Europe & Africa Market Update 19 Oct

Bunker prices in Europe and Africa have moved in mixed directions, while bunker operations are suspended in Gibraltar.

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

Changes on the day from Friday to 09.00 GMT today:

• VLSFO prices up in Durban ($42/mt), Gibraltar ($32/mt) and Rotterdam ($7/mt)
• LSMGO prices up in Durban ($36/mt), and down in Gibraltar ($26/mt) and Rotterdam ($4/mt)
• HSFO prices up in Durban ($46/mt), and down in Gibraltar ($4/mt) and Rotterdam ($1/mt)

Gibraltar’s VLSFO price has surged over the past session, supported by two higher priced offers at $769-776/mt.

Meanwhile, the port’s HSFO price has inched lower. This has widened the port’s Hi5 spread by $36/mt over the weekend, from $10/mt to $46/mt.

The Mediterranean port’s LSMGO price has fallen more sharply compared to Rotterdam’s LSMGO benchmark. A small stem of less than 50 mt, fixed at a lower price of $1,508/mt, may have put downward pressure on the benchmark.

Fuel availability is tight in the Gibraltar Strait for prompt delivery, with buyers advised 7-10 days to secure supplies, a trader told ENGINE.

The Gibraltar Port Authority has issued a warning for a low thunderstorm that is expected to continue till evening.

Bunkering has been suspended in the port currently due to lightning, port agent MH Bland said.

Brent

The front-month ICE Brent contract has jumped $3.27/bbl higher on the day from Friday, to trade at $108.51/bbl at 09.00 GMT.

Upward pressure:

Growing concerns over escalating conflicts in the Middle East, in addition to the ongoing Russia-Ukraine war, have kept Brent on its toes. The benchmark gained around 3% over last week, briefly touching $110/bbl on Friday, its highest level since May 2026, before closing just below that mark.

Houthi attacks on Saudi Arabia as well as intensified Iranian strikes on Gulf energy infrastructure and vessels in the Strait of Hormuz have heightened fears of supply disruptions.

Russia and Ukraine continue targeting each other’s energy infrastructure, with the latest strike on Russia’s Ryazan oil refinery adding to market jitters.

Downward pressure:

US President Donald Trump’s decision to waive several sanctions on Russia could pave the way for more Russian fuel volumes to reach the global market, putting some downward pressure on Brent’s price.

Trump signed the order on 16 October, just two days before the sanctions were due to take effect. The waiver also covers provisions allowing tariffs of up to 100% on major buyers of Russian oil and gas.

The move follows Trump’s announcement of the diesel purchase deal with Russian President Vladimir Putin on 9 October. Trump said Russian shipments could start at around 2.3 million bbls this month, before climbing to 7.6 million bbls.

By Nachiket Tekawade and Konica Bhatt

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