Bunker prices across the Americas have moved in mixed directions, and dense fog may disrupt bunkering operations in the US Gulf Coast.

PHOTO: Container vessels docked in Balboa Port under gray cloudscape. Getty Images

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

• VLSFO prices up in New York ($5/mt), Balboa ($1/mt) and unchanged in Houston    
• LSMGO prices up in New York ($5/mt), unchanged in Balboa, and down in Houston ($2/mt)   
• HSFO prices up in New York ($4/mt) and Balboa ($1/mt), and unchanged in Houston

Balboa’s LSMGO prices remain unchanged after a 50-150 mt LSMGO stem was fixed at $703/mt for prompt delivery, keeping the benchmark fairly stable.

Bunker availability in Panama remains steady, with a consistent supply across all fuel grades. Suppliers advise lead times of at least seven days in both Balboa and Cristobal.

Houston’s HSFO prices also remained unchanged in the past session and is currently trading at a $42/mt discount to New York, down from $47/mt on 5 March.

Bunker supply in Houston continues to be bit tight and is anticipated to last until the first week of April. Suppliers have advised lead times of at least a week for delivery.

The U.S. Gulf is currently experiencing its fog season, a time when thick fog often causes disruptions to maritime operations and lasts until the end of March.

Bunker deliveries in the Galveston Offshore Lightering Area (GOLA) are ongoing however facing disruptions which are likely to persist through 30 March, potentially affecting operations.

Brent

The front-month ICE Brent contract has gained $0.08/bbl on the day, to trade at $73.69/bbl at 08.00 CDT (13.00 GMT).    

Upward pressure:

Brent crude’s price moved higher after the US Energy Information Administration (EIA) reported a 3.3 million-bbl draw in commercial US crude oil inventories, to touch 434 million bbls for the week ending 21 March.

A decline in crude oil stocks typically signals strong oil demand, which can put upward pressure on Brent’s price. “Crude oil prices gained amid signs of strong demand,” ANZ Bank’s senior commodity strategist Daniel Hynes said.

Additionally, US President Donald Trump has threatened to impose 25% tariffs on imports from countries buying Venezuelan oil and gas.

China, India, Spain, Italy and Cuba are among the largest consumers of Venezuelan oil, Reuters reports.

Brent’s price gains were “fueled by a double shot of bullish catalysts: a larger-than-expected drawdown in U.S. crude and fuel inventories and mounting geopolitical tension as the U.S. threatens to impose tariffs on countries importing Venezuelan crude,” SPI Asset Management managing partner Stephen Innes remarked.

Downward pressure:

Uncertainty over tariffs imposed by the Trump-led US administration has kept global financial markets on edge, with analysts fearing a slowdown in demand growth.

Trump has announced import taxes of 25% on cars and light trucks coming into the US. These taxes are set to come into force from next week.

“[The market’s] attention may soon pivot back to demand worries amid the US’ chaotic blitzkrieg of import tariffs against major trade partners,” VANDA Insights’ founder and analyst Vandana Hari said.

Sluggish crude oil demand could lead to lower prices, according to market analysts.

By Gautamee Hazarika and Aparupa Mazumder

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