Bunker benchmarks in European and African ports have declined in the past day, and bunker availability is normal in Piraeus. 

Changes on the day to 09.00 GMT today:

• VLSFO prices down in Gibraltar ($11/mt), Rotterdam ($6/mt) and Durban ($4/mt) 
• LSMGO prices down in Gibraltar ($7/mt) and Rotterdam ($6/mt)  
• HSFO prices down in Gibraltar ($6/mt) and Rotterdam ($3/mt)  
• Rotterdam B30-VLSFO premium over VLSFO down by $7/mt to $209/mt

Gibraltar’s VLSFO price has fallen by a significant $11/mt, nearly twice the drop seen in Rotterdam in the past day. Two non-prompt lower-priced stems booked in Gibraltar in the past day have weighed on the port's benchmark. Gibraltar’s VLSFO premium over Rotterdam has narrowed from around $32/mt, to $27/mt now. 

Gibraltar’s LSMGO price has also declined, partially influenced by two lower-priced non-prompt stems booked in the past day. Gibraltar’s LSMGO price is currently at a $11/mt discount to Las Palmas. LSMGO supply is good in both ports, with recommended lead times of 3-5 days. 

Bunkering is proceeding smoothly in Gibraltar, with a supplier facing delays of 3-4 hours, according to port agent MH Bland. In Ceuta, six vessels are due to arrive for bunkers today, unchanged from yesterday, said shipping agent Jose Salama & Co. 

Bunker demand remains subdued in Piraeus. VLSFO and LSMGO supply is good in the Greek port, with recommended lead times of 3-5 days, while HSFO supply is subject to enquiry.

Brent

The front-month ICE Brent contract has lost $0.40/bbl on the day, to trade at $76.05/bbl at 09.00 GMT.

Upward pressure:

Brent’s price found some support amid uncertainties over global oil supply this year.

Earlier this week, Bloomberg reported that eight members of the OPEC+ consortium may consider delaying the 2.2 million b/d supply increase, which was set to begin from April this year.

Disruptions to Kazakhstan’s oil exports have also supported Brent’s price this week. Several Ukrainian drones struck pipeline operator Caspian Pipeline Consortium’s (CPC) pumping station on Monday, temporarily shutting it down.

The facility is located in the Kavkazsky district of southern Russia and transports over two-thirds of all oil exports from Kazakhstan, and crude from Russian oil fields, including those in the Caspian Region, CPC said.

“Supply uncertainty continues to support the oil market, which faces multiple risks, including disruptions to Kazakh flows, the potential for a delay in the return of OPEC+ barrels,” two analysts from ING Bank noted.

Downward pressure:

Brent futures erased gains after the American Petroleum Institute (API) reported another spike in US crude stocks.

Crude oil inventories in the US surged by 3.34 million bbls in the week that ended 14 February, according to the API estimates.

Notably, a surge in US crude stocks can indicate a drop in oil demand, which can cap Brent's price rise. The broadly followed US government data on crude oil stockpiles from the US Energy Information Administration (EIA) is due later today.

By Manjula Nair and Aparupa Mazumder

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