Fuel prices have moved in mixed directions, and New York has issued a small craft advisory due to ongoing rough weather conditions.

IMAGE: Aerial view of dry docks and shipping containers in New York. Getty Images.

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

• VLSFO prices up in Los Angeles ($15/mt), Houston ($2/mt) and Balboa ($1/mt), and down in Zona Comun ($2/mt)
• LSMGO prices up in New York ($18/mt), Balboa ($4/mt), and down in Zona Comun ($7/mt) and Houston ($3/mt)
• HSFO prices up in Houston ($2/mt), and down in New York ($12/mt) and Balboa ($3/mt)

New York’s HSFO price has dipped the most across all grades in the recent session.

The grade has reported tight availability at the east coast port, but availability has improved this week with lead times easing to 5–7 days from 8–9 days the previous week, a source said.

However, the port has been facing ongoing rough weather, with port movements having been suspended earlier in the week. Currently, a small craft advisory is in effect at New York Harbour, limiting vessel movements. This can cause barge delays and affect bunker deliveries at the port.

Meanwhile, Balboa’s Hi5 spread remains slim at $9/mt today, having widened after the port’s HSFO benchmark decreased by $3/mt and VLSFO gained $1/mt.

Overall, Panama reports weakened bunker demand, with fewer enquiries received this week.

Availability at the port is normal for VLSFO and LSMGO, with recommended lead times of 3–4 days. HSFO remains slightly tight but can be supplied within a week, a source said.

Brent

The front-month ICE Brent contract has lost $0.71/bbl on the day, trading at $62.15/bbl at 08.00 CDT (13.00 GMT) today.

Upward pressure:

Brent crude’s price has held steady, following US President Donald Trump's claims that India will soon stop purchasing Russian oil.

US negotiators will now try to get China to stop its Russian crude purchases, as both nations have emerged as leading purchasers of Russian crude oil amid US sanctions of Russian commodities, Reuters reported.

Oil gained “as President Trump said India vowed to halt purchases of Russian barrels soon,” two analysts from ING Bank said.

The latest round of sanctions by the UK, targeting Russia’s major oil companies Lukoil and Rosneft, as well as 44 shadow fleet vessels has also supported Brent’s price today.

Downward pressure:

Brent crude has felt some downward pressure after the American Petroleum Institute (API) reported a huge gain in US crude stocks, Reuters reported.

US crude inventories rose by 7.36 million bbls in the week ending October 10, according to data from the API.

A rise in US crude stocks typically indicates lower demand for oil and can put some downward pressure on Brent's price.

“A bearish report from the American Petroleum Institute (API) restricted any major upside for oil prices,” ING Banks analysts added.

By Gautamee Hazarika and Aparupa Mazumder

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