Americas Market Update 21 Nov 2025

Bunker prices have mostly been rangebound amid a slight dip in crude futures.

IMAGE: The pier in the port of Rio Grande in the state of Rio Grande do Sul in Brazil. Getty Images

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

• VLSFO prices up in New York ($3/mt), steady in Balboa, and down in Zona Comun ($10/mt), Los Angeles ($4/mt) and Houston ($2/mt)
• LSMGO prices up in Balboa ($3/mt), and down in Zona Comun ($20/mt), Los Angeles ($10/mt), New York ($7/mt) and Houston ($5/mt)
• HSFO prices up in Balboa ($4/mt), and down in Los Angeles ($13/mt), Houston and New York ($7/mt)

Zona Comun’s LSMGO benchmark has been and outlier amid roughly steady prices and come off by $20/mt in the past day. But it is still at huge premiums over Brazilian ports to its north, including $189/mt over Paranagua ad $223/mt over Rio Grande.

B24-VLSFO has been indicated at $692/mt in Rio Grande this week. That was a $34/mt premium over Singapore and $22/mt over Fujairah on the day, but a $48/mt discount to Gibraltar’s price for the same biofuel blend.

Houston’s prices for HSFO, VLSFO and LSMGO have dipped slightly. Together with Nederland by Port Arthur, Houston still has VLSFO at the region’s lowest level. Its discount to Balboa has widened by $2/mt on the day to $13/mt.

Houston’s LSMGO benchmark has dropped by $11/mt compared to Balboa and is now $21/mt lower.

VLSFO and LSMGO grades are readily available with a supplier in the Houston area, who can deliver with 2-3-day lead times.

In Corpus Christi, a supplier can deliver LSMGO with a lead time of five days, while VLSFO is tighter and the supplier’s earliest delivery date is eight days out.

Brent

The front-month ICE Brent contract has dipped $0.18/bbl lower on the day, to trade at $62.94/bbl at 07.00 CST (13.00 GMT) today.

Upward pressure:

The latest weekly figures from the US Energy Information Administration (EIA) have offered some support to Brent.

The EIA data showed commercial crude inventories falling by 3.4 million bbls to 424 million for the week ending 14 November. A US crude stock draw typically indicates higher demand.

“[US] Refiners also increased run rates, leading to stronger crude oil inputs,” two analysts from ING Bank said.

Downward pressure:

Brent crude has come under renewed downward pressure following reports that Ukrainian President Volodymyr Zelensky has agreed to coordinate with Washington on a peace plan.

The US Army Secretary Dan Driscoll met President Zelensky yesterday, to discuss Washington’s new 28-point peace framework.

Yesterday was also the day when US sanctions on Russian oil companies Rosneft and Lukoil officially took effect.

Oil market analysts say these developments could eventually pave the way for easing sanctions on Russian crude, which could add more barrels to an already oversupplied market.

“Crude futures were under a stronger downward momentum early Friday after settling marginally lower as the US-led diplomatic push on Ukraine gathered pace,” Vanda Insights’ founder Vandana Hari said.

By Erik Hoffmann and Aparupa Mazumder

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