MABUX: Bunker market volatility persists in September

According to Sergey Ivanov, Director at MABUX, the global bunker market in August was shaped primarily by Middle East geopolitical developments, crude oil volatility, tight distillate and low-sulphur fuel supply, and regional imbalances in bunker availability. The key market drivers included: Middle East conflict and Strait of Hormuz: Hormuz restrictions remained the main source of market volatility. Reduced Gulf exports supported prices, while signs of diplomatic progress and potential reopening of the Strait eased the geopolitical premium. Crude oil and geopolitical risk: Brent remained the key directional benchmark, with price movements largely driven by changing geopolitical risk perceptions. Global distillate tightness: Lower Middle East exports, refinery disruptions, constrained refinery output and low inventories kept diesel/gasoil supply tight and supported MGO LS prices.