Europe & Africa Market Update 14 Jan

Bunker prices across European and African ports have moved higher, and fuel availability is mostly stable at Greece’s Piraeus.

IMAGE: Passenger ships in the Port of Piraeus. Getty Images

Changes on the day to 09.00 GMT today:

• VLSFO prices up in Gibraltar ($14/mt), Rotterdam ($3/mt) and Durban ($2/mt)
• LSMGO prices up in Gibraltar ($8/mt) and Rotterdam ($7/mt)
• HSFO prices up in Durban ($10/mt), Rotterdam and Gibraltar ($2/mt)
• B30-VLSFO down in Gibraltar ($7/mt) and Rotterdam ($5/mt)

The price of LSMGO in Greece’s Piraeus has tanked by $14/mt in a single day. A lower-priced 150-500 mt stem, fixed at $659/mt, has weighed down on the price. LSMGO at Piraeus is now $6/mt cheaper than in Gibraltar, compared to yesterday's $16/mt premium.

The HSFO price at the Greek port has also slumped $12/mt over the past session. A lower-priced 500-1500 mt stem, fixed at $357/mt, has put downward pressure on the price.

Conversely, the port's VLSFO price has ticked $4/mt higher, widening the Hi5 spread at the port by $16/mt to $147/mt. This is much wider compared to spreads of between $62-$71/mt observed in Rotterdam and Gibraltar.

VLSFO demand has been low in Piraeus since the Mediterranean Emissions Control Area (MedECA) came into force in May 2025, which enforced a 0.10% sulphur cap in the area.

Presently, only one supplier can offer VLSFO in the port on request and only for large quantities, a source said.

Other fuel types like HSFO and LSMGO remain easily available, with a notice of around 3-4 days, a trader said.

Brent

The front-month ICE Brent contract has gained by $0.26/bbl on the day, to trade at $64.87/bbl at 09.00 GMT.

Upward pressure:

Rising unrest in Iran has continued to support Brent crude’s price this week.

In a social media post, US President Donald Trump has urged Iranians to continue demonstrations against the Islamic Republic’s regime led by Supreme Leader Ayatollah Ali Khamenei.

He also said that all meetings with Iranian officials had been cancelled, raising the prospect of a US intervention, market analysts noted.

“Markets are on high alert” following the latest escalation in Iran, according to Price Futures Group’s senior market analyst Phil Flynn.

Downward pressure:

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

US crude oil inventories increased by a whopping 5.3 million bbls in the week ending 9 January, according to the API report.

Meanwhile, market analysts expected a draw of 2 million bbls.

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

By Nachiket Tekawade and Aparupa Mazumder

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