Conventional fuel prices in European and African ports have dipped again, and availability of all grades is good in Lome.

IMAGE: Passenger ships in the Port of Piraeus. Getty Images

Changes on the day to 09.00 GMT today:

• VLSFO prices down in Durban ($4/mt), Rotterdam ($3/mt) and Gibraltar ($1/mt)
• LSMGO prices up in Gibraltar ($1/mt), and down in Rotterdam ($11/mt)
• HSFO prices down in Gibraltar ($24/mt), Rotterdam ($7/mt), and Durban ($3/mt)
• Rotterdam B30-VLSFO premium over VLSFO down by $2 to $260/mt
• Gibraltar B30-VLSFO premium over VLSFO down by $41/mt to $217/mt

Prices of most fuel grades in Rotterdam, Gibraltar and Durban, including Gibraltar’s B30 VLSFO price, have declined for a second consecutive day, tracking Brent’s downward movement.

A steep fall in Rotterdam’s LSMGO price in the past session has widened its discount to Gibraltar from $60/mt to $72/mt now.

A sharp fall in Gibraltar’s HSFO price compared to its VSLFO price has widened its Hi5 spread to $74/mt, more than $20/mt compared to yesterday. This price fall has also narrowed Gibraltar’s HSFO premium over Rotterdam’s by almost half to $24/mt now.

Strong congestion is reported in Gibraltar today, with 10 vessels awaiting bunkers, two more than yesterday, according to port agent MH Bland. Suppliers continue to be delayed anywhere from three to 10 hours at the port, the agent added.

Suppliers at Algeciras are 2-12 hours behind schedule, MH Bland said.

Bunkering operations off Malta, Piraeus and Istanbul continue as usual, according to a trader.

At Luanda, VLSFO and LSMGO supply is good, according to a trader. Availability of all grades is good in Lome, another trader said.

Brent

The front-month ICE Brent contract has lost by $1.06/bbl on the day, to trade at $66.78/bbl at 09.00 GMT.

Upward pressure:

Market participants are slowly growing optimistic towards trade talks between the US and China. This has supported Brent futures this week.

Representatives from the two countries have agreed on a framework to ease trade tensions, according to media reports.

The deal is yet to be reviewed and approved by US President Donald Trump and his counterpart Xi Jinping.

The news comes amid growing optimism over another US interest rate cut, with the US Federal Reserve (Fed) set to hold its next policy meeting in July.

“In addition to the rate-cut narrative, global growth optimism is starting to regain momentum,” SPI Asset Management managing partner Stephen Innes said.

Downward pressure:

Brent crude’s price has moved lower due to growing oversupply concerns in the global oil market.

Eight members of the OPEC+ coalition are expected to raise their combined August output by another 411,000 b/d, according to media reports. This news has countered any Brent gains.

“The market is now concerned that the OPEC+ alliance will continue with its accelerated rate of output increases,” ANZ Bank’s senior commodity strategist Daniel Hynes.

The Saudi Arabia-led group will again meet on 6 July 2025 to decide on August production levels, it said earlier.

“It would be the fourth month in a row the group has agreed to such a large increase in output,” Hynes said.

The oil producers’ group had originally agreed to gradually phase out of the 2.2 million b/d production cuts at a rate of 138,000 b/d every month.

By Samantha Shaji and Aparupa Mazumder

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