Americas Market Update 10 Feb

Bunker fuel prices have mostly moved higher, and Balboa’s Hi5 spread has posted a strong recovery.

IMAGE: Cargo port with cranes and shipping containers along the entrance to the Panama Canal, with Panama City in the background. Getty Images.

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

• VLSFO prices up in New York ($8/mt), Houston ($7/mt), Balboa ($6/mt), Los Angeles ($4/mt) and Zona Comun ($1/mt)
• LSMGO prices up in Los Angeles ($10/mt), unchanged in Balboa and New York, and down in Houston ($6/mt) and Zona Comun ($3/mt)
• HSFO prices up in Balboa ($13/mt), New York and Los Angeles ($6/mt) and down in Houston ($4/mt)

Balboa’s HSFO price has recorded the highest gains among the major Americas ports over the past session. A smaller increase in the port’s VLSFO price over the same period has narrowed the Hi5 spread to $94/mt today.

This is one of the widest Hi5 spreads seen in Balboa, compared with $25/mt difference recorded three months ago in November 2025.

In Panama, bunker fuel demand has held steady. However, VLSFO and HSFO availability has tightened at the ports of Balboa and Cristobal, with suppliers requiring at least a week to deliver, a source said.

Similarly, at Houston, VLSFO and LSMGO can be delivered within 5–7 days. On the other hand, prompt availability of HSFO has tightened, with most suppliers recommending lead times of at least a week.

The price of LSMGO at Houston has recorded losses after a lower-priced 50–150 mt stem was booked at $640/mt, putting downward pressure on the benchmark.

Weather conditions at the port have improved compared with the past few weeks, but the ongoing fog season continues to cause some delays at the port, a trader told ENGINE.

Brent

The front-month ICE Brent contract has gained by $1.22/bbl on the day, to trade at $69.29/bbl at 07.00 CST (13.00 GMT) today.

Upward pressure:

Brent crude has moved closer to $70/bbl with the Iran risk premium resurfacing in the global oil market.

The US Department of Transportation has issued an advisory for all US-flagged commercial vessels to steer clear of Iranian waters.

This development has brought back fears of a potential US military action in the oil-rich region, according to market analysts.

“This raised concerns that talks between the US and Iran are breaking down and thus lifting the risk of military action, which could disrupt oil supplies in the region,” ANZ Bank’s senior commodity strategist Daniel Hynes noted.

Downward pressure:

The total number of rigs drilling for crude oil in the US rose by one to 412 units last week, according to Baker Hughes.

The US oil rig count is seen as an indicator of future oil production. It reflects how much oil drilling activity is happening or expected to happen in the shale sector.

In an oversupplied market, any signal of increased future supply can put downward pressure on Brent’s price.

By Gautamee Hazarika and Aparupa Mazumder

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