MGO moves dominate a broad board; VLSFO east-west spread worth six figures on a stem

Distillate moved hardest at the ports with reported changes: Los Angeles MGO up $64.50 to $1,467/mt, Istanbul +$49.50, Piraeus +$46, Fujairah +$43, Hong Kong +$33. New York was the outlier, MGO down $18 to $1,390.50. VLSFO rose across most quoted ports — Singapore +$25.50 to $838, Fujairah +$29 to $824 — while Rotterdam added just $8.50 to $671.50, leaving the Singapore–Rotterdam VLSFO spread at $166.50/mt. On a 1,200-tonne stem that headline gap is $199,800. The same stem taken against Hong Kong ($828.50) rather than Rotterdam is worth $188,400 of price difference; one day of deviation on a mid-size hull at $15,000 hire, plus the fuel burned getting there, takes a large bite out of either figure before the stem is bought. Cheapest HSFO on the board is Houston at $483.50; dearest Durban at $833.

Attention this week is on East-of-Suez fuel availability, the Hormuz shutdown rerouting Saudi crude, and expectations of volatile September pricing per the MABUX column; onboard carbon capture and the 175DF methanol engine tests are also in view. Brent at $95.20, WTI $90.70, EU carbon €83.34/tonne.