Fuel prices have moved in mixed directions at European and African ports, and bad weather has forced a suspension in bunkering activities at Ceuta.

IMAGE: Two ships at Levante dock in Ceuta. Port of Ceuta

Changes on the day to 09.00 GMT today:

• VLSFO prices up in Durban ($3/mt), and down in Gibraltar ($8/mt) and Rotterdam ($2/mt)
• LSMGO prices up in Gibraltar ($4/mt) and Rotterdam ($1/mt)
• HSFO prices up in Durban ($6/mt) and Rotterdam ($1/mt), and unchanged in Gibraltar
• Rotterdam B30-VLSFO premium over VLSFO up by $9/mt to $242/mt
• Gibraltar B30-VLSFO premium over VLSFO up by $12/mt to $256/mt

The steep fall in Gibraltar's VLSFO price and the unchanged HSFO price at the port has narrowed its Hi5 spread to $52/mt, from $60/mt yesterday. Hi5 spreads at Rotterdam and Durban each narrowed by $3/mt to $59/mt and $54/mt, respectively.

The LSMGO price off Skaw, in Denmark, has dropped by $27/mt to $743/mt in the past session, pressured by a lower-priced 150–500 mt stem fixed at $737/mt. This has narrowed off Skaw’s premium over Rotterdam threefold, to $14/mt from $42/mt. It is also now at a $24/mt discount to Gibraltar’s LSMGO, compared to a $7/mt premium the previous day.

Lead times of 10 days are recommended for all grades off Skaw and in the Swedish port of Gothenburg, according to a trader.

Securing prompt supplies is challenging at the Gibraltar Strait ports, a trader said. HSFO lead times have increased to 8-10 days at all three ports, from last week’s 5-7 days.

Congestion persists at Gibraltar, with seven vessels awaiting bunkers today, easing slightly from nine yesterday, port agent MH Bland said.

Bad weather has forced a suspension of all operations at Ceuta anchorage, according to port agent MH Bland. Weather is forecast to improve by Friday, which could allow the port's operations to resume.

Brent

The front-month ICE Brent contract has gained by $0.80/bbl on the day, to trade at $73.03/bbl at 09.00 GMT.

Upward pressure:

US President Donald Trump has threatened again – this time, Indian buyers of Russian crude.

Washington has threatened to impose a 25% tariff on all US imports of Indian goods from 1 August and an additional “penalty” for purchasing Russian crude oil and military equipment.

The news has stoked fears of trade disputes between the two economic partners and lent support to Brent crude’s price today, according to market analysts.

Indian energy firm Nayara Energy, backed by Russian state-run company Rosneft, has already trimmed run rates at its Russian refinery, said ANZ Bank’s senior commodity strategist Daniel Hynes.

The move has stocked “fears of exacerbated tightness in refined product markets that could bleed into oil prices,” he added.

Downward pressure:

Brent crude’s price felt some downward pressure after the US Energy Information Administration (EIA) reported a massive surge in crude stocks.

Commercial US crude oil inventories have risen by 7.7 million bbls to touch 427 million bbls for the week ending 25 July, according to data from the EIA.

“Weekly data from the Energy Information Administration was fairly bearish,” remarked two analysts from ING Bank.

A rise in US crude stocks can indicate lower demand for oil and weigh on Brent's price.

“The release was negative for the market, with total crude and product stocks rising to their highest levels since October 2024,” the two analysts added.

By Nachiket Tekawade and Aparupa Mazumder

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