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Marine fuel prices diverged at European and African ports amid mixed views on spot demand and higher crude futures prices on Tuesday.
Spot bunker fuel demand was also described as moderate across several ports. The front-month Ice Brent crude futures contract increased to $76.03/bl at 16:30 GMT from $74.68/bl at the same time in the previous session. The front-month Ice gasoil futures contract rose to $696.50/t from $683/t at the same timestamp.
Traders had mixed views about spot marine fuel demand in the ARA trading and refining hub but bunker fuel prices rose. Prompt availability was described as tight for marine gasoil (MGO). The scrubber spread — the difference between very-low sulphur fuel oil (VLSFO) and high-sulphur fuel oil (HSFO) dob bunkers fuels in ARA — rose to $48.50/t from $38/t in the previous session.
Marine fuel prices mostly rose in the Gibraltar-Algeciras-Ceuta (GAC) bunkering hub as traders reported tightening HSFO availability. The west Mediterranean hub's delivered VLSFO premium to ARA fell to $30.50/t from $20/t in the previous sessions.
Bunker fuel prices were mixed in Genoa amid thin bunker fuel demand. Genoa's MGO premium to Malta rose to $60/t from $42.50/t in the previous trading session.
Traders reported moderate spot bunker fuel demand in Piraeus but with normal prompt availability. Piraeus' MGO premium to Malta rose to $20/t from $5/t at the previous close.
In Istanbul, marine fuel prices diverged but MGO prices eased by more than 3pc on the day. Participants reported moderate bunker fuel demand and sufficient prompt availability. Istanbul's HSFO premium to the GAC hub fell to $17.50/t from $32.50/t at the previous session.
Participants reported firm bunker fuel demand in Las Palmas and ample normal availability but bunker fuel prices diverged across the grades. Las Palmas's HSFO premium against the GAC hub rose to $30/t from $15/t at the previous close.
In Durban, MGO prompt availability was mostly tight. Durban's MGO premium against Cape Town rose to $12.50/t from $11/t at the previous close.
