Prices in East of Suez ports have been broadly rangebound, and prompt availability of all grades is tight in Fujairah.

Changes on the day, to 17.00 SGT (09.00 GMT) today:

• VLSFO prices down in Fujairah ($5/mt), Singapore ($2/mt) and Zhoushan ($1/mt)
• LSMGO prices up in Fujairah ($2/mt), Singapore and Zhoushan ($1/mt)
• HSFO prices up in Singapore ($2/mt) and Zhoushan ($1/mt), and unchanged in Fujairah

VLSFO prices in three major Asian bunker ports have remained broadly stable in the past day, with no significant fluctuations. Fujairah's VLSFO price is at a discount of $9/mt to Singapore and $6/mt to Zhoushan.

Meanwhile, the port's LSMGO price carries a notable premium of $74/mt over Singapore and $49/mt over Zhoushan.

Despite weak demand, prompt availability in Fujairah remains tight, with recommended lead times 5–7 days, unchanged from last week.

In Zhoushan, recommended lead times for bunker deliveries have shortened due to a slowdown in demand. VLSFO and LSMGO deliveries now require about three days, down from four days last week. HSFO supply has also improved, with lead times dropping from around 10 days last week, to just three days now.

At Omani ports, including Sohar, Salalah, Muscat and Duqm, LSMGO supplies remain abundant, with prompt deliveries readily available.

Brent

The front-month ICE Brent contract has moved $0.08/bbl lower on the day, to trade at $75.97/bbl at 17.00 SGT (09.00 GMT).

Upward pressure:

Brent’s price found little support from escalating fears of a supply squeeze.

Operations remain halted at Caspian Pipeline Consortium’s (CPC) pumping station located in the Kavkazsky district of southern Russia, after it came under a Ukrainian drone attack on Monday.

The facility transports over two-thirds of all oil exports from Kazakhstan, and crude from Russian oil fields, including those in the Caspian Region, CPC said.

“Kazakh crude exports from the Black Sea port of Novorossyisk remain reduced by about 30% or 380,000 b/d following a Ukrainian drone attack on the Kropotkinskaya pumping station,” VANDA Insights’ founder and analyst Vandana Hari said.

Downward pressure:

Brent’s price moved lower after the US Energy Information Administration (EIA) reported a rise in US crude oil inventories.

Commercial US crude oil inventories increased by 4.6 million bbls to touch 432 million bbls for the week ending 14 February, according to data from the EIA.

A surge in US crude stocks can indicate a drop in oil demand, which can cap Brent's price rise.

By Tuhin Roy and Aparupa Mazumder

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