Fuel prices at key ports in the Americas have tracked Brent's movement, while rough weather in Zona Comun may delay bunkering this weekend.

IMAGE: Shipping containers stacked in the Port in Los Angeles, California. Getty Images

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

• VLSFO prices down in Houston ($18/mt), Zona Comun ($10/mt), Los Angeles and Balboa ($4/mt), and New York ($1/mt)
• LSMGO prices down in Zona Comun ($20/mt), Balboa ($13/mt), Houston ($12/mt), New York ($8/mt) and Los Angeles ($2/mt)
• HSFO prices down in New York ($8/mt), Houston ($5/mt), Balboa ($4/mt) and Los Angeles ($1/mt)

Balboa's LSMGO price benchmark has dipped by $13/mt after a lower-priced 50–150 mt LSMGO stem, booked at the port at $727/mt, put downward pressure on the benchmark.

The Panamanian port's HSFO price has also decreased after a lower-priced 500–1500 mt HSFO stem, booked at $433/mt, added downward pressure on the benchmark.

HSFO continues to be tight, and suppliers are recommending booking volumes at least a week in advance.

VLSFO and LSMGO fuel stocks are reported to be healthy at Balboa and Cristobal, where suppliers typically ask for 3–5 days for delivery.

Zona Comun's LSMGO price has dipped the most in the past session. Availability-wise, the port reports healthy stocks. However, being at a critical geolocation, the anchorage remains prone to frequent bad weather conditions.

The anchorage is expected to face poor weather until Sunday, with heavy rains and strong wind gusts above 20 knots, which can delay bunkering operations.

Brent

The front-month ICE Brent contract has lost $0.82/bbl, to trade at $67.23/bbl at 08.00 CDT (13.00 GMT).

Upward pressure:

A big inventory draw in the US and interest rate cut by the US Federal Reserve have put upward pressure on Brent’s price today.

Commercial US crude oil inventories have declined by 9.3 million bbls to touch 415 million bbls for the week ending 12 September, according to data from the US Energy Information Administration (EIA).

“The drop [in US crude stocks] comes as exports almost doubled from the week before, while imports fell,” remarked two analysts from ING Bank.

A drop in US crude stocks typically signals higher demand and can lend support to Brent's price.

Additionally, the US Federal Open Market Committee (FOMC) cut its key interest rate by 25 basis points yesterday, to a range between 4.00-4.25%.

The move was “widely expected,” ING Bank’s analysts said. This marks the first interest rate cut in 2025. Lower US interest rates can spur demand by making dollar-priced oil cheaper for foreign buyers.

Downward pressure:

Brent’s price has felt some downward pressure as market participants remain focused on the supply glut expected by the end of this year.

Notably, the International Energy Agency (IEA) has projected the global oil market to remain oversupplied, with supply growth outpacing global oil demand in both 2025 and 2026.

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 energy agency sees “muted demand growth,” due to limited consumption in emerging economies and declining demand in industrialised nations, according to ING Bank’s analysts.

By Gautamee Hazarika and Aparupa Mazumder

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