MGO splits from VLSFO across North Europe; Rotterdam still the cheap VLSFO

Brent $95.85/bbl, WTI $91.22, EUA €84.18/t. The day's story is MGO moving without VLSFO. The Baltic–North Sea band printed +119 to +127 on MGO — Bergen 1703.75 (+126.75), Bremerhaven 1650.75 (+126.75), Murmansk 1716.50 (+124.50), Muuga 1747.50 (+124.25), Hamburg 1712.25 (+122.00) — while VLSFO in the same ports rose 22 to 28. Rotterdam sat outside the MGO move entirely: 1361.50 (+3.50), a 350.75 gap to Hamburg for the same grade in the same sea. The in-port MGO–VLSFO gap at Hamburg is now 955.25. Vancouver MGO +200.00 to 1607.00 was the largest move on the board. In Asia, Busan VLSFO 954.00 (+88.67) and Inchon MGO 1707.00 (+99.25) were the standout moves.