Americas Market Update
Americas’ bunker prices have inched up today, as Brent futures fluctuate throughout the day.
Changes on the day to 08.30 CST (14.30 GMT) today:
- VLSFO prices up in Balboa ($11/mt), Zona Comun ($6/mt), Houston ($7/mt), New York and Los Angeles ($5/mt)
- LSMGO prices up in Balboa ($14/mt), Houston ($7/mt), New York and Los Angeles ($6/mt), and Zona Comun ($5/mt)
Zona Comun continues to see very tight availability and longer lead times. The earliest delivery date is around 10-11 March.
VLSFO and LSMGO are still tight for prompt delivery in Houston, sources say. HSFO is also not readily available in the port as only a few suppliers can offer the high sulphur fuel grade. Similarly, offshore USGC locations remain tight for prompt supply for all three fuel grades.
The Hi5 spread has widened by a further $4/mt on the day in Houston to stand at $256/mt.
Brent
Front-month ICE Brent fell by $2.28/bbl on the day, to $114.71/bbl at 08.30 CST (14.30 GMT) today.
Brent prices have increased by $9.41/bbl or 9% on the week, after trading to multi-yearly highs. Crude prices have surged as the fear of Russian supply disruption overweighs the possibility of Iranian deal, and after reports that a Ukrainian nuclear plant was on fire following an attack by the Russian troops.
The International Atomic Energy Agency director General Rafael Mariano Grossi will visit Tehran on Saturday, raising the possibility of Iranian deal.
The main point of conflict in the talks is that Tehran wants the issue of uranium traces found at several old or undisclosed location in Iran to be closed which the west has opposed, Reuters reported.
US crude oil imports dropped by 1.06 million b/d on the week to 5.76 million b/d, according to official EIA figures for the week ending 25 February.
In the past four weeks, crude oil imports averaged about 6.2 million b/d, around 9.4% more than the same period last year. Meanwhile, US imported no crude oil from Russia for the week ending 25 February, from previous week’s 106,000 b/d.
