Bunker fuel prices in the Americas have rebounded after declining in recent days.

IMAGE: New York Harbor. Getty Images

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

• VLSFO prices up in Zona Comun ($15/mt), Los Angeles ($13/mt), Balboa ($11/mt), Houston ($9/mt) and New York ($5/mt)
• LSMGO prices up in Balboa ($20/mt), Los Angeles ($14/mt), New York ($12/mt) and Houston ($10/mt)
• HSFO prices up in Balboa ($13/mt), Houston ($18/mt), Los Angeles ($9/mt) and New York ($6/mt)

Balboa has led some of the gains, recording the sharpest increases for both LSMGO and HSFO. The port’s Hi5 spread has narrowed to $38/mt.

At the start of the year, New York's LSMGO traded at a slight discount to Houston, but it has since shifted to a premium of $44/mt.

The Port of Los Angeles - the main entry point for Chinese goods - expects scheduled arrivals in early May to be a third lower than last year because of the US' ongoing tariff war with China.

Bunker demand across major North American ports has dipped slightly from last week, though bookings continue to be made. Overall, the market remains stable.

"Weather conditions have been favorable lately without any major interruptions," a source said.

There is generally a low risk of sea fog across major Gulf ports this week, with only brief periods of moderate threats forecast near Lake Charles and Corpus Christi.

Brent

The front-month ICE Brent contract gained $0.93/bbl on the day from Friday, to trade at $66.68/bbl at 08.00 CDT (13.00 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 Gautamee Hazarika and Aparupa Mazumder

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