Most prices in East of Suez ports have remained broadly stable, and LSMGO supply is good across several Omani ports.

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

• VLSFO prices up in Zhoushan ($3/mt) and Singapore ($2/mt), and down in Fujairah ($5/mt)
• LSMGO prices up in Zhoushan ($2/mt) and Singapore ($1/mt), and down in Fujairah ($11/mt)
• HSFO prices up in Fujairah ($3/mt), Singapore and Zhoushan ($2/mt)
• B24-VLSFO at a $222/mt premium over VLSFO in Singapore

VLSFO benchmarks in East of Suez ports have remained largely stable over the past day, with no significant changes. In Fujairah, the grade is priced at a slight discount of $6/mt to Zhoushan and $5/mt to Singapore.

Meanwhile, Fujairah’s LSMGO price has dropped by $11/mt, partly influenced by a lower-priced 150–500 mt stem fixed in the past day. In contrast, LSMGO prices in Zhoushan and Singapore have remained mostly steady. Despite the price drop, Fujairah’s LSMGO still commands a premium of $91/mt over Singapore and $49/mt over Zhoushan.

Prompt availability in Fujairah remains tight despite subdued demand, with lead times for all fuel grades unchanged from last week at 5–7 days. Suppliers in Khor Fakkan report similar lead times.

In Zhoushan, lead times for VLSFO and LSMGO have increased from 4–6 days last week, to 5–7 days now. At Omani ports—Sohar, Salalah, Muscat and Duqm—LSMGO availability continues to be robust.

Brent

The front-month ICE Brent contract has inched $0.08/bbl higher on the day, to trade at $66.50/bbl at 17.00 SGT (09.00 GMT).

Upward pressure:

Brent’s price has shrugged off the previous day’s losses as some concerns about the Sino-US trade dispute have eased.

Throughout this week, several media outlets reported that Washington is willing to lower tariffs on China, as it looks for ways to start negotiations with Beijing.

Additionally, US President Donald Trump is reportedly considering tariff exemptions on car part imports from China. This news has also supported Brent’s price gains and boosted broader market sentiment.

The easing of tariff tensions has calmed fears of a global trade war and supported demand expectations for commodities like oil, according to market analysts. “Oil’s staging a modest rebound this morning as the tape grabs onto signs of a potential US-China tariff thaw,” SPI Asset Management managing partner Stephen Innes said.

Downward pressure:

Brent’s price gains have been capped by growing concerns about aggressive supply hikes from the OPEC+ coalition.

OPEC+ member Kazakhstan, after repeatedly exceeding production quota over the past year, has said it would put domestic interest over OPEC+ obligations. The country has been pumping crude oil well above the designated production quota following an expansion project at the Tengiz oilfield.

“Kazakhstan just shrugged off OPEC+ quotas, bluntly stating its production will follow national interests,” Innes said. “That kind of dissent undercuts any confidence in coordinated supply management — and keeps a lid on price enthusiasm,” he added.

OPEC+ has faced internal disagreements over quota compliance in the past, with one such rift prompting Angola to leave the alliance in 2023. “Further disagreement between OPEC+ members is a clear downside risk, as it could lead to a price war,” two analysts from ING Bank commented.

By Tuhin Roy and Aparupa Mazumder

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