Bunker fuel prices have made moderate movements in the past session, and there could be bunker delays at anchorage in New York.

IMAGE: Container vessels docked in Balboa. Getty Images

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

• VLSFO prices up in Los Angeles, Balboa ($4/mt) and Zona Comun ($2/mt), unchanged in Houston, and down in New York ($2/mt)
• LSMGO prices up in Los Angeles, Balboa ($5/mt) and Houston ($2/mt), and down in New York ($7/mt)
• HSFO prices up in Balboa ($4/mt) and Los Angeles ($3/mt), and down in New York ($5/mt) and Houston ($3/mt)

Fuel prices have made the sharpest increases across grades in the ports of Los Angeles and Balboa.

Balboa's Hi5 spread has more than halved from $61/mt on 25 February to $27/mt now.

Bunker fuel availability in Panama remains good, with recommended lead times of 3-6 days for VLSFO and LSMGO. HSFO is bit tight with lead times of around 6-8 days.

With Chinese cargo shipment arrivals to the US plunging set to plunge, US West Coast ports are now seeing a surge in cargoes from Thailand, Vietnam and Cambodia, a source said.

This is most likely driven in part by front-loading of Chinese goods via transshipment in ports in Thailand, Vietnam and Cambodia ahead of the 9 July deadline, when the Trump administration's 90-day tariff pause for those countries expires.

In New York, bunker fuel availability is good, with recommended lead times of 3-5 days. The port is forecast to face strong winds through 10 May, which can lead to delays for bunker barges.

Bunker deliveries are still suspended in the Galveston Offshore Lightering Area (GOLA) due to elevated sea conditions through the rest of the day.

“Strong wind gusts are also expected over the next few days and could potentially disrupt deliveries,” a source said.

Brent

The front-month ICE Brent contract has gained $0.44/bbl on the day, to trade at $62.15/bbl at 08.00 CDT (13.00 GMT).

Upward pressure:

Brent crude’s price has continued to move higher on the back of fresh hopes of easing trade tensions between the two top global oil consumers - China and the US. Both countries are set to start trade talks over the weekend, according to media reports.

The talks are scheduled on 10-11 May. “[The] talks would be a sign of potential de-escalation in trade tensions,” two analysts from ING Bank noted.

Comments by President Donald Trump and US treasury secretary Scott Bessent have hinted at the potential talks, market analysts said.

“Yet while negotiations would help improve sentiment in the oil market, we’ll need to see significant progress on lowering tariffs to improve the demand outlook,” the ING Bank analysts argue.

On the demand side, US crude stocks data published by the American Petroleum Institute (API) also provided some upward thrust to Brent. US crude oil inventories declined by 4.5 million bbls in the week ending 2 May, according to the API.

The numbers were “fairly constructive,” the two analysts noted. A drop in US crude stocks typically indicates higher demand and can lend some support to Brent's price.

Downward pressure:

Oil market analysts don’t expect any major new changes in policy from the US Federal Reserve’s Federal Open Market Committee (FOMC) meeting later today.

Fed officials are set to meet to review this year’s interest rate outlook, though market participants widely anticipate that a rate cut is unlikely at this stage.

Higher interest rates could strengthen the US dollar, making dollar-denominated commodities like oil less attractive for holders of other currencies.

“Expectations are low - Powell is expected to deliver a polished version of ‘we’re on hold, watching the data’,” SPI Asset Management managing partner Stephen Innes said.

By Gautamee Hazarika and Aparupa Mazumder

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