Bunker price benchmarks have moved in mixed directions in European and African ports, and congestion has cleared in the ports of Antwerp, Ghent and Zeebrugge.

IMAGE: Oil refinery and storage tanks in the Port of Rotterdam, Netherlands. Getty Images

Changes on the day to 09.00 GMT today:

• VLSFO prices up in Rotterdam ($16/mt) and Gibraltar ($9/mt), and unchanged in Durban
• LSMGO prices up in Rotterdam ($8/mt) and Gibraltar ($7/mt)
• HSFO prices down in Gibraltar ($11/mt), Rotterdam ($9/mt) and Durban ($3/mt)
• Rotterdam B30-VLSFO premium over VLSFO up by $5/mt to $219/mt

HSFO prices in Durban, Gibraltar and Rotterdam have declined over the past session, moving opposite to Brent.

Lower-priced HSFO stems fixed at both Gibraltar and Rotterdam have exerted downward pressure on these ports' benchmarks.

Conversely, VLSFO prices at Rotterdam and Gibraltar have recorded gains, considerably widening the Hi5 spreads at both ports to $36/mt and $31/mt respectively, up from yesterday's $11/mt at both ports.

As of today, there are no more ships waiting in the ports, or outside the ports in the North Sea. A backlog of waiting vessels had built amid the two worker strikes in Belgium last week, according to shipping agent VertomCory Antwerp.

LSMGO availability in ARA is expected to remain tight for the remainder of the month as suppliers are facing difficulty securing cargoes, a source told ENGINE.

Buyers are advised to enquire about LSMGO a week in advance to get offers from a wider selection of suppliers, while VLSFO and HSFO supplies still need around 5-7 days of notice, a trader told ENGINE.

Brent

The front-month ICE Brent contract has inched $0.03/bbl higher on the day, to trade at $61.13/bbl at 09.00 GMT.

Upward pressure:

Geopolitical conflicts have put upward pressure on Brent crude this week, after two big Russian oil companies were sanctioned by the UK.

This comes as tensions take a toll following US President Donald Trump’s latest remarks on the war. Trump has urged Ukrainian President Volodymyr Zelensky to accept Russia’s terms in a tense meeting on Friday, Reuters reported, citing two people briefed on the discussion.

This major shift in stance by the US at such a critical juncture could prompt retaliatory moves from its European allies, including the EU and the UK, which may respond by imposing additional sanctions on Russian energy exports.

“We see Trump far more inclined to push for a rapprochement, however superficial, than to escalate the fight,” VANDA Insights’ founder Vandana Hari remarked. “The tail risk is a failed push that triggers fierce retaliating and a resurgent supply risk premium,” she added.

Downward pressure:

Brent crude’s price gains were capped amid growing market focus on signs of oversupply.

A Bloomberg report citing data from tanker tracking firm Vortexa showed more than 1 billion bbls of oil are in transit, adding some bearish sentiment to the market.

This is notably the highest level since 2020, the report added.

“Crude oil edged lower amid mounting evidence that the long-awaited surplus is finally starting to emerge,” ANZ Bank’s senior commodity strategist Daniel Hynes said.

By Samantha Shaji and Aparupa Mazumder

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