Most benchmarks in European and African ports have dipped, and prompt supply remains tight in the ARA hub.
IMAGE: View of the Port of Amsterdam. Getty Images
Changes on the day to 09.00 GMT today:

• VLSFO prices up in Durban ($1/mt), and down in Rotterdam ($10/mt) and Gibraltar ($1/mt)
• LSMGO prices down in Rotterdam ($11/mt) and Gibraltar ($8/mt)
• HSFO prices down in Durban ($13/mt), Gibraltar ($5/mt) and Rotterdam ($4/mt)
• Rotterdam B30-VLSFO premium over VLSFO up by $21/mt to $240/mt
  

Conventional fuel prices in Rotterdam, Gibraltar and Durban have mostly moved lower in the past session, tracking Brent’s decline.

Conversely, Rotterdam's B30 VLSFO recorded a $11/mt increase in the past session.

Prompt supply for all fuels remains tight in the ARA hub, with lead times of 9-10 days recommended for HSFO and LSMGO, and 5-6 days for VLSFO.

Bunker operations at Spain’s Huelva are set to resume on 18 July after a long suspension, port agent MH Bland told ENGINE.

Nine vessels are expected to arrive for bunkers at Ceuta today, according to shipping agent Jose Salama & Co. Some supplier delays are expected at the port, the agent added.

Durban’s Hi5 spread has widened from $26/mt to $40/mt in the past session, due a steep fall in its HSFO price compared to its VLSFO price. The port continues to have good bunker supply with 2-4 days lead times advised.

Brent

The front-month ICE Brent contract has dropped by $0.36/bbl on the day, to trade at $68.56/bbl at 09.00 GMT.

Upward pressure:

In its monthly oil market report, OPEC has maintained its supply and demand projections for this year, providing some support to Brent’s price today.

The Vienna-headquartered group expects global oil demand growth to hit 1.3 million b/d for both 2025 and 2026.

Global oil consumption is expected to average 105.1 million b/d this year, largely unchanged from OPEC's estimate a month ago.

Downward pressure:

US crude oil inventories rose by 19.1 million bbls in the week ending 11 July, according to estimates from the American Petroleum Institute (API).

The latest data has surprised oil market analysts, who had previously projected a 2 million-bbl draw. An increase in US crude stockpiles generally signals weaker demand and can drag Brent's price lower.

Besides, US President Donald Trump’s approach to securing a ceasefire between Russia and Ukraine fell short of directly targeting Russia's energy infrastructure.

This news has eased some supply disruption concerns and put further downward pressure on Brent.

“No immediate action from the US against Russia following President Trump’s 'major statement' means that the focus returns to the expected oil surplus later in the year,” ING Bank analysts said.

By Nachiket Tekawade, Samantha Shaji and Aparupa Mazumder

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