Benchmark fuel prices have decreased in European and African ports, and availability is stable in Piraeus for most fuel grades.

IMAGE: The Port of Piraeus in Athens, Greece. Getty Images

Changes on the day to 09.00 GMT today:

• VLSFO prices unchanged in Rotterdam, and down in Durban ($21/mt) and Gibraltar ($5/mt)
• LSMGO prices down in Rotterdam ($3/mt) and Gibraltar ($1/mt)
• HSFO prices down in Durban ($14/mt), Rotterdam ($3/mt) and Gibraltar ($2/mt)
• Rotterdam B30-VLSFO premium over VLSFO up by $8/mt to $262/mt

Fuel prices in Rotterdam and Gibraltar have eased only slightly, while sharper drops in Durban’s VLSFO and HSFO prices have narrowed its premiums over the other two ports, by about $16-21/mt for VLSFO and $11-12/mt for HSFO.

Meanwhile, the LSMGO price in Piraeus has slumped by around $23/mt in a single session, narrowing its advantage over Gibraltar’s by $22/mt. A lower-priced 50-150 mt LSMGO stem fixed at $718/mt has put additional downward pressure on the price.

LSMGO, ULSFO and HSFO fuel grades are readily available at the Greek port with a short notice of 3 days, while VLSFO availability can be tight because of low demand, a local supplier told ENGINE.

Wind gusts of more than 25 knots and waves of around 1 meter are forecast in the morning hours of 29 October, which may lead to some supplies getting suspended or delayed.

Brent

The front-month ICE Brent contract has gained by $0.26/bbl on the day, to trade at $65.85/bbl at 09.00 GMT.

Upward pressure:

Brent crude’s price has gained after Washington increased pressure on Russia with major sanctions on Rosneft and Lukoil – two major Russian oil producers, in a move to reduce the country’s revenues that go into funding the ongoing conflict.

The two companies produce more than a combined 5 million b/d of crude oil, or around 50% of total Russian oil production, according to media reports.

“The two companies are the largest producers of oil in Russia, making up nearly half of the country’s total crude exports,” ANZ Bank’s senior commodity strategist Daniel Hynes said.

The announcement comes soon after US President Donald Trump cancelled his plans to meet Russian counterpart Vladimir Putin in Budapest to hold talks for a ceasefire in Ukraine.

The latest US sanctions “mark an important shift” in the US government’s approach towards Russia, according to ING Bank analyst Warren Patterson. It could “potentially having significant ramifications for the oil market,” he said.

Downward pressure:

Brent’s price was under significant downward pressure prior to the announcement of sanctions, as the market was eyeing a surplus through the remainder of 2025 and 2026.

This had “weighed heavily on oil prices, with Brent trading down towards US$60/bbl,” Patterson said.

Besides, supply hikes by OPEC+ producers has weighed on Brent’s price. Earlier this month, eight members of the group agreed to collectively increase their production by another 137,000 b/d in November.

“Lower oil prices create the opportunity to impose sanctions, whilst expectations of abundant supply also provide comfort that the market can manage potential losses in Russian oil supply,” Patterson added.

By Nachiket Tekawade and Aparupa Mazumder

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