Fuel benchmarks in the Americas have mostly moved in the downward direction, and Balboa is receiving healthy enquiries this week.

IMAGE: Cargo container ship moored at harbor. Getty Images

Changes on the day to 08.00 CDT (13.00 GMT) today:

• VLSFO prices down in Los Angeles ($12/mt), Balboa ($11/mt), Houston and New York ($10/mt) and Zona Comun ($8/mt)
• LSMGO prices up in Houston ($8/mt), and down in Balboa ($41/mt), New York ($27/mt), Zona Comun ($23/mt), and Los Angeles ($16/mt)
• HSFO prices down in Balboa ($30/mt), Los Angeles ($10/mt), Houston ($9/mt) and New York ($4/mt)

Houston's LSMGO price benchmark has defied the general market direction as well as Brent's downward movement, rising by $8/mt in the past session.

Bunker demand remains steady in Houston, and fuel availability is normal. VLSFO and LSMGO can be delivered with a recommended lead time of around five days.

HSFO is reported to be slightly tight, and the port is experiencing some bunker barge delays for the grade. Deliveries can be made in 6-7 days.

In Balboa, both HSFO and LSMGO price benchmarks have declined the most after lower-priced stems have been fixed today for each grade. A 150–500 mt LSMGO stem has been fixed at $713/mt at the port, putting downward pressure on the benchmark. A 150–500 mt HSFO stem has been fixed at $463/mt, which exerted downward pressure on the grade's benchmark.

Bunker fuel demand has picked up in Panama, and Balboa has received a healthy number of enquiries this week, a bunker trader said. VLSFO and LSMGO can both be supplied within lead times of 3–6 days at the Panamanian ports. HSFO requires longer lead times of at least 7 days.

Brent

The front-month ICE Brent contract has lost $1.37/bbl, to trade at $67.24/bbl at 08.00 CDT (13.00 GMT). 67.24

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 Gautamee Hazarika and Aparupa Mazumder

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