Europe & Africa Market Update 21 Jan

Bunker prices across European and African ports have mostly edged higher, and VLSFO and LSMGO bunkers are available promptly in Las Palmas.

IMAGE: Port of Las Palmas in Gran Canaria. Nightview with reflection in the water. Getty Images

Changes on the day to 09.00 GMT today:

• VLSFO prices up in Durban ($8/mt), Rotterdam and Gibraltar ($1/mt)
• LSMGO prices up in Rotterdam ($4/mt) and Gibraltar ($3/mt)
• HSFO prices up in Durban ($4/mt) and Gibraltar ($2/mt), and unchanged in Rotterdam
• B30-VLSFO prices down in Rotterdam ($12/mt) and Gibraltar ($2/mt)

Though most conventional fuel prices have inched up over the past session, Las Palmas’ LSMGO price has shown a $6/mt drop, pressured by a lower-priced 150-500 mt stem, fixed at $685.

Consequently, LSMGO available at the Canary Islands’ bunkering hub is being offered at a $16/mt discount to Gibraltar, compared to a $7/mt discount seen yesterday.

VLSFO price at the port has also dipped by $2/mt, but the grade’s price remains almost at par with Gibraltar.

Both LSMGO and VLSFO supplies are promptly available at the port, while HSFO supplies may require a longer lead of between 7-10 days, a trader told ENGINE.

Swells of above 2 metres and as high as 4 metres are forecast at Las Palmas intermittently between 21 January – 5 February.

Supplies are currently being carried out in the inner anchorage and at the berth, port agent MH Bland said.

Brent

The front-month ICE Brent contract has inched $0.08/bbl up on the day, to trade at $63.76/bbl at 09.00 GMT.

Upward pressure:

Renewed supply disruption issues have supported Brent’s price gains today.

OPEC member Kazakhstan’s largest oil producer has halted production at the Tengiz and Korolevskoye fields, as precautionary measures, after two fires broke out at power generators, Reuters reported.

The Tengiz oilfield is expected to remain shut for at least 10 days, the report added. The closure is expected to cut crude oil exports via the Caspian Pipeline Consortium (CTC).  

“This [production halt] comes after Kazakhstan reduced oil production after drone strikes affected the Caspian Pipeline Consortium’s shipping terminal in Russia, which is the outlet for about 80% of Kazak exports,” ANZ Bank’s senior commodity strategist Daniel Hynes said.

The OPEC producer’s crude production in the first 12 days of January was down by almost 35% from average daily output in December 2025, according to Reuters.

Downward pressure:

Brent crude has come under some downward pressure as renewed trade tensions between the US and Europe weighed on market sentiment.

US President Donald Trump has threatened to impose 10% tariffs on several European countries from 1 February, after they opposed US' control of Greenland.

Washington would raise the levy to 25% from 1 June, unless an agreement is reached on what he described as the “complete and total purchase of Greenland” by the US.

Analysts caution that an escalation in trade barriers could undermine global economic growth, weakening oil demand and adding further downside pressure to prices.

By Nachiket Tekawade and Aparupa Mazumder

Please get in touch with comments or additional info to news@engine.online