Bunker prices across the Americas have moved in mixed directions, and fuel availability remains tight in Argentina's Zona Comun.

PHOTO: Cargo ship sailing upriver in Argentina. Getty Images

Changes on the day to 08.00 CDT (13.00 GMT) today:

• VLSFO prices up in Zona Comun ($10/mt) and Houston ($3/mt), unchanged in Balboa, and down in New York ($11/mt) and Los Angeles ($5/mt)  
• LSMGO prices up in Houston ($12/mt), and down in Los Angeles ($5/mt), New York ($2/mt) and Balboa ($1/mt)
• HSFO prices up in Houston ($5/mt), unchanged in New York, and down in Balboa ($3/mt) and Los Angeles ($2/mt)

Zona Comun’s VLSFO price has increased after a higher-priced 500-1,500 mt VLSFO stem was fixed for prompt delivery at the anchorage at $585/mt, putting upward pressure on the benchmark.

VLSFO availability at the anchorage remains tight, with recommended lead times of around 10-12 days.

Houston's LSMGO price has gained by $12/mt in the past day, while New York's price has shed $2/mt. This has narrowed Houston's discount to $40/mt.

In Houston availability remains tight through to 21 March, with lead times extending beyond seven days.

Bunker fuel availability in New York and across the East Coast is steady. In New York, suppliers can offer prompt deliveries with expected lead times of 3-4 days.

Bunker demand in Panama has been slow this week, a source says. HSFO in Cristobal requires at least seven days for prompt supply, while Balboa suppliers can offer quicker deliveries due to more barges. VLSFO and LSMGO are available in both ports within a week.

Brent

The front-month ICE Brent contract has gained $0.27/bbl on the day, to trade at $70.80/bbl at 08.00 CDT (13.00 GMT).

Upward pressure:

Geopolitical tensions brewing in the Middle East have once again pushed Brent crude’s price above the $70/bbl mark.

Earlier this week, the Donald Trump-led US administration launched a major military operation against the Yemen-based Houthi militants, in response to the ongoing maritime attacks that have disrupted vessel movements in the crucial Red Sea shipping corridor.

The US President has further warned that Iran would be held accountable for any attacks carried out by the rebel group. “The US continues to pile further pressure on Iran, with President Trump pressuring it to rein in support for Yemen’s Houthis rebels,” ANZ Bank’s senior commodity strategist Daniel Hynes said.

Brent’s price also found support from declining US gasoline and distillate stockpiles that helped offset fears of weak demand growth. “US gasoline inventories have fallen for three consecutive weeks. They’re now the lowest since early January,” two analysts from ING Bank said.

Downward pressure:

Brent’s price felt some downward pressure after the US Energy Information Administration (EIA) reported a small rise in US crude stocks.

Commercial US crude oil inventories increased by 1.7 million bbls to touch 437 million bbls for the week ending 14 March, according to data from the EIA.

A buildup in inventories typically signals weaker oil demand, which can put downward pressure on Brent’s price.

By Gautamee Hazarika and Aparupa Mazumder

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