Americas Market Update 22 Jan

Fuel prices have moved in mixed directions, and the Sabine–Neches Waterway has been closed amid poor visibility.

IMAGE: Container vessels docked in Balboa. Getty Images

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

• VLSFO prices up in Houston ($2/mt), and down in New York ($7/mt), Los Angeles, Zona Comun ($5/mt) and Balboa ($4/mt)
• LSMGO prices up in Houston ($4/mt) and Balboa ($3/mt), and down in Zona Comun ($23/mt), Los Angeles ($7/mt) and New York ($6/mt)
• HSFO prices down in Houston, New York ($7/mt), Los Angeles ($6/mt) and Balboa ($2/mt)

Balboa’s LSMGO price has increased in the past day after two 50–150 mt LSMGO stems were booked at the port at $699-700/mt, putting upward pressure on the benchmark.

In Panama, availability has remained normal while demand has eased towards the end of January, a supplier told ENGINE.

Recommended lead times for HSFO, VLSFO and LSMGO stand at 4–6 days.

HSFO prices across all key ports have declined in the past day, with Houston and New York both down by $7/mt.

New York currently maintains a premium of $14/mt over Houston for the grade.

A dense layer of fog remains prevalent across the US Gulf Coast.

The Houston Ship Channel has been closed to all traffic, halting port operations in Houston, Galveston and Freeport today. Outbound traffic is expected to resume when weather conditions improve, a ship agent said.

The Sabine–Neches Waterway, a major shipping channel connecting inland Texas ports to the Gulf of Mexico, has also been closed today due to poor visibility.

Brent

The front-month ICE Brent contract has lost $1.01/bbl on the day, to trade at $64.01/bbl at 07.00 CST (13.00 GMT) today.

Upward pressure:

Brent crude’s price has edged higher amid renewed supply concerns.

The move followed OPEC+ producer Kazakhstan’s decision to halt output at its major Tengiz and Korolev oilfields due to power distribution disruptions.

Production at Tengiz oilfield was halted last week after a fire broke out at a power facility supplying the field.

Besides, the International Energy Agency’s (IEA) monthly oil market report provided some boost to Brent’s price today.

The agency revised its oil demand growth estimates for 2026 from 860,000 b/d to 930,000 b/d.

“[Oil market] sentiment was boosted by a slightly more positive outlook from the International Energy Agency,” ANZ Bank’s senior commodity strategist Daniel Hynes said.

Downward pressure:

Brent’s price has felt some downward pressure after the American Petroleum Institute (API) reported a big rise in US crude stocks.

US crude oil inventories increased by 3.04 million bbls in the week ending 16 January, according to the API.

A rise in US crude stocks can indicate lower demand for oil and put some downward pressure on Brent's price, market analysts say.

By Gautamee Hazarika and Aparupa Mazumder

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