Bunker benchmarks in European and African ports have mostly held steady, and prompt bunker availability is tight across all grades in Gibraltar.

PHOTO: Cruise ship in the Port of Gibraltar. Getty Images

Changes on the day from Friday to 09.00 GMT today:

• VLSFO up in Gibraltar ($7/mt), and down in Durban ($4/mt) and Rotterdam ($1/mt)
• LSMGO prices up in Gibraltar ($7/mt) and Rotterdam ($6/mt)
• HSFO prices up in Rotterdam ($1/mt), and down in Gibraltar ($2/mt)
• Rotterdam B30-VLSFO premium over VLSFO down by $2/mt to $226/mt

Bunker prices across Rotterdam, Gibraltar and Durban have remained relatively stable compared to the last session. Gibraltar's Hi5 spread widened by $9/mt, whereas Rotterdam's Hi5 spread has narrowed by $2/mt.

Rotterdam is seeing tight prompt availability for HSFO and VLSFO grades, while LSMGO availability remains normal. In Gibraltar, prompt bunker availability is tight for all grades.

All anchorage bunker operations have been suspended in Ceuta since yesterday due to adverse wind and sea conditions, according to port agent MH Bland. Across the pond in Algeciras, bunker operations continue in the inner anchorage, where there is slight congestion. Operations also continue at the Delta anchorage and at the outer port limits, the agent added.

MH Bland also says there are no vessels waiting to be bunkered in Gibraltar, as backlogs have been cleared after last week's pile up of vessels.

Brent

The front-month ICE Brent contract has gained $0.20/bbl on the day from Friday, to trade at $74.13/bbl at 17.00 SGT (09.00 GMT).

Upward pressure:

The price of Brent crude has moved higher as growing supply disruption concerns have helped offset oversupply fears.

The US government’s latest sanctions on Iran’s oil exports have crimped Iranian oil flows in the physical oil market, according to analysts.

“US sanctions on Iran’s oil industry appear to be biting with at least 11 US sanctioned tankers containing Iranian oil reportedly sitting idled off the coast of Malaysia,” ANZ Bank senior commodity strategist Daniel Hynes said.

Some of the vessels, containing as much as 17 million bbls, “have been sitting there for over a month,” he added, noting that the news underscores the disruptions to trade flows.

Downward pressure:

Over the weekend, US President Donald Trump threatened to hit buyers of Russian crude oil with additional 25-50% tariffs, Reuters reports. This news has put some downward pressure on Brent’s price.

Trump’s administration has warned of potential tariffs on countries that continue purchasing Russian crude oil, if a ceasefire deal with Ukraine fails to materialise.

It is not the potential tariffs on Russian oil themselves that weigh on Brent, but their knock-on effect on oil trading and global economic growth.

The recent wave of Trump’s tariff threats has rattled market analysts and investors, sparking fears of a global trade war that could dampen demand for commodities like oil. Weak crude oil demand could lead to lower prices, according to market analysts.

By Samantha Shaji and Aparupa Mazumder

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