Bunker benchmarks in European and African ports have mostly moved upwards, and fuel availability is stable in the ARA bunkering hub.

IMAGE: The Europoort area in the Port of Rotterdam. Getty Images

Changes on the day to 09.00 GMT today:

• VLSFO prices up in Rotterdam ($5/mt), Durban ($2/mt) and Gibraltar ($1/mt)
• LSMGO prices up in Gibraltar ($7/mt) and unchanged in Rotterdam
• HSFO prices up in Durban ($10/mt) and Gibraltar ($6/mt), and down in Rotterdam ($2/mt)
• Rotterdam B30-VLSFO premium over VLSFO up by $6/mt to $267/mt
• Gibraltar B30-VLSFO premium over VLSFO up by $11/mt to $341/mt

Fuel benchmarks in all three ports have mostly gained in the past session, tracking Brent's upward movement.

Rotterdam’s HSFO price was an exception, slipping slightly on the day. A lower-priced 500-1500 mt stem fixed at $387/mt at the port put downward pressure on the benchmark.

Conversely, the Dutch port’s LSMGO price remains unchanged. A lower-priced 50-150 mt LSMGO stem fixed at $638/mt has weighed on the grade’s price, but another higher-priced 150-500 mt stem fixed at $655/mt in the same day may have limited further losses.

VLSFO, HSFO and LSMGO fuel grades are readily available in the ARA bunkering hub, with buyers advised to enquire with a notice of 5-7 days, a trader told ENGINE.

Brent

The front-month ICE Brent contract has gained by $0.63/bbl on the day, to trade at $68.20/bbl at 09.00 GMT.

Upward pressure:

Brent’s price has gained as hopes for a ceasefire deal between Russia and Ukraine seem to diminish.

German Chancellor Friedrich Merz said a long-anticipated meeting between Russian President Vladimir Putin and Ukrainian counterpart Volodymyr Zelensky will not take place.

The Putin-Zelensky meeting was “seen as a crucial step towards such a [ceasefire] deal,” remarked ANZ Bank’s senior commodity strategist Daniel Hynes. “That decreases the likelihood of more Russian supplies reaching broader markets,” he added.

Merz’s remarks come as shelling intensifies on both sides. Russia launched a fresh wave of strikes on Kyiv, hitting buildings that house the EU mission and the British Council.

Meanwhile, Ukrainian drone attacks have reduced Russia’s refining capacity by 17%, or about 1.2 million b/d in August, Reuters reports. “Ukrainian drone strikes on Russia’s oil export pipelines appear to be hitting Moscow’s crude oil flows,” Hynes said.

Downward pressure:

Brent’s price has come under some pressure this week after Washington imposed 50% tariffs on imports of Indian goods.

India currently faces tariffs on all exports to the US because of its continued purchases of Russian crude oil.

Market participants fear the tariffs could strain US-India trade relations, a crucial partnership, and weigh on the broader commodities market.

“White House trade advisor, Peter Navaro, stepped up pressure on India to halt purchases of Russian crude, repeating accusations that New Delhi is funding the Kremlin’s campaign in Ukraine,” Hynes commented.

By Nachiket Tekawade and Aparupa Mazumder

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