The region’s bunker prices have moved up, and New York and Montreal could face delayed bunker operations due to strong winds.

IMAGE: A group of tankers in port along the Houston Ship Channel, Texas. Getty Images

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

• VLSFO prices up in Zona Comun ($18/mt), Los Angeles ($17/mt), New York ($14/mt), Houston ($12/mt) and Balboa ($11/mt)
• LSMGO prices up in Los Angeles ($18/mt), Houston, New York ($14/mt) and Balboa ($3/mt)
• HSFO prices up in Los Angeles ($14/mt), Balboa ($11/mt), New York ($10/mt) and Houston ($7/mt)

Balboa’s HSFO price has risen by $11/mt in the past session. A 500–1,500 mt HSFO stem was fixed at $473/mt for prompt delivery, putting upward pressure on the benchmark.

Supply of HSFO is currently tight in the port. “HSFO supply in Panama is fairly tight, but other grades are holding up well on a decently prompt basis,” a source noted.

Los Angeles’ LSMGO, which fell sharply in the previous session, has rebounded with a $18/mt gain. Supply remains good in the port, with recommended lead times of less than a week.

LSMGO prices have risen by $14/mt in both Houston and New York. Houston's price continues to be at a $59/mt discount to New York.

Strong wind gusts are forecast until Monday in both New York and Canada’s Montreal, potentially disrupting bunker deliveries and causing delays.

Brent

The front-month ICE Brent contract has gained $1.95/bbl on the day, to trade at $63.75/bbl at 08.00 CDT (13.00 GMT).

Upward pressure:

Oil prices have moved higher, ahead of the US-China trade talks in Switzerland that are scheduled for tomorrow.

“The fate of the US-China trade war is a major factor for sentiment in the oil markets,” Vanda Insights’ founder and analyst Vandana Hari remarked.

Progress is expected over the weekend, as US treasury secretary Scott Bessent meets Chinese vice premier He Lifeng, to address trade tensions that that could potentially ease demand concerns.

Currently, China’s has a 125% tariff active on US goods, while Washington continues to impose duties of 145% on Chinese products.

“Trump said that the 145% levy against China could be lowered if trade talks go well,” ANZ Bank’s senior commodity strategist Daniel Hynes noted.

Downward pressure:

Some oversupply concerns in the global oil market have put downward pressure on oil today.

OPEC+ producer Kazakhstan has no plans of cutting oil production in May and plans to pump a daily average of 277,000 mt of crude and condensate, according to a Bloomberg report. This news has capped Brent’s price gains, analysts said.

“News reports that OPEC+ member Kazakhstan has no plans to cut oil production in May were drawing market attention back to ongoing tensions within the alliance over quota-busting,” Hari said.

Kazakhstan, after repeatedly exceeding production quotas over the past year, said earlier that it would put national interest before the oil coalition’s and continue to maintain higher production levels.

By Gautamee Hazarika and Aparupa Mazumder

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