Bunker prices in European and African ports have moved in mixed directions, and VLSFO supply is normal in Durban. IMAGE: Aerial view of Durban port landscape. Getty Images

Changes on the day to 09.00 GMT today:

• VLSFO prices up in Rotterdam ($3/mt), and down in Durban ($10/mt) and Gibraltar ($4/mt)
• LSMGO prices up in Gibraltar ($14/mt), and down in Rotterdam ($3/mt)
• HSFO prices up in Durban ($2/mt), and down in Gibraltar ($6/mt) and Rotterdam ($4/mt)
• Rotterdam B30-VLSFO premium over VLSFO down by $3/mt to $261/mt
• Gibraltar B30-VLSFO premium over VLSFO down by $7/mt to $294/mt

Gibraltar’s LSMGO price has risen sharply in the past day, while the grade's price in Rotterdam has decreased some. The price moves have widened Gibraltar’s LSMGO premium over Rotterdam by $17/mt to $58/mt now.

B30-VLSFO price has dropped by $11/mt in Gibraltar, while in Rotterdam, the benchmark has remained unchanged in the past day. This has narrowed Gibraltar’s premium over Rotterdam to $72/mt from $83/mt yesterday.

Slight congestion has been reported in Gibraltar today, with three vessels currently awaiting bunkers, according to port agent MH Bland. Around 12 vessels are expected to call at the port for bunkers today, according to shipping agent A. Mateos & Sons.

In South Africa's Durban, the VLSFO price has come down sharply, compared to a small rise in the port's HSFO price. The diverging price moves have narrowed the port's Hi5 spread by $12/mt to $48/mt. VLSFO availability is normal in Durban, with recommended lead times of 2-4 days, while LSMGO supply remains dry, a trader said.

Brent

The front-month ICE Brent contract has gained by $0.26/bbl on the day, to trade at $66.54/bbl at 09.00 GMT.

Upward pressure:

US President Donald Trump has extended the tariff deadline with Beijing to 10 November, delaying the implementation of triple-digit duties on Chinese imports as US retailers gear up for the year-end holiday season.

The move has boosted optimism that the two largest oil consumers might reach a deal and avoid a near-total trade freeze.

Market analysts warn that high tariffs could dampen global economic growth, eroding oil demand and putting downward pressure on prices.

“Tariffs stay locked where they are until November, a welcome pause after August’s slugfest of reciprocal hikes,” remarked SPI Asset Management managing partner Stephen Innes.

Downward pressure:

Brent crude has felt some downward pressure as the oil market awaits details from the meeting of President Trump and his Russian counterpart Vladimir Putin.

The two leaders are scheduled to meet in Alaska on Friday to explore the possibility of reaching a peace agreement in the Ukraine conflict.

However, Ukrainian President Volodymyr Zelenskyy has yet to receive an official invitation to the summit.

“Any peace deal between Russia and Ukraine would end the risk of disruption to Russian oil that has been hovering over the market,” ANZ Bank’s senior commodity strategist Daniel Hynes remarked.

By Nachiket Tekawade & Aparupa Mazumder

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