Bunker benchmarks across key Americas ports have largely tracked Brent’s upward movement, and deliveries are expected to be suspended in GOLA.

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

• VLSFO prices up in New York and Balboa ($4/mt), Houston ($2/mt) and Los Angeles ($1/mt), and down in Zona Comun ($7/mt)     
• LSMGO prices up in Houston ($19/mt), Balboa ($15/mt) and New York ($4/mt), and unchanged in Los Angeles    
• HSFO prices up in Balboa ($8/mt), Houston ($5/mt) and New York ($2/mt), and down in Los Angeles ($1/mt)

LSMGO prices have risen across major ports. The biggest increase has been in Houston, where a higher-priced 50-150 mt LSMGO stem was fixed at $734/mt with prompt delivery, putting upward pressure on the benchmark.

Los Angeles and New York's LSMGO prices were at premiums of $39/mt and $52/mt over Houston a month ago. These premiums have since come down by more than half, to $17/mt and $12/mt now.

In New York, supply remains relatively stable across all grades. Suppliers advise securing orders with lead times of around seven days.

On the West Coast, suppliers in Los Angeles and Long Beach are well stocked, with recommended lead times of 6-7 days.

Bunker deliveries in the Galveston Offshore Lightering Area (GOLA) are currently underway, although deliveries are expected to be suspended from tomorrow. Operations could be disrupted by high wind gusts until 6 April.

Brent

The front-month ICE Brent contract has gained $0.53/bbl on the day, to trade at $74.75/bbl at 08.00 CDT (13.00 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 Gautamee Hazarika and Aparupa Mazumder

Please get in touch with comments or additional info to news@engine.online