In Week 24, the MABUX Global Fuel Tank Index saw significant growth across all segments.
The 380 HSFO Index rose $7.74 to $544.49 / MT. The VLSFO index rose $10.97 to $633.73 a tonne. The MGO index rose the most, adding $22.09 to $824.02 / ton.
"At the time of writing, the upward trend in the global fuel market continues modestly," said a Mabux official.
In week 24, the MABUX Global scrubber Spread (SS) - the spread between 380 HSFO and VLSFO - increased slightly from $86.01 to $89.24, an increase of $3.23.
Despite the rise, the spread has remained below the key $100 break-even point. In contrast, the weekly average SS fell by $5.40.
In Rotterdam, the SS spread continued to fall, from $69.00 to $65.00, down $4.00, and the port weekly average spread also fell by $6.50. In Singapore, the 380 HSFO/VLSFO spread increased slightly by $7, from $68.00 to $75.00, and the weekly average spread increased by $7.67.
"Overall, while the contraction in SS spreads has paused, indicators suggest that the upward correction could continue into next week," a MABUX spokesperson said.
StanChart reports that the dominant dynamics of the European gas market remain unchanged, characterized by slower than normal inventory build-ups and greater sensitivity to supply issues.
As of June 2, EU gas stocks totaled 81.75 billion cubic meters (bcm), an increase of 1.1 billion cubic meters year-on-year and 14.9 billion cubic meters above the five-year average. However, experts stressed that this surplus has decreased in 45 of the past 48 days.
