Bunker fuel benchmarks have moved in mixed directions, and bunker deliveries can face delays in New York due to high wind gusts.

IMAGE: A line of cargo ships crossing Trinity Bay, to the Port of Houston. Getty Images

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

• VLSFO prices unchanged in New York, and down in Zona Comun ($19/mt), Houston ($5/mt), Los Angeles and Balboa ($2/mt)
• LSMGO prices up in New York ($6/mt), and down in Houston ($8/mt), Balboa ($5/mt) and Los Angeles ($2/mt)
• HSFO prices up in Balboa ($7/mt), and down in Houston ($10/mt), New York ($5/mt) and Los Angeles ($2/mt)

New York's LSMGO price has risen by $6/mt in the past session, while prices have declined in other key ports.

LSMGO is now priced $52/mt higher in New York than in Houston, up from $21/mt three months ago.

Possible weather disruptions and bunker delays are expected in New York until the end of the month.

"Standby tugs may be needed if conditions require," a source noted.

In Balboa, the price of VLSFO has declined, while HSFO has ticked up. This shift has narrowed the port’s Hi5 spread again, to $11/mt now.

The two fuel grades have been trading unusually close to each other in the past 2-3 weeks, with sources noting that HSFO availability remains very tight, whereas fresh VLSFO supplies have made its market more competitive.

Brent

The front-month ICE Brent contract has lost $0.16/bbl on the day, to trade at $64.61/bbl at 08.00 CST (13.00 GMT).

Upward pressure:

Brent crude’s price has found some support amid the slow progress of nuclear talks between the US and Iran, according to market analysts.

Delegates from both countries met for a fifth round of talks in Rome last week, “that yielded little progress,” ANZ Bank’s senior commodity strategist Daniel Hynes said.

The agreement was expected to get Tehran to agree to stop its nuclear enrichment program in return for Washington lifting its sanctions on Iranian oil.

“The expectations for these talks are not all that optimistic, despite both sides wanting to avoid a direct conflict,” Price Futures Group’s senior market analyst Phil Flynn remarked.

Downward pressure:

Expectations of higher OPEC+ output have dampened market sentiment, pushing Brent crude lower over the past few sessions.

The group will meet later this week to review supply quotas for its members and decide July production levels. Market analysts expect the Saudi Arabia-led coalition to increase output by another 411,000 b/d in July, for the third consecutive time.

“Any data showing a continued lack of adherence to production quotas will strengthen the resolve of Saudi Arabia to punish those members who refuse to cut their output,” Hynes said.

By Gautamee Hazarika and Aparupa Mazumder

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