Bunker benchmarks in European and African ports have mostly gone up, and a severe backlog has been reported in the port of Antwerp-Bruges. 

Changes on the day to 09.00 GMT today:

• VLSFO up in Gibraltar ($7/mt), and Rotterdam and Durban ($1/mt)  
• LSMGO prices up in Rotterdam ($13/mt) and Gibraltar ($9/mt) 
• HSFO prices up in Gibraltar ($5/mt) and Rotterdam ($4/mt)  
• Rotterdam B30-VLSFO premium over VLSFO up by $7/mt to $731/mt

Rotterdam’s HSFO price has increased by a moderate $4/mt in the past day, outpacing the port’s VLSFO price, which has mostly held steady. These price moves have narrowed Rotterdam’s Hi5 spread from $42/mt to $39/mt today. 

Partial closure at the port of Antwerp-Bruges due to a strike action yesterday has led to a severe backlog in the port. The port authority has stated that they are working to clear the backlog, which has grown to about 50 ships in Antwerp and 20 in Zeebrugge on Tuesday.

Meanwhile, Gibraltar’s VLSFO price has gained by $7/mt in the past day, widening its VLSFO premium over Rotterdam by $6/mt to $39/mt now. 

Minimal congestion is reported in Gibraltar today, with four vessels waiting for bunkers, said port agent MH Bland. Across the strait in Algeciras, slight congestion is reported in the inner anchorage, MH Bland said. Suppliers in Algeciras can offer all grades within seven days, a trader told ENGINE. 

Brent

The front-month ICE Brent contract has climbed $0.47/bbl higher on the day, to trade at $74.60/bbl at 09.00 GMT.

Upward pressure:

Brent’s price rallied as global geopolitical concerns reached new heights after US President Donald Trump rattled the oil market with his fiery remarks on Russia and Iran.

“Trump took to the mic, unleashing a one-two verbal strike that sent oil traders scrambling for hedges,” SPI Asset Management managing partner Stephen Innes remarked.

Trump rebuked Russian President Vladimir Putin’s recent comments questioning Ukrainian counterpart Volodymyr Zelenskyy’s legitimacy in running the country and threatened to further curb Moscow’s oil exports with tariffs, unless it moved towards a ceasefire, according to media reports.

On Friday, Putin questioned Zelenskyy’s legitimacy as president, noting that his term expired last year.

He also threatened Tehran that a failure to reach an agreement with Washington over its nuclear program could lead to major US airstrikes, Reuters reports. “If they [Iran] don't make a deal, there will be bombing,” Trump said in a telephonic interview with NBC News, the report adds.

“With the geopolitical noise dialled up to decibel 8, who even needs a demand bounce when supply risk leaks into every energy market crevice?” Innes added.

Downward pressure:

Brent’s price gains were partially capped by fears of a decline in demand, as the US prepares to announce tariffs on all countries on 2 April. Additionally, automobile tariffs are set to kick in a day later.

The recent wave of Trump’s tariff threats has rattled market analysts and investors, sparking concerns 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.

“Opposing the prop from worries over disruption to Russian oil supply was a surge of gloom in the financial markets ahead of Trump unveiling his new reciprocal tariffs regime against major trade partners on Wednesday,” VANDA Insights’ founder and analyst Vandana Hari said.

By Manjula Nair and Aparupa Mazumder

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