Prices in East of Suez ports have moved in mixed directions, and prompt availability of all grades is tight in Fujairah.

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

• VLSFO prices up in Zhoushan ($2/mt), and down in Singapore ($4/mt) and Fujairah ($3/mt)
• LSMGO prices up in Zhoushan ($2/mt), and down in Fujairah ($14/mt) and Singapore ($2/mt)
• HSFO prices up in Zhoushan ($2/mt) and Singapore ($1/mt), and down in Fujairah ($11/mt)
• B24-VLSFO at a $212/mt premium over VLSFO in Singapore
• B24-VLSFO at a $238/mt premium over VLSFO in Fujairah

VLSFO prices in the three major Asian bunker ports have remained largely stable over the past day, with no significant fluctuations. Fujairah’s VLSFO is priced at a discount of $11/mt to Singapore and $6/mt to Zhoushan.

Fujairah’s HSFO price has dropped sharply by $11/mt, whereas prices in Singapore and Zhoushan have remained mostly steady. Two lower-priced HSFO stems fixed in Fujairah within a narrow range of $2/mt have influenced the benchmark. Fujairah’s HSFO price is currently $25/mt lower than Zhoushan and $12/mt lower than Singapore.

Bunker availability in Fujairah remains tight, with lead times for all grades holding steady at 5–7 days, consistent with last week. Suppliers in Khor Fakkan also suggest similar lead times.

In Iraq’s Basrah, HSFO is priced significantly higher than in Fujairah, with a premium of $96/mt. VLSFO and LSMGO grades are readily available in Basrah, while HSFO supply is limited.

In Jeddah, VLSFO availability is tight, whereas LSMGO supply is sufficient. Bunker deliveries at the port could face disruptions due to bad weather expected on 29–30 March.

Brent

The front-month ICE Brent contract has gained $0.13/bbl on the day, to trade at $73.51/bbl at 17.00 SGT (09.00 GMT).

Upward pressure:

Brent crude’s price moved higher after the US Energy Information Administration (EIA) reported a 3.3 million-bbl draw in commercial US crude oil inventories, to touch 434 million bbls for the week ending 21 March.

A decline in crude oil stocks typically signals strong oil demand, which can put upward pressure on Brent’s price. “Crude oil prices gained amid signs of strong demand,” ANZ Bank’s senior commodity strategist Daniel Hynes said.

Additionally, US President Donald Trump has threatened to impose 25% tariffs on imports from countries buying Venezuelan oil and gas.

China, India, Spain, Italy and Cuba are among the largest consumers of Venezuelan oil, Reuters reports.

Brent’s price gains were “fueled by a double shot of bullish catalysts: a larger-than-expected drawdown in U.S. crude and fuel inventories and mounting geopolitical tension as the U.S. threatens to impose tariffs on countries importing Venezuelan crude,” SPI Asset Management managing partner Stephen Innes remarked.

Downward pressure:

Uncertainty over tariffs imposed by the Trump-led US administration has kept global financial markets on edge, with analysts fearing a slowdown in demand growth.

Trump has announced import taxes of 25% on cars and light trucks coming into the US. These taxes are set to come into force from next week.

“[The market’s] attention may soon pivot back to demand worries amid the US’ chaotic blitzkrieg of import tariffs against major trade partners,” VANDA Insights’ founder and analyst Vandana Hari said.

Sluggish crude oil demand could lead to lower prices, according to market analysts.

By Tuhin Roy and Aparupa Mazumder

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