Most bunker benchmarks in key European and African ports have remained steady, and fuel availability remains tight in Las Palmas.

IMAGE: Ships docked in the Port of Las Palmas, Gran Canaria, Spain. Getty Images

Changes on the day to 09.00 GMT today:

• VLSFO prices up in Durban ($4/mt), unchanged in Rotterdam and Gibraltar
• LSMGO prices up in Rotterdam and Gibraltar ($4/mt)
• HSFO prices up in Rotterdam, Gibraltar and Durban ($1/mt)
• Rotterdam B30-VLSFO premium over VLSFO down by $3/mt to $258/mt
• Gibraltar B30-VLSFO premium over VLSFO down by $1/mt to $336/mt

Fuel prices in the three major ports have moved within a narrow range over the past day, with VLSFO prices in Rotterdam and Gibraltar remaining unchanged.

In Las Palmas, the VLSFO price has also remained steady, while the HSFO price has risen by $14/mt, supported by a higher-priced 150–500 mt HSFO stem fixed at $467/mt. This has narrowed the Hi5 spread at the port to $6/mt from $20/mt previously.

Supply of HSFO, VLSFO and LSMGO is very tight in the Canary Islands bunkering hub, with one supplier requiring around two weeks of lead time, a trader told ENGINE.

Meanwhile, in South Africa’s Durban, all incoming traffic has been suspended due to rough north-easterly gusts of 35-40 knots, shipping agent Trade Ocean told ENGINE, citing an alert from the Transnet National Ports Authority.

Brent

The front-month ICE Brent contract has gained by $0.13/bbl on the day, to trade at $64.66/bbl at 09.00 GMT.

Upward pressure:

Brent’s price has gained some support following the meeting between US President Donald Trump and Chinese President Xi Jinping. The two leaders convened in South Korea yesterday to discuss ways to ease trade tensions and bolster economic cooperation between the two nations.

Market participants are now assessing the impact of this meeting.

Earlier this week, US Treasury Secretary Scott Bessent said that US and Chinese negotiators had reached a positive framework, removing the immediate need of a 100% tariff escalation on Chinese imports.

“There was also hope that China would agree to purchases of US oil & gas as part of a broader US-China deal,” remarked ANZ Bank’s senior commodity strategist Daniel Hynes. 

Downward pressure:

The OPEC+ alliance is set to hold a virtual meeting on Sunday to decide on production quotas for December. Market participants anticipate the group will approve another supply hike of 137,000 b/d, potentially exerting further downward pressure on Brent’s price.

“OPEC+ is scheduled to meet this weekend, with the expectation that the group will agree on an output hike for December,” two analysts from ING Bank said.

The uncertainty surrounding sanctions on Russian energy exports may support OPEC’s decision to raise output, according to market analysts.

“The move [OPEC’s production hike for December] will only reinforce the bearish outlook for the market, adding to the substantial surplus expected through 2026,” ING Bank’s analysts added.

By Nachiket Tekawade and Aparupa Mazumder

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