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Europe & Africa Market Update 10 Jul 2025

Amsterdam
Antwerp
Durban
Gibraltar
Rotterdam
HSFO
LSMGO
VLSFO

Benchmark bunker prices in European and African ports have moved lower, and Gibraltar prices biofuel more competitively with Rotterdam.

IMAGE: View of the entrance to the Port of Rotterdam, Netherlands. Getty Images


Changes on the day to 09.00 GMT today:

  • VLSFO prices down in Gibraltar, Durban ($10/mt) and Rotterdam ($4/mt)
  • LSMGO prices up in Rotterdam ($4/mt), and down in Gibraltar ($8/mt)
  • HSFO prices down in Durban ($13/mt), Rotterdam and Gibraltar ($4/mt)
  • Rotterdam B30-VLSFO premium over VLSFO down by $12/mt to $247/mt
  • Gibraltar B30-VLSFO premium over VLSFO up by $6/mt to $232/mt

Prices in Rotterdam, Gibraltar and Durban have mostly fallen in the past session, tracking the downward movement in Brent.

Gibraltar’s VLSFO price has decreased more steeply than HSFO, narrowing the Hi5 spread by $6/mt to $61/mt. The Hi5 spread has widened by $3/mt in Durban and stayed unchanged in Rotterdam.

Rotterdam’s LSMGO price has taken a breather from steep falls this week and has risen by $4/mt in the past day. Meanwhile, it has fallen by another $8/mt in Gibraltar.

Gibraltar's B30-VLSFO (UCOME) price has moved unusually close to Rotterdam's B30-VLSFO (HBE) price. Gibraltar's premium is only $5/mt now, even as Gibraltar doesn't offer any subsidies for biofuel, like in the Netherlands.

Prima Markets assessed the HBE rebate for B30 marine fuels sold in the Netherlands to $136/mt yesterday. Without this rebate, Rotterdam's B30-VLSFO price would have been much higher. For comparison, nearby Antwerp prices its non-HBE-rebated B30-VLSFO (UCOME) around $50/mt higher than Rotterdam's B30-VLSFO (HBE).

Gibraltar's B30-VLSFO price premium over pure VLSFO has increased, while in Rotterdam it has fallen.

Two vessels are waiting for bunkers in Gibraltar because of barge unavailability and a lack of space, according to port agent MH Bland. Suppliers in the port are running 2-12 hours behind schedule, the port agent said.

Prompt bunker supply is available in the Mozambican ports of Nacala and Maputo, a supplier said. LSMGO availability in Maputo has improved from last week.

Brent

The front-month ICE Brent contract has moved $0.66/bbl lower on the day, to trade at $69.99/bbl at 09.00 GMT.

Upward pressure:

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned 22 entities based in Hong Kong, the UAE and Türkiye for facilitating the sale of Iranian oil that benefits the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF). This move has supported Brent futures.

“Crude oil prices rallied in early trading amid renewed efforts to crimp Iranian oil exports. The US Treasury designated 22 foreign entities based in Hong Kong, the United Arab Emirates and Turkey [Türkiye] for their roles in facilitating the sale of Iranian oil,” said Daniel Hynes, senior commodity strategist at ANZ Bank.

Meanwhile, the US dollar has weakened following a sharp drop in Treasury yields after Wednesday’s 10-year note auction saw strong demand, according to a Reuters report.

The weaker dollar added further support to oil prices.

Downward pressure:

Market watchers remain concerned about the potential impact of US President Donald Trump’s latest tariff announcements on global economic growth.

On Wednesday, Trump threatened Brazil with a 50% tariff on exports to the US following a public dispute with his Brazilian counterpart Luiz Inacio Lula da Silva. He also announced plans to impose new tariffs on copper, semiconductors and pharmaceuticals, and issued tariff notices to countries including the Philippines, Iraq, South Korea and Japan, according to Reuters.

US commercial crude inventories rose sharply, adding further downward pressure to Brent futures.

According to the US Energy Information Administration (EIA), crude stockpiles surged by 7.1 million barrels to 426 million barrels for the week ending 4 July.

Oil’s "gains were reversed after government data showed a larger than expected rise in oil inventories in the US. Commercial stockpiles of crude rose by 7.1mbbls last week, the biggest gains since January,” Hynes said.

By Nachiket Tekawade and Tuhin Roy

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