Most bunker prices in the Americas have come down with Brent, and the Port of Baltimore remains closed for all inbound and outbound traffic after a bridge collapsed yesterday, reports Engine.
Changes on the day, to 08.00 CDT (13.00 GMT) today:
- VLSFO prices up in Balboa ($1/mt), and down in Los Angeles ($14/mt), Zona Comun ($9/mt), Houston ($8/mt) and New York ($2/mt)
- LSMGO prices down in Houston ($10/mt), New York ($8/mt), Los Angeles ($7/mt) and Balboa ($6/mt)
- HSFO prices unchanged in Los Angeles, and down in Balboa ($15/mt), New York ($12/mt) and Houston ($2/mt)
New York’s HSFO price has dropped the most in the past day with pressure from a lower-priced stem. Meanwhile, Houston’s HSFO price has fallen marginally, narrowing its HSFO discount to New York from $37/mt yesterday to $27/mt now.
New York’s VLSFO price has also come down slightly in the past day. This has widened the port’s Hi5 spread by $10/mt to $113/mt. Over the past couple of weeks, the port’s Hi5 spread has been widening as the VLSFO price increases have been greater compared to HSFO price gains.
Bunkering has been suspended in the Galveston Offshore Lightering Area (GOLA) again today due to rough weather conditions. The area is experiencing strong wind gusts of up to 28 knots, making barge deliveries difficult there. The weather is expected to improve later today.
All vessel traffic remains suspended at the Baltimore port after the Francis Scott Key Bridge collapsed because of a collision with a container ship yesterday. This has affected bunker deliveries at the port and Annapolis Anchorages.
Brent
The front-month ICE Brent contract moved $1.33/bbl lower on the day, to trade at $85.53/bbl at 08.00 CDT (13.00 GMT) today.
Upward pressure:
Members of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) are scheduled to meet on 3 April to discuss their output policies for the remainder of the year. Announcement of this meeting has contributed to Brent’s upward movement today.
Analysts anticipate that members of the OPEC+ group to maintain their production levels at the upcoming meeting.
Brent futures gained more support after Israel’s Prime Minister Benjamin Netanyahu refused to participate in ceasefire talks with Hamas.
Downward pressure:
Brent futures shed the previous day’s gains amid concerns over sluggish demand in the US.
US commercial crude inventories increased by 9.3 million bbls in the week ended 22 March, according to the American Petroleum Institute (API) data cited by Trading Economics. The surge in crude inventories suggests slow demand growth in the world’s largest oil-consuming nation, which could put downward pressure on Brent’s price.
Did you subscribe to our daily Newsletter?
It’s Free! Click here to Subscribe
Source: Engine
