Americas Market Update 24 Nov 2025

Fuel prices have largely trended upward, and the Sabine–Neches Channel has been closed for dredge removal since last Saturday.

IMAGE: The Atlantic entrance to the Panama Canal. Getty Images

Changes on the day to 07.00 CST (13.00 GMT) today:

• VLSFO prices up in Balboa ($20/mt), New York ($16/mt), Houston ($7/mt), Zona Comun ($4/mt) and Los Angeles ($1/mt)
• LSMGO prices up in Zona Comun ($21/mt), New York ($18/mt) and Balboa ($2/mt), and down in Los Angeles ($5/mt) and Houston ($1/mt)
• HSFO prices up in New York, Balboa ($5/mt) and Los Angeles ($3/mt), and unchanged in Houston

VLSFO prices across all key Americas hubs have gained, with Balboa recording the highest increase of $20/mt in the past session.

Meanwhile, the port’s HSFO price has picked up only by $5/mt, widening the Hi5 spread to $66/mt today.

In Panama, demand is decent, and all three grades can be delivered within 4–5 days of lead time, a local supplier told ENGINE.

The Sabine–Neches Channel has been closed since Saturday due to dredging and the removal of an old pipeline.

"Restrictions are in place for vessels in the channel, and those with a combined beam equal to half the channel’s width are not permitted to meet or pass at any time," a ship agent said.

Houston’s HSFO price remained unchanged and is currently at a discount of $43/mt to New York, up from the $7/mt discount it held a month ago.

Availability-wise, the Port of Houston is reporting tightness for HSFO and VLSFO, and these grades require more than 5 days of lead time for delivery.

LSMGO can be delivered within 3–4 days of lead time, a bunker trader said.

Brent

The front-month ICE Brent contract has dipped $0.24/bbl lower on the day, to trade at $62.70/bbl at 07.00 CST (13.00 GMT) today.

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 Gautamee Hazarika and Aparupa Mazumder

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