The region’s bunker prices have moved downwards, and bunkering operations at GOLA have been suspended due to rough weather conditions.

IMAGE: Shipping containers stacked in the Port in Los Angeles, California. Getty Images

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

• VLSFO prices down in New York ($12/mt), Los Angeles ($10/mt), Balboa ($8/mt) and Houston ($4/mt)
• LSMGO prices down in Balboa ($22/mt), New York ($21/mt), Los Angeles ($10/mt) and Houston ($9/mt)
• HSFO prices down in New York ($24/mt), Los Angeles ($12/mt), Balboa ($9/mt) and Houston ($8/mt)

Prices have mostly declined across the Americas, with the East Coast port of New York seeing the sharpest drop in HSFO prices of $24/mt. These price movements have resulted in the port’s Hi5 spread widening to $49/mt.

In New York, supply is good and all fuel grades are available with expected lead times of 5-6 days.

The US Gulf is currently in its fog season and a thick fog has caused delays to vessel transit since March.

Balboa's VLSFO prices also declined after two lower-priced VLSFO stems were fixed at $506/mt and $510/mt for 500-1500 mt for prompt delivery, putting downward pressure on the benchmark.

In Panama, ports are able to offer VLSFO and LSMGO for prompt deliveries, though HSFO remains tight and requires longer lead times.

Bunker deliveries in the Galveston Offshore Lightering Area (GOLA) are currently suspended, and possible disruptions are expected until today due to rough weather conditions.

Brent:

The ICE Brent Futures market was closed for trading on 18 April on account of Good Friday holiday. The front-month ICE Brent contract is trading at $66.45/bbl at 08.00 CDT (13.00 GMT) today, down by $0.22/bbl from Thursday.

Upward pressure:

Brent’s price edged higher on the back of supply concerns.

OPEC’s second largest oil producer Iraq is set to reduce its oil exports by about 100,000 b/d to an average of 3.2 million b/d in May, Bloomberg reports.

The news has supported Brent’s price as pressure from the Saudi Arabia-led coalition to adhere to production targets continues to grow.

Iraq pledged to lower its oil exports as "it faces pressure to adhere to its OPEC+ production target,” ANZ Bank’s senior commodity strategist Daniel Hynes said.

Besides, OPEC+ announced last week that seven members will collectively reduce output by 4.6 million b/d through June 2026 under revised compensation plans to offset previous overproduction.

Downward pressure:

Brent’s price gains were capped following the long Easter weekend as escalating trade tensions between the US and China weighed on sentiments.

The US-China tariff battle has continued to intensify, after Beijing announced 125% tariff on US goods last week. China's latest tariff announcement follows US President Donald Trump's decision to hike duties on Chinese products to 145%, according to a Reuters report.

“[Oil] market participants took note of the worsening trade conflict between the US and China and continued recalibrated optimism over the two countries being able to resolve their trade conflict any time soon,” VANDA Insights’ founder and analyst Vandana Hari said.

By Gautamee Hazarika and Aparupa Mazumder

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