Bunker benchmarks have slid at European and African ports in the past session, and supplier delays reduce at Gibraltar.

IMAGE: Oil products tanker moored at the Port of Gibraltar. Getty Images

Changes on the day to 09.00 GMT today:

• VLSFO prices down in Rotterdam ($11/mt), Gibraltar ($9/mt) and Durban ($7/mt)
• LSMGO prices down in Gibraltar ($17/mt) and Rotterdam ($10/mt)
• HSFO prices down in Durban ($12/mt), Rotterdam ($8/mt) and Gibraltar ($7/mt)
• Rotterdam B30-VLSFO premium over VLSFO down by $10/mt to $252/mt
• Gibraltar B30-VLSFO premium over VLSFO down by $12/mt to $300/mt

Fuel princes in Rotterdam, Gibraltar and Durban have dipped considerably in the past day, mirroring brent's steep fall.

Gibraltar's LSMGO price dropped more than Rotterdam's, narrowing the latter's discount to $46/mt, from $53/mt. A higher-priced 500-1500 LSMGO stem fixed at $692/mt in Rotterdam has countered brent's downward pressure on the benchmark and limited losses.

At Gibraltar, only one supplier is running 4-6 hours behind schedule, down from four suppliers facing 4-16hour delays yesterday, according to port agent MH Bland. Data from shipping agent Matteos & Sons shows the delayed supplier is scheduled to bunker two vessels today.

Northern wind gusts between 25-30 knots are forecast at Greece’s Piraeus between 7-11 August, which could disrupt bunkering operations.

HSFO and LSMGO supplies are normal in Piraeus with advised lead times ranging between 1-6 days, while VLSFO lead times are given upon enquiry.

Brent:

The front-month ICE Brent contract has declined by $1.46/bbl on the day, to trade at $67.12/bbl at 09.00 GMT.

Upward pressure:

Brent crude’s price has found modest support from declining crude oil stocks in the US.

Commercial US crude oil inventories have fallen by 3 million bbls to touch 424 million bbls for the week ending 1 August, according to data from the US Energy Information Administration’s (EIA).

VANDA Insights’ founder Vandana Hari said the latest EIA data was bullish as it showed a “sizeable drawdown across crude and refined products.”

The EIA report came one day after the American Petroleum Institute (API) reported a bigger draw of 4.2 million bbls in US crude inventories during the same period.

A drop in US crude stocks typically indicates higher demand and can lend some support to Brent's price, according to market analysts.

Downward pressure:

Oil has extended losses as trade tensions flared between the US and India.

In a sharp escalation, US President Donald Trump on Tuesday signed an executive order imposing an additional 25% tariff on Indian goods, effectively doubling the tariff rate on Indian exports to the US to 50%.

The decline in Brent’s price comes as Washington increases pressure on New Delhi to reduce its imports of Russian energy.

Trump’s announcement has heightened fears of a broader economic fallout. Market analysts say the development could weigh on global commodities by dampening demand.

“Sentiment remained cautious and fluid over the potential impact of US President Donald Trump’s newly-announced additional 25% tariffs on India for importing Russian oil,” Hari said.

By Nachiket Tekawade and Aparupa Mazumder

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