MABUX: Bunker prices remain volatile in November

According to Sergey Ivanov, Director, MABUX, October’s global bunker market remained under strong geopolitical and supply-side pressure. Middle East tensions, disruptions to oil product flows, tight regional fuel availability and rising LNG prices continued to support bunker quotations. The key market drivers included:

Ivanov noted that in October, the MABUX 380 HSFO Index extended its upward trend, gaining USD 76.75, from USD 701.67/MT at the end of September to USD 778.42/MT. The VLSFO Index rose by USD 70.81, reaching USD 913.07/MT compared to USD 842.26/MT a month earlier, breaking above the USD 900/MT threshold. Meanwhile, the MGO LS Index recorded only a marginal increase of USD 2.62, edging up from USD 1,521.88/MT at the end of September to USD 1,524.50/MT. The upward trend in bunker prices during October was primarily driven by the continued escalation of the military conflict between the United States and Iran, which sustained a substantial geopolitical risk premium in global crude oil and refined petroleum product prices. At the time of reporting, MABUX bunker indices remained close to their peak levels, reflecting persistent geopolitical tensions and elevated uncertainty across global energy markets.

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