Bunker benchmarks in European and African ports have moved in mixed directions, while prompt supply remains tight in the Gibraltar Strait.

IMAGE: Aerial view of the Bay of Gibraltar. Getty Images

Changes on the day to 09.00 GMT today:

• VLSFO prices up in Durban ($5/mt), down in Rotterdam ($10/mt) and Gibraltar ($4/mt)
• LSMGO prices down in Gibraltar ($24/mt) and Rotterdam ($8/mt)
• HSFO prices up in Gibraltar ($5/mt), and down in Durban ($2/mt) and Rotterdam ($1/mt)
• Rotterdam B30-VLSFO premium over VLSFO up by $14/mt to $266/mt
• Gibraltar B30-VLSFO premium over VLSFO up by $4/mt to $304/mt

VLSFO prices in Rotterdam and Durban have moved significantly in opposite directions, increasing the South African port’s price premium to $122/mt, from $107/mt.

Gibraltar’s LSMGO price has fallen almost three times more than in Rotterdam over the past day, as a lower-priced 500-1500 mt LSMGO stem fixed at $699/mt in Gibraltar has weighed on the benchmark. This has narrowed Gibraltar’s LSMGO price premium over Rotterdam to $30/mt from $46/mt yesterday.

Securing prompt bunker deliveries can be difficult in Gibraltar, Algeciras and Ceuta, with lead times of 8-10 days advised for HSFO and 5-7 days for VLSFO and LSMGO, a trader said.

Meanwhile, western wind gusts of more than 25 knots are forecast both off Skaw in Denmark and in Sweden’s Gothenburg between 10-15 August, which could complicate bunker deliveries.

Brent

The front-month ICE Brent contract has moved $0.47/bbl lower on the day, to trade at $66.65/bbl at 09.00 GMT.

Upward pressure:

Brent’s price has gained some support following the latest trade data from China.

The country has imported a total of about 326.6 million mt of crude in the first seven months of this year, about 2.8% higher than the corresponding period in 2024, market intelligence provider JLC reported, citing data from the General Administration of Customs (GACC).

Higher crude oil imports can signal demand growth in the second-largest crude oil consumer of the world. This can support Brent’s price growth, according to analysts.

Downward pressure:

Brent crude’s price has declined amid growing expectations that the US President Donald Trump and his Russian counterpart Vladimir Putin will meet soon to discuss a potential resolution to the Russia-Ukraine conflict.

The meeting could take place “as soon as next week,” remarked two analysts from ING Bank. However, it is unclear if Ukrainian President Volodymyr Zelenskyy will take part in the discussions.

This development holds significance for the global oil market, as Trump has been pressing for a ceasefire in Ukraine and has threatened secondary tariffs on buyers of Russian oil.

“This [meeting] is important because it could affect the secondary tariffs on India, depending on how discussions go,” the two analysts added.

By Nachiket Tekawade and Aparupa Mazumder

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