price gap between LNG and conventional MGO LS narrowed to USD 85 but remained in LNG’s favor. On the same day, MGO LS was priced at USD 753/MT. As a result, LNG continues to offer a cost advantage for operators aligned with alternative-fuel strategies and tightening IMO regulations.
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Source: MABUX
