MABUX: Bunker Prices to Keep Mixed Outlook Next Week in International Shipping News 13/02/2026 At the close of Week 07, MABUX global bunker indices continued to move in mixed directions. The 380 HSFO index rose by USD 4.90, increasing from USD 427.06/MT last week to USD 431.96/MT. The VLSFO index also recorded a gain of USD 9.86, climbing to USD 520.07/MT compared to USD 510.21/MT the previous week. In contrast, the MGO LS index declined by USD 2.17, falling from USD 780.87/MT to USD 778.70/MT. At the time of writing, the global bunker market was undergoing a moderate upward correction. The MABUX Global Scrubber Spread (SS)—the price differential between 380 HSFO and VLSFO—continued its moderate upward movement, increasing by $4.96 from $83.15 last week to $88.11, gradually approaching the psychological threshold of $100.00 (SS Breakeven). The average weekly value of the index also rose by $4.07. In Rotterdam, the SS Spread declined by $2.00, narrowing to $43.00 compared to $45.00 the previous week. However, the port’s average weekly SS value increased by $6.16. In Singapore, the price differential between 380 HSFO and VLSFO remained unchanged at $52.00, while the average weekly value in the port decreased by $2.50. Overall, the SS Spread dynamics at the end of the week did not demonstrate a pronounced trend. The market continues to reflect stronger economic performance for conventional VLSFO compared to the 380 HSFO + scrubber combination. We expect mixed SS Spread movements to persist into next week. Detailed information is available in the “Differentials” section at mabux.com. At the close of the week, the Istanbul ECA Spread (ES) remained unchanged at $80.00, although it temporarily reached $100.00 during the week. The weekly average increased by $3.33. In Venice, the ECA Spread rose by $20.00, from $70.00 to $90.00, while the weekly average gained $9.34. Throughout the week, ES indices in both ports hovered close to the psychological threshold of $100.00. We expect the moderate upward trend in the ECA Spread to persist into next week. Detailed information could be found in the “Differentials” section at mabux.com. Contrary to expectations of an LNG supply surplus this year, Italy’s energy major Eni expects the global gas market to remain relatively balanced in 2026. European demand is set to stay elevated after the winter as the region moves to replenish significantly depleted inventories, while Asian consumption is likely to recover amid softer prices. Gas withdrawals from European underground storage facilities are occurring at the fastest pace in several years, pointing to end-of-winter inventory levels at their lowest since 2022. As a result, Europe will require exceptionally high import volumes during the shoulder seasons and summer to rebuild storage to the EU-mandated 80–90% capacity by November 2026. Alongside stronger European demand, Eni also anticipates a recovery in Asian consumption, which could further constrain available supply and result in a structurally tight market balance next year. As of February 10, the level of gas reserves in European underground storage facilities continued to decline, falling to 36.13% of total capacity, down 3.73 percentage points compared to the previous week. At the same time, storage levels are already 25.33% below the level recorded on January 1, 2026 (61.46%). By the end of Week 07, the European gas benchmark TTF extended its downward movement, decreasing by 1.014 euros/MWh to 31.846