Europe & Africa Market Update 12 Feb

Bunker fuel prices across European and African ports have moved in mixed directions, while Gibraltar and Las Palmas face rough weather.

IMAGE: Aerial view of the Bay of Gibraltar. Getty Images

Changes on the day to 09.00 GMT today:

• VLSFO prices up in Rotterdam ($5/mt) and Gibraltar ($1/mt), and down in Durban ($11/mt)
• LSMGO prices down in Rotterdam ($20/mt) and Gibraltar ($9/mt)
• HSFO prices down in Gibraltar ($6/mt), Durban ($5/mt) and Rotterdam ($2/mt)
• B30-VLSFO prices down in Gibraltar ($10/mt) and Rotterdam ($7/mt)

Las Palmas’ LSMGO price has dropped $23/mt over the past session. A lower priced, 0-50 mt stem, fixed at $730/mt, has pushed the benchmark down. Now, Las Palmas’ LSGMO price is almost at par with Gibraltar's, compared to a $16/mt premium seen yesterday.

Fuel availability is tight in Las Palmas, with most suppliers requesting lead times of more than 10 days, a trader said.

Weather is rough in Las Palmas, with strong winds of more than 40 knots and waves above 4 metres forecast until 13 February. Bunkering at the port is subject to the decision of the bunker barge master, port agent MH Bland said.

Gibraltar Port Authority has issued a strong gale force warning for 13-15 February, when winds of more than 40 knots are forecast.

Suppliers at the Mediterranean port continue to clear previous backlogs, with around 17 vessels currently awaiting bunkers, and some suppliers are delayed by around 12-18 hours, port agent MH Bland said.

Brent

The front-month ICE Brent contract has gained by $0.17/bbl on the day, to trade at $69.77/bbl at 09.00 GMT.

Upward pressure:

The ongoing Middle Eastern supply uncertainty has supported Brent’s price this week, with market analysts laser focused on any development in talks between Tehran and Washington.

“Lingering uncertainty over Iran continues to buoy the market,” two analysts from ING Bank noted.

In its latest monthly market report, the Saudi Arabia-led OPEC group maintains its global oil demand growth projection for 2026 at 1.4 million b/d to average 106.52 million b/d for the year.

“These [OPEC] numbers remain above most other demand growth forecasts,” ING Bank analysts said.

Global oil consumption in 2027 is expected to grow by about 1.3 million b/d, to average 107.9 million b/d.

Downward pressure:

Brent crude’s price has felt some downward pressure after the US Energy Information Administration (EIA) reported a big rise in US crude stocks.

Commercial US crude oil inventories have increased by 8.5 million bbls to 428.8 million bbls for the week ending 6 February, according to data from the EIA.

The surge in crude stocks was “the largest increase since January 2025,” ING Bank’s analysts added.

A rise in US crude stocks can indicate lower demand for oil and put some downward pressure Brent's price, market analysts say.

By Nachiket Tekawade and Aparupa Mazumder

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