Bunker prices are rising for a third day in a row across global bunkering ports, tracking higher Brent crude values.
Changes in the day to 08.00 GMT today:
- VLSFO prices up in Houston ($15/mt), Fujairah ($12/mt), Gibraltar ($11/mt), Singapore ($10/mt) and Rotterdam ($7/mt)
- LSMGO prices up in Fujairah ($18/mt), Singapore and Gibraltar ($15/mt), Fujairah ($11/mt), and Rotterdam and Houston ($11/mt)
- HSFO380 prices up in Singapore and Houston ($11/mt), Gibraltar ($10/mt), Rotterdam ($9/mt) and Fujairah ($5/mt)
The Meishan terminal at Ningbo-Zhoushan has reopened today, after it closed down to all inbound and outbound traffic due to a port worker testing positive for Covid-19 in the port two weeks ago.
Vessels have started berthing in the terminal as cargo operations have resumed in the port, but with bunkering operations still not allowed in the terminal.
Zhoushan’s HSFO380 and VLSFO remain in tight supply, with replenishment of both expected towards the end of the month. LSMGO is the only fuel grade workable in the Chinese port at the moment.
VLSFO prices have jumped across all bunkering hubs today, reaching their highest levels in almost two weeks, before Brent started dropping.
There were nine vessels lined up to receive bunkers in Gibraltar this morning, compared to just 3 vessels waiting to bunker in the port on Monday.
Two suppliers are running behind schedule with delays estimated at 8-12 hours and 6-8 hours each, according to a local port agency. There were no delays in Algeciras and Ceuta as of this morning.
Brent
Front-month ICE Brent has added another $1.85/bbl to 08.00 GMT today, reaching $71.1/bbl.
The futures contract has gained as much as 7% since Monday morning, and 2.6% on the day trading above $70/bbl again. An outage brought by a fire on an oil platform in Mexico buoyed Brent today, as Mexican supply dropped by more than 400,000 b/d according to Reuters.
Signs of a drop in Delta variant cases in Asia and a better demand outlook also gave a boost to crude today.