Bunker benchmarks in most European and African ports have tracked Brent's downward movement, and adverse weather conditions are affecting bunkering operations in Gibraltar.

IMAGE: Rows of oil storage silo tanks in the Port of Antwerp, Belgium. Getty Images

Changes on the day to 09.00 GMT today:

• VLSFO prices up in Durban ($6/mt), and down in Gibraltar ($6/mt) and Rotterdam ($4/mt)
• LSMGO prices down in Gibraltar ($13/mt) and Rotterdam ($10/mt)
• HSFO prices up in Durban ($21/mt), and down in Rotterdam ($20/mt) and Gibraltar ($6/mt)
• Rotterdam B30-VLSFO premium over VLSFO up by $4/mt to $315/mt

Bunker prices across all grades have come down in Rotterdam and Gibraltar in the past day. A steeper fall in Rotterdam's HSFO price has widened its discount to Gibraltar by $14/mt, to $42/mt now.

Lead times of 8-10 days are recommended for HSFO in the ARA hub, while 4-8 days are advised for deliveries in the Gibraltar Strait ports, according to a trader.

Rotterdam's Hi5 spread has widened by $16/mt to $31/mt now.

Bunkering has been suspended in Gibraltar due to potential bad weather conditions, according to MH Bland. Winds gusts of up to 40 knots are forecast to hit the port later today. The number of vessels in the port waiting for bunkers has increased to 10 from three yesterday, the port agent said.

Additionally, bunkering operations off Malta remain suspended due to adverse weather.

However, the ports of Algeciras and Ceuta are fully operational, despite strong congestion at Algeciras' Inner Anchorage, the port agent added.

Brent

The front-month ICE Brent contract has declined by $0.42/bbl on the day, to trade at $64.82/bbl at 09.00 GMT.

Upward pressure:

The US administration has decided to temporarily pause some country-specific tariff for most trade partners for 90 days. This news has provided some boost to Brent’s price.

Besides, US President Donald Trump on Friday granted exclusions from steep tariffs on smartphones, computers and other electronic devices imported largely from China, Reuters reports.

This development has eased some demand concerns, according to market analysts. “Crude oil found some support after Trump’s announcement of further exemptions to his reciprocal tariffs,” ANZ Bank’s senior commodity strategist Daniel Hynes remarked.

Downward pressure:

Brent’s price edged lower after the OPEC+ oil producers’ group released its monthly oil market report, which presented a subdued outlook for global oil demand.

Global oil consumption in 2025 is expected to average 105.05 million b/d, OPEC said. Previously, it expected consumption to average at around 105.2 million b/d this year.

“Uncertainty over how tense things could get is clouding the demand outlook,” two analysts from ING Bank noted.

Oil demand growth in 2026 is expected to decline further on account of the expected impact of US tariffs, OPEC said.

The report also stated that oil production in Saudi Arabia and Iran, two of the largest producers of the group, increased by 4,000 b/d to about 9 million b/d and 12,000 b/d to about 3.3 million b/d, respectively, in March.

Output in Kazakhstan surged by 37,000 b/d, the Vienna-headquartered group said. 

“OPEC’s monthly oil market report also shed some light on its decision to accelerate its planned production hikes,” Hynes added.

By Samantha Shaji and Aparupa Mazumder

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