Europe & Africa Market Update 10 Nov 2025

Bunker fuel prices in key European and African ports have moved in mixed directions over the weekend, and prompt deliveries remain tight in the ARA hub.

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

Changes on the day from Friday, to 09.00 GMT today:

• VLSFO prices up in Durban ($14/mt), Rotterdam ($7/mt) and Gibraltar ($1/mt)
• LSMGO prices up in Gibraltar ($17/mt) and Rotterdam ($13/mt)
• HSFO prices unchanged in Gibraltar, and down in Rotterdam ($7/mt) and Durban ($3/mt)
• Rotterdam B30-VLSFO premium over VLSFO down by $4/mt to $281/mt
• Gibraltar B30-VLSFO premium over VLSFO down by $2/mt to $339/mt

Durban's VLSFO price has risen the most among the three major ports, while its HSFO price has decreased some over the weekend. This has widened the port's Hi5 spread by $17/mt to $48/mt now.

The Hi5 spread at Rotterdam has widened significantly to $35/mt from $21/mt on Friday, as VLSFO and HSFO prices moved sharply in opposite directions.

Supplies are tight in the ARA hub for prompt dates, and buyers are advised to book at least 5-7 days in advance to secure competitive offers from a wider range of suppliers.

Brent

The front-month ICE Brent contract has dropped by $0.12/bbl on the day, to trade at $63.95/bbl at 09.00 GMT.

Upward pressure:

Brent futures have gained some support following political developments in the US – the world’s largest oil consumer.

The US Senate has passed a funding agreement that could reopen the federal government, according to media reports. The resolution is aimed at ending the 40-day shutdown that has sidelined federal workers, Reuters reported.

Negotiators reached a deal over the weekend, paving the way for a compromise to fund the government.

“[Brent] crude futures opened higher… on news that a record-breaking US government shutdown was nearing an end,” remarked VANDA Insights’ founder Vandana Hari.

Downward pressure:

Brent crude has come under downward pressure after official drilling figures showed no decline in US oil rigs. The number of oil rigs remained unchanged over the week at 414, according to Baker Hughes.

The US oil rig count is seen as an indicator of future oil production. It reflects how much oil drilling activity is happening or expected to happen in the shale sector.

Moreover, supply hikes by OPEC+ producers has also weighed on Brent’s price. Earlier this month, eight members of the group agreed to collectively increase their production by another 137,000 b/d in December.

“Broader market sentiment remained sombre amid expectations of an oil glut,” ANZ Bank’s senior commodity strategist Daniel Hynes said.

In an oversupplied market, any signal of increased future supply can put downward pressure on Brent’s price.

By Nachiket Tekawade and Aparupa Mazumder

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