Bunker fuel prices have shown mixed trends, while port operations in New York Harbor have been suspended due to rough weather.

IMAGE: Container ship leaving the Port of Houston at Morgan's Point. Getty Images

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

• VLSFO prices up in Houston ($18/mt) and New York ($4/mt), and down in Balboa ($33/mt), Los Angeles ($21/mt) and Zona Comun ($4/mt)
• LSMGO prices up in Houston ($16/mt), New York ($8/mt) and Zona Comun ($1/mt), and down in Los Angeles ($20/mt) and Balboa ($18/mt)
• HSFO prices up in New York ($2/mt) and Balboa ($1/mt), and down in Los Angeles ($5/mt) and Houston ($1/mt)

Los Angeles’ VLSFO price benchmark has fallen significantly over the weekend after a lower-priced 150–500 mt stem was booked at $520/mt at the port, putting downward pressure on the benchmark.

Availability across all fuel grades remains normal in Los Angeles and Long Beach, with suppliers recommending lead times of 5–7 days.

On the East Coast, availability of VLSFO and LSMGO, which had been tight, has improved, with recommended lead times now down to under a week for all three grades.

New York Harbor, however, has currently suspended port movements due to severe weather conditions, with wind gusts exceeding 30 knots and seas reaching up to 6 feet, a ship agent said.

At Balboa, the Hi5 spread has plunged sharply, with the port’s VLSFO price falling by $33/mt, while the HSFO benchmark has gained $1/mt.

In key ports such as Balboa and Cristobal, VLSFO and LSMGO can be delivered within 3–5 days, whereas HSFO requires 4–6 days this week.

Brent

The front-month ICE Brent contract has lost $0.63/bbl on the day from Friday, trading at $63.22/bbl at 08.00 CDT (13.00 GMT) today.

Upward pressure:

Oil has retained some ground after official drilling figures showed a decline in US oil rigs. The total number of oil rigs fell by four over the week to 418, according to Baker Hughes.

The US oil rig count is seen as an indicator of future oil production. It reflects how much oil drilling activity is happening or expected to happen in the shale sector.

In a tight market, any signal of reduced future supply can put upward pressure on Brent’s price.

Downward pressure:

Brent crude has lost momentum amid easing tensions in the Middle East.

The Israeli government and Hamas leaders have reached a deal for a ceasefire in the Gaza enclave in return for the release of all Israeli hostages held by the Iran-aligned militant group, according to media reports.

“This development [ceasefire announcement] has significantly cut the risk premium associated with the conflict,” remarked ANZ Bank’s senior commodity strategist Daniel Hynes.

The conflict, in its second year now, has destabilised the region, which is one of the biggest sources of the world’s crude oil.

“President Trump’s ceasefire announcement immediately took the premium out of the price of oil,” said Price Futures Group’s senior market analyst Phil Flynn.

The deal has also reduced the risk that Iranian proxies like the Yemen-based Houthis would continue to attack oil vessels transiting the Red Sea region, Flynn added.

By Gautamee Hazarika and Aparupa Mazumder

Please get in touch with comments or additional info to news@engine.online