Europe & Africa Market Update 20 Nov 2025

Benchmark fuel prices in key European and African ports have moved in mixed directions, and prompt supplies remain tight in the ARA.

IMAGE: View of the entrance to the Port of Rotterdam, Netherlands. Getty Images

Changes on the day to 09.00 GMT today:

• VLSFO prices down in Rotterdam ($16/mt), Gibraltar and Durban ($3/mt)
• LSMGO prices up in Rotterdam ($14/mt) and Gibraltar ($11/mt)
• HSFO prices down in Rotterdam ($6/mt), Gibraltar ($4/mt) and Durban ($3/mt)
• Rotterdam B30-VLSFO premium over VLSFO up by $11/mt to $290/mt
• Gibraltar B30-VLSFO premium over VLSFO up by $14/mt to $357/mt

VLSFO prices in all three major ports have fallen, tracking the decline in Brent.

Rotterdam’s VLSFO price has fallen much sharply compared to Gibraltar and Durban, widening the Dutch port's discount to both ports by $13/mt in a single day.

A lower-priced 500-1500 mt VLSFO stem, fixed at $413/mt, has put additional downward pressure on the Dutch port's benchmark.

The HSFO price in Rotterdam has seen a comparatively modest dip, narrowing the Hi5 spread at the port by $10/mt over the last day.

Meanwhile, the LSMGO price at the port has seen some support from a higher-priced 50-150 mt stem fixed there at $753/mt.

Availability remains tight for prompt supplies in the ARA for all three fuel grades, with buyers advised to enquire about stems with at least 5-7 days of notice to get competitive offers from a wider selection of suppliers, a trader told ENGINE.

Brent

The front-month ICE Brent contract has declined by $0.44/bbl on the day, to trade at $63.93/bbl at 09.00 GMT.

Upward pressure:

The US Energy Information Administration’s (EIA) latest inventory report has added some upward pressure on Brent’s price today.

Commercial US crude oil inventories have declined by 3.4 million bbls to 424 million bbls for the week ending 14 November, according to data from the EIA.

A drop in US crude stocks typically indicates higher demand and can lend some support to Brent's price.

“The decline was driven by stronger crude exports, which grew 1.34m b/d [1.34 million b/d] week on week,” remarked two analysts from ING Bank.

Downward pressure:

Reports that the US and Russia are working on a ceasefire deal for Ukraine has dragged Brent’s price lower today.

The US and Russian administrations have been “secretly working” on a new plan to end the conflict in Ukraine, Axios reported, citing officials from both countries.

These developments have helped soften the blow of US sanctions targeting two of Russia’s biggest oil companies – Rosneft and Lukoil.

“Signs that the US is still trying to work on a deal eases some concerns over further sanctions against Russia and also how strongly current curbs [on Lukoil and Rosneft] will be enforced,” ING Bank’s analysts added.

By Nachiket Tekawade and Aparupa Mazumder

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