Most bunker benchmarks at European and African ports have gained, and availability of all fuels is stable in the ARA bunkering hub.

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

Changes on the day from Friday, to 09.00 GMT today:

• VLSFO prices up in Rotterdam ($11/mt) and Durban ($9/mt), and down in Gibraltar ($6/mt)
• LSMGO prices up in Rotterdam ($7/mt) and Gibraltar ($3/mt)
• HSFO prices up in Rotterdam ($6/mt), Gibraltar ($4/mt) and Durban ($3/mt)
• Rotterdam B30-VLSFO premium over VLSFO down by $14/mt to $215/mt
• Gibraltar B30-VLSFO premium over VLSFO up by $22/mt to $362/mt

Conventional fuel prices at Rotterdam, Durban and Gibraltar have mostly risen over the weekend, with Gibraltar’s VLSFO price being the only outlier, recording a slight decline. Conversely, a surge in Rotterdam’s VLSFO price has narrowed its discount to Gibraltar’s by $17/mt to $25/mt.

Meanwhile, the B30-VLSFO blend has surged $16/mt in Gibraltar, while it has dipped $3/mt in Rotterdam, widening Rotterdam’s discount to $172/mt from $153/mt on Friday.

Fuel availability in the ARA bunkering hub remains normal. Buyers are advised to enquire about stems 3-4 days ahead for LSMGO deliveries, and 5-7 days ahead for VLSFO and HSFO supplies, a trader said.

Brent

The front-month ICE Brent contract has gained by $0.80/bbl on the day from Friday, to trade at $67.25/bbl at 09.00 GMT.

Upward pressure:

Brent’s price has moved higher over the weekend as Ukraine ramped up drone attacks on Russian oil facilities – adding fuel to supply disruption concerns in the global oil market, analysts said.

Kyiv has launched at least 361 drones into Russia overnight, targeting refineries and causing a fire at the Kirishi oil refinery in Russia's northwest, Reuters reported citing Russian officials.

“Oil prices extended last week’s gains this morning, following the latest attacks by Ukraine on refineries and ports in Russia,” remarked two analysts from ING Bank.

The attack comes days after Ukraine struck one of Russia’s largest oil exporting terminals in Primorsk.

The Primorsk terminal handles “almost half” of Russia’s seaborne crude oil exports, according to ANZ Bank’s senior commodity strategist Daniel Hynes. “The attacks were part of a 200-plus drone raid centred on the Leningrad region,” Hynes said.

Downward pressure:

The International Energy Agency (IEA) has projected the global oil market to stay heavily oversupplied, as weak demand continues to outweigh the pace of supply returning to the market.

Brent crude has felt some downward pressure, “amid softening demand and persistent concerns over a looming global supply surplus,” ING Bank’s analysts said.

The IEA now expects global oil supply to grow by 2.7 million b/d to average 105.8 million b/d in 2025 and rise by another 2.1 million b/d to average about 107.9 million b/d in 2026.

“The IEA also revised up its oil supply growth estimates primarily due to the return of OPEC+ supply,” ING Bank’s analysts added.

Earlier this month, OPEC+ oil producers group agreed to collectively increase supply by 137,000 b/d in October.

By Nachiket Tekawade and Aparupa Mazumder

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