Most bunker benchmarks in Europe and Africa have risen, and operations in the Gibraltar Strait ports are suspended again.

IMAGE: Oil tanker moored at an oil terminal in the Port of Antwerp. Getty Images

Changes from Friday on the day to 09.00 GMT today:

• VLSFO prices up in Durban ($12/mt) and Rotterdam ($8/mt), and down in Gibraltar ($1/mt)
• LSMGO prices up in Rotterdam ($10/mt) and Gibraltar ($4/mt)
• HSFO prices up in Gibraltar ($11/mt), Rotterdam ($8/mt) and Durban ($3/mt)
• Rotterdam B30-VLSFO premium over VLSFO down by $20/mt to $259/mt
  

Prices of conventional fuels have risen over the weekend, with Durban’s VLSFO and Gibraltar’s HSFO recording the highest gains among the grades at $12/mt and $11/mt, respectively.

Bunker prices across all grades in Rotterdam have increased by at least $8/mt, maintaining its Hi5 spread from Friday at $26/mt. Conversely, the port’s B30 VLSFO price has fallen by $12/mt to $712/mt today.

Gibraltar's HSFO price has risen over the weekend, while its VLSFO price has held steady. The price moves have narrowed the port's Hi5 spread by $12/mt to $11/mt.

The port is currently facing congestion, with seven vessels waiting for bunkers, due to lack of space for vessels in the port and because one supplier is facing pressure on its barge availability, according to port agent MH Bland.

Adverse weather conditions have once again disrupted bunkering operations in Algeciras and Ceuta, MH Bland said.

Bunkering has been suspended in the OPL (Outer Port Limits) and Delta areas of the Spanish port of Algeciras due to wind gusts of 36 knots. The port's inner anchorage area continues to supply bunkers but is experiencing congestion. Suppliers are facing delays of up to 24 hours, which has further contributed to the congestion.

Across the strait, though bunkering has been suspended in Ceuta, ex-pipe bunkering continues.

Brent

The front-month ICE Brent contract has gained by $0.25/bbl on the day from Friday, to trade at $66.75/bbl at 09.00 GMT.

Upward pressure:

Brent crude’s price has moved higher over the weekend as market participants continued to monitor trade tensions between two of the largest oil consumers of the world – the US and China.

Last week, the US administration said that it was willing to lower tariffs on Beijing, according to several media reports.

A partial easing of tariff tensions between the two countries can help soothe market worries, according to market analysts. However, uncertainty over a full resolution persists.

“The market awaits definitive news on the prospect of a thaw in the US-China tariffs battle,” Vanda Insights founder and analyst Vandana Hari said.

Downward pressure:

Brent’s price felt some downward pressure as leaders from the US and Iran held a third round of negotiations in Oman on Saturday. The meeting focused on reimposing restrictions on Tehran’s uranium enrichment program, Reuters reports.

“The US and Iran characterised their third round of talks on a potential new nuclear deal in Oman on Saturday as productive,” Hari said.

Oil analysts and traders are closely monitoring the talks for signs of any progress that could potentially lead the Trump administration to lift some sanctions on Iranian oil and bring more supply back to the market.

By Samantha Shaji and Aparupa Mazumder

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