Bunker fuel prices show mixed trends despite crude oil weakness

• VLSFO heads south on crude oil weakness
• MGO, HSFO remain firm on steady demand

Global bunker fuel markets recorded mixed trends in the assessment week ended 10 July 2026. Very Low Sulphur Fuel Oil (VLSFO) prices continued to decline across major bunkering hubs, pressured by volatile crude oil prices and ample fuel availability. Meanwhile, Marine Gas Oil (MGO) prices strengthened in Singapore and Rotterdam, supported by tighter distillate fundamentals. High Sulfur Fuel Oil (HSFO) prices remained firm across Singapore, Rotterdam, and Fujairah, underpinned by steady demand, stronger fuel oil crack spreads, and a recovery in Fujairah market prices.

Regional bunker markets

• Singapore: Singapore’s bunker fuel market witnessed mixed trends. VLSFO prices declined by $11/t w-o-w to $654/t, weighed down by softer crude oil prices and comfortable fuel availability. In contrast, MGO prices strengthened, supported by healthy demand and firmer distillate fundamentals. HSFO also remained firm, underpinned by resilient fuel oil consumption and steady bunkering activity.
• Rotterdam: Rotterdam’s bunker fuel market recorded mixed trends. VLSFO prices declined by $4/t w-o-w to $583/mt, pressured by softer crude oil prices. In contrast, MGO prices remained supported by tighter gasoil availability and firm regional demand. HSFO prices also held firm, underpinned by balanced supply-demand fundamentals across Northwest Europe.
• Fujairah: Fujairah’s bunker fuel market remained under pressure, with prices declining across all major fuel grades. VLSFO prices fell by $47/t to $680/t, driven by softer crude oil prices and comfortable fuel availability. MGO prices also dropped, tracking weakness in global distillate markets amid lower crude values. HSFO prices also eased, although the decline was limited by steady bunker demand and relatively resilient high-sulphur fuel oil fundamentals.

Factors influencing bunker prices

• Brent crude futures gain w-o-w: Brent crude futures (September 2026 contract) gained $3.87/barrel (bbl) w-o-w to $76.65/bbl on 10 July, supported by renewed geopolitical tensions in the Middle East and concerns over potential supply disruptions through the Strait of Hormuz, despite expectations of adequate global oil supply.
• WTI crude surges on renewed Middle East supply concerns: WTI crude futures climbed 3.8% w-o-w to $71.41/bbl on 10 July, from $68.78/bbl a week earlier. Prices were supported by renewed geopolitical tensions between the US and Iran, which heightened concerns over potential supply disruptions and reduced shipping activity through the Strait of Hormuz.

Outlook

Global bunker prices are expected to remain volatile in the near term, reflecting fluctuations in crude oil prices, refinery margins, and evolving geopolitical developments. Supply conditions are likely to improve gradually with higher refinery throughput and stable fuel availability at major bunkering hubs, which could help contain sharp price increases. However, any disruption to global energy supplies or key shipping routes could quickly reverse this trend and keep bunker markets sensitive to external risks.