Conventional fuel prices at European and African ports have mostly declined in the past session, and Istanbul has good bunker availability.
IMAGE: The Port of Piraeus in Athens, Greece. Getty Images

Changes on the day to 09.00 GMT today:

• VLSFO prices down in Gibraltar, Durban ($19/mt) and Rotterdam ($6/mt)
• LSMGO prices down in Gibraltar ($30/mt) and Rotterdam ($8/mt)
• HSFO prices up in Durban ($4/mt), and down in Rotterdam ($12/mt) and Gibraltar ($10/mt)
• Rotterdam B30-VLSFO premium over VLSFO down by $33/mt to $219/mt

Bunker prices in Rotterdam, Gibraltar and Durban have mostly dropped in the past session, mirroring Brent's fall.

Gibraltar's steep LSMGO price fall has narrowed its premium over Rotterdam by $22/mt to $47/mt.

Durban's Hi5 spread has narrowed significantly in the past session, from $49/mt to $26/mt, due to its VLSFO price recording steep losses.

Istanbul has good bunker availability, a trader said.

HSFO, ULSFO and LSMGO are readily available at the Greek port of Piraeus, with recommended lead times of 1-5 days, according to a trader. Demand for VLSFO is now less after the sulphur limit was capped at 0.10% in Mediterranean, and lead times vary.

Weather-related disruptions are forecast at Piraeus from 15-16 July and on 15 July and 18 July in Istanbul, a trader told ENGINE.

Brent

The front-month ICE Brent contract has moved $1.96/bbl lower on the day, to trade at $68.92/bbl at 09.00 GMT.

Upward pressure:

Brent’s price has found some support on the back of strong oil demand growth projection by the Saudi Arabia-led OPEC+ group of producers.

The Organization of the Petroleum Exporting Countries (OPEC) has forecast global oil demand to reach 123 million b/d by 2050, marking a growth of more than 19 million b/d since 2024.

OPEC projects Asia, Africa and the Middle East to be the key drivers of long-term oil demand growth. The market now awaits the group’s monthly oil market due later today.

Import data from China has also supported oil prices today. The country imported about 12.14 million b/d of crude oil last month, marking a month-on-month increase of 10.6%.

“Better [Chinese] refinery run rates supported these gains,” said ANZ Bank’s senior commodity strategist Daniel Hynes.

Downward pressure:

US President Donald Trump has reportedly dismissed the need for a Senate-backed sanctions bill on Russia, according to market analysts. This news has pushed Brent’s price lower.

The US President has instead proposed a 50-day window to reach a ceasefire deal with Ukraine, warning that secondary sanctions would follow if the talks fail.

“The pause eased concerns that direct sanctions on Russia could disrupt crude oil flows,” Hynes said.

Prices plunged lower after Trump also threatened to impose 30% tariffs on goods from the European Union (EU) and Mexico over the weekend, triggering fears of deteriorating trade relations that could weigh on global demand.

The announcement was followed by “a range of tariff demand letters last week that contained some of the highest rates on major US trading partners,” Hynes added.

By Nachiket Tekawade and Aparupa Mazumder

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