Europe & Africa Market Update 24 Nov 2025

Benchmark bunker prices in key European and African ports have declined, and fuel availability is normal in 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 Durban ($9/mt) and Rotterdam ($4/mt), and down in Gibraltar ($1/mt)
• LSMGO prices down in Gibraltar ($8/mt) and Rotterdam ($6/mt)
• HSFO prices down in Gibraltar ($9/mt), Rotterdam ($5/mt) and Durban ($1/mt)
• Gibraltar B30-VLSFO premium over VLSFO up by $5/mt to $345/mt

The price of HSFO in Piraeus has fallen around $12/mt since Friday, while its VLSFO price has gained by $6/mt.

This has widened the Hi5 spread at the port by around $18/mt over the weekend. The Greek port’s Hi5 spread is almost thrice as wide Gibraltar's, where the spread is at around $46/mt.

This is because Piraeus’ VLSFO is priced around $103/mt more than in Gibraltar, while HSFO prices in both ports are almost at par.

VLSFO demand remains low at the Greek port after the Mediterranean Emission Control Area has come into force in May this year, requiring ships to burn fuels with sulphur limit of 0.10%, unless they have scrubbers installed to bring sulphur emissions below 0.10%.

Meanwhile, LSMGO price in Piraeus slipped by around $11/mt to $770/mt over the weekend. A lower-priced 150-500 mt stem fixed at $762/mt may have put downward pressure on the price.

Fuel availability is stable in Piraeus, but buyers are advised to enquire about all fuel grades with around 5-7 days of lead times to get competitive offers from a wider selection of suppliers, a trader said.

Southerly winds of more than 25 knots and waves over 1.5 metres are forecast in the area between 24-25 November and again between 27-28 November, which may disrupt operations and cause some delays in deliveries.

Brent

The front-month ICE Brent contract has declined by $0.36/bbl on the day from Friday, to trade at $62.20/bbl at 09.00 GMT.

Upward pressure:

Oil prices have found some support on the back of “significant uncertainty” over the impact of recently imposed sanctions on Russian oil producers Rosneft and Lukoil, according to market analysts.

Last month, Washington increased pressure on Russia by imposing major sanctions on the two oil companies in an effort to reduce the country’s oil revenues.

Rosneft and Lukoil together produce more than 5 million b/d of crude, accounting for around 50% of Russia’s total oil output, according to analysts.

“Both sanctions [on Rosneft and Lukoil] and continued Ukrainian drone attacks on Russian refiners have led to plenty of supply worries [in the market],” two analysts from ING Bank said.

Downward pressure:

Brent crude’s price has come under renewed downward pressure amid ongoing peace talks to end the conflict in Ukraine.

The US administration has claimed that progress has been made in the 28-point plan that could potentially bring an end to the Russia-Ukraine war, which is in its third year now, according to a Reuters report.

“Ongoing talks to reach a Russia-Ukraine peace deal are weighing on the market,” ING Bank’s analysts said.

US President Donald Trump has set a Thursday deadline for Ukrainian counterpart Volodymyr Zelensky to accept the peace deal, while US Secretary of State Marco Rubio said it could be extended further, Reuters reported.

“Developments related to a potential peace agreement are important for the oil market,” ING Bank’s analysts added.

By Nachiket Tekawade and Aparupa Mazumder

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