Fuel prices have mostly declined, and rough weather may delay bunkering in New York.
IMAGE: Container loading area in the port of Balboa. Getty Images.

Changes on the day to 07.00 CST (13.00 GMT) today:

• VLSFO prices up in Los Angeles ($1/mt), and down in Houston ($7/mt), Balboa ($6/mt), New York ($4/mt) and Zona Comun ($1/mt)
• LSMGO prices down in New York ($10/mt), Houston ($9/mt), Los Angeles, Balboa ($3/mt) and Zona Comun ($2/mt)
• HSFO prices up in Balboa ($8/mt) and Houston ($3/mt), unchanged in New York, and down in Los Angeles ($1/mt)

Balboa’s HSFO price has gained the most, while the port’s VLSFO price has declined in the past day, narrowing the Hi5 spread to $61/mt today.

Demand in Panama has been weak this week, with fewer enquiries being reported.

In Balboa and Cristobal, VLSFO and LSMGO can be delivered within 4–6 days. HSFO is available as well, though it requires a slightly longer lead time of 5–7 days.

Meanwhile, New York’s HSFO price has remained unchanged and is currently at a premium of $46/mt to Houston and $7/mt to Los Angeles.

Rough weather conditions have continued at the port, with a gale warning in place until 6pm local time this evening.

“We have been experiencing high winds; assisted tugboats are in use. Bunkering is ongoing, but we have kept room for delays,” a bunker trader told ENGINE.

The port of Los Angeles has been the only one to record a gain in its VLSFO price, while the grade’s price has fallen across other key hubs.

After a fire on the One Henry Hudson, crews have returned the vessel to the Yusen Terminal. Port authorities say longshore and salvage teams are now starting to offload cargo and manage waste.

The cause of the incident remains under joint investigation by the US Coast Guard and the National Transportation Safety Board.

Availability-wise, all three grades are available within recommended lead times of 7–8 days, a source said.

Brent

The front-month ICE Brent contract has lost $0.14/bbl on the day, to trade at $63.06/bbl at 07.00 CST (13.00 GMT) today.

Upward pressure:

Oil prices have found support amid prolonged efforts toward a Russia-Ukraine peace framework, with ongoing talks keeping geopolitical risk elevated.

President Vladimir Putin said on Thursday that draft peace proposals discussed by the US and Ukraine could form the basis for future agreements to end the conflict but added that Russia would continue fighting if they do not, according to Reuters.

“President Putin said overnight that the US plan could prove the basis for a deal but that some points require discussion,” ANZ Bank senior commodity strategist Daniel Hynes noted.

Brent futures have also been lifted by growing expectations that the US Federal Reserve will cut interest rates next month, a shift that could spur economic growth and support energy demand.

Market watchers are also watching Sunday’s OPEC+ meeting for any signals on potential output changes.

Downward pressure:

The US Energy Information Administration (EIA) reported a sharp rise in crude inventories, tempering some of Brent’s gains today.

Commercial crude stocks climbed by 2.8 million bbls to 427 million bbls for the week ending 21 November, according to EIA data.

By Gautamee Hazarika and Tuhin Roy

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