Most bunker fuel prices in key European and African ports have recorded gains, and prompt fuel supplies remain tight at the Gibraltar Strait ports.

IMAGE: Aerial view of the Bay of Gibraltar. Getty Images

Changes on the day to 09.00 GMT today:

• VLSFO prices up in Gibraltar ($4/mt) and Rotterdam ($2/mt), and down in Durban ($1/mt)
• LSMGO prices up in Gibraltar ($18/mt) and Rotterdam ($5/mt)
• HSFO prices up in Durban ($4/mt), Rotterdam and Gibraltar ($1/mt)
• Rotterdam B30-VLSFO premium over VLSFO down by $9/mt to $275/mt
• Gibraltar B30-VLSFO premium over VLSFO down by $1/mt to $340/mt

Gibraltar’s LSMGO price has increased more sharply compared to Rotterdam’s. This has widened Gibraltar’s price premium by $13/mt over the past session.

Availability of all fuel grades is tight for prompt supplies at the Gibraltar strait ports, with LSMGO and VLSFO supplies requiring around 5-7 days of lead time, while HSFO needs a longer notice of around 10 days, a trader said.

Some supplies are running around two days behind schedule in Gibraltar, with around seven vessels currently awaiting bunkers at the port, port agent MH Bland said. In neighbouring Algeciras, some supplies can be delayed by almost a day, MH Bland added.

South-westerly wind gusts of between 25-40 knots and westerly waves of up to 2 meters are forecast in Gibraltar between 14-15 November, which may lead to disruption of bunkering operations.

Brent

The front-month ICE Brent contract has gained by $0.75/bbl on the day, to trade at $64.73/bbl at 09.00 GMT.

Upward pressure:

Brent futures have risen as market participants weigh the risk of disruptions to Russian oil flows.

Russian oil company Lukoil has declared force majeure at its 400,000 b/d West Qurna-2 oilfield in Iraq following sanctions by the US and the UK.

“There's still plenty of uncertainty over Russian crude oil flows due to sanctions,” remarked two analysts from ING Bank.

Last month, Washington sanctioned Russian oil companies Rosneft and Lukoil, along with 34 of their subsidiaries. Both companies produce around 50% of the country’s total oil output, according to analysts.

Brent has gained on “mounting evidence that the latest Russia sanctions are disrupting supply,” VANDA Insights’ founder Vandana Hari remarked.

Downward pressure:

Oil market analysts are awaiting the release of monthly market reports from OPEC and the International Energy Agency (IEA).

Last month, the IEA warned that a record oil glut could form in 2026, pushing Brent futures lower.

Concerns of a supply glut in the oil market this year and into early 2026 has put some downward pressure on Brent’s price in recent days.

Notably, OPEC+ producers have agreed to collectively increase their production by another 137,000 b/d in December.

“The outlook for oil is bearish,” ING Bank’s analysts said.

By Nachiket Tekawade and Aparupa Mazumder

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