Fuel prices have shown mixed movements, and no tropical cyclone activity is forecast in the Central Pacific over the next seven days.

IMAGE: Heavy industrial rigs at a shipyard near Houston, Texas. Getty Images

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

• VLSFO prices up in Zona Comun ($3/mt), Houston and Balboa ($2/mt) and New York ($1/mt), and down in Los Angeles ($4/mt)
• LSMGO prices up in Houston ($11/mt), Balboa and Zona Comun ($2/mt), unchanged in New York, and down in Los Angeles ($5/mt)
• HSFO prices up in Balboa ($3/mt) and New York ($2/mt), and down in Houston ($6/mt) and Los Angeles ($2/mt)

Houston's LSMGO price benchmark has recorded the highest gain in the latest session, though it continues to trade at a $34/mt discount to New York.

Bunker fuel availability in Houston has remained healthy, with suppliers typically requiring less than seven days' notice for HSFO and LSMGO. VLSFO is being delivered within 4–5 days.

Amid the ongoing hurricane season, weather conditions have improved, with no tropical cyclone activity forecast in the Central Pacific region over the week.

Balboa and Zona Comun have registered price gains across all fuel grades.

In Balboa, HSFO has remained tight, and supply is expected to tighten further this week, with suppliers now requiring at least seven days to deliver the grade.

VLSFO and LSMGO are being delivered within 6–7 days in both Balboa and Cristobal.

Brent

The front-month ICE Brent contract has gained $0.31/bbl, to trade at $68.24/bbl at 08.00 CDT (13.00 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 Gautamee Hazarika and Aparupa Mazumder

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