Bunker fuel prices have mostly moved downwards, and a small craft advisory is in effect at the New York Harbour due to bad weather.

IMAGE: Cranes and shipping containers at a port in Argentina. Getty Images.

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

• VLSFO prices up in Balboa ($9/mt), and down in Houston ($32/mt), Los Angeles ($16/mt), Zona Comun ($14/mt) and New York ($7/mt)
• LSMGO prices unchanged in Balboa, and down in New York ($47/mt), Los Angeles ($27/mt), Houston ($13/mt) and Zona Comun ($10/mt)
• HSFO prices up in New York ($9/mt), and down in Houston ($5/mt), Los Angeles and Balboa ($1/mt)

New York's LSMGO price benchmark has decreased by $47/mt in the past session, after a 50-150 mt lower-priced stem, booked at the port at $699/mt, put downward pressure on the benchmark.

Meanwhile, the port's HSFO price benchmark has gained by $9/mt, after a 150-500 mt higher-priced stem has been booked at $459/mt.

The New York Harbor continues to face rough weather conditions, with high wind gusts blowing up to 25 knots and waves reaching between 3-4 feet. A small craft advisory is currently in effect through this evening.

Balboa's VLSFO price has moved up by $9/mt, while the port's HSFO price has decreased by $1/mt, widening the port's Hi5 spread to $7/mt today. This marks a considerable thinning of the Hi5 spread, which was last seen in May when the spread briefly turned negative.

The port has good availability across all three grades, with lead times standing at 3-4 days.

Brent

The front-month ICE Brent contract has lost $1.24/bbl on the day, trading at $61.98/bbl at 08.00 CDT (13.00 GMT) today.

Upward pressure:

Brent crude has felt some upward pressure after the OPEC+ oil producers group left its global oil demand growth forecasts largely unchanged at 1.3 million b/d and 1.4 million b/d for this year and 2026, respectively.

Global oil consumption is expected to average 105.14 million b/d this year – the same as OPEC's estimate a month ago.

About 46 million b/d will be consumed by OECD countries, while non-OECD countries are expected to consume around 59.2 million b/d this year. Most of this growth is expected to come from China, India and other Asian countries.

Downward pressure:

Brent crude’s price has slipped as renewed trade tensions between the US and China – the world’s two largest oil consumers – have continued to add uncertainty in the market.

“The oil industry continues to navigate geopolitical issues,” ANZ Bank’s senior commodity strategist Daniel Hynes said.

Last week, Beijing broadened its export controls on rare earths, prompting a swift response from US President Donald Trump, who threatened to impose 100% tariffs and implement software export curbs, starting November 1.

Both nations have now started charging additional port fees on shipping firms that move everything from toys to crude oil. Earlier today, Beijing announced sanctions against five US-linked subsidiaries of South Korean shipbuilder Hanwha Ocean, Reuters reported.

The escalating trade tensions have weighed heavily on market sentiment, according to analysts.

“The trade war is once again grinding its gears, and Beijing is showing no signs of slamming the brakes,” remarked SPI Assets Management managing partner Stephen Innes.

By Gautamee Hazarika and Aparupa Mazumder

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