Most fuel prices have risen in European and African ports, while prompt supply of all fuel grades remains tight in Gibraltar.

IMAGE: Aerial view of the Bay of Gibraltar. Getty Images

Changes on the day to 09.00 GMT today:

• VLSFO prices up in Gibraltar ($6/mt) and Rotterdam ($5/mt), and down in Durban ($1/mt)
• LSMGO prices up in Gibraltar ($9/mt) and Rotterdam ($7/mt)
• HSFO prices up in Durban ($12/mt), Gibraltar ($7/mt) and Rotterdam ($3/mt)
• Rotterdam B30-VLSFO premium over VLSFO down by $90/mt to $269/mt
• Gibraltar B30-VLSFO premium over VLSFO up by $1/mt to $391/mt

Most conventional fuel prices across the three major ports have moved higher over the past day, supported by a rise in Brent.

Durban’s VLSFO price has dipped slightly, while its HSFO price has increased the most among the three ports. This has narrowed the Hi5 spread at the South African port by $13/mt to $125/mt, though the spread remains much wider at Durban compared with Rotterdam and Gibraltar.

Meanwhile, Rotterdam’s B30-VLSFO price has slumped by $85/mt, while the blend has recorded a slight gain of $7/mt in Gibraltar. This has widened Gibraltar’s B30-VLSFO premium over Rotterdam by $92/mt in a single day.

Prompt deliveries of all grades remain challenging in the Gibraltar Strait, with lead times of more than 10 days recommended for HSFO, while VLSFO and LSMGO require around 5-7 days, a trader said.

Wind gusts of more than 25 knots and waves of around 2 meters are forecast in Gibraltar, Algeciras and Ceuta on 11 October, which could cause bunkering disruptions and further delays to supplies.

In Las Palmas, swells of around 2 meters, that are forecast to continue until 11 October, have led to suspension of all supply operations at the outer anchorages, port agent MH Bland said. Deliveries can still be carried out at the inner anchorage and at berth, but operations there may be delayed due to lack of space, the port agent added.

Brent

The front-month ICE Brent contract has gained by $0.71/bbl on the day, to trade at $66.01/bbl at 09.00 GMT.

Upward pressure:

Brent crude has gained upward momentum after the US Energy Information Administration (EIA) slightly raised its 2025 global oil demand growth forecast.

The US energy agency previously projected oil demand to grow by 900,000 b/d this year. It now forecasts demand growth at 1.1 million b/d in both 2025 and 2026, to average around 104 million b/d and 105 million b/d, respectively.

Most of the demand growth will be driven by non-OECD countries including China and India, the US agency said.

The EIA’s modest upward revision “may be prompting some bargain-hunting buying [in the oil market],” remarked VANDA Insights’ founder Vandana Hari.

Downward pressure:

Brent’s rally has been capped after the American Petroleum Institute (API) reported a 2.8 million-bbl surge in US crude stocks in the week ending 3 October, higher than analysts' expectations of a 2.3 million-bbl build.

A rise in US crude stocks typically signals weaker demand for oil and can exert downward pressure on Brent's price.

By Nachiket Tekawade and Aparupa Mazumder

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