Prices in East of Suez ports have moved down, and vessel movements are returning to normal in New South Wales.

IMAGE: Aerial view of the Port Botany in Sydney, Australia. Getty Images

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

• VLSFO prices down in Singapore ($8/mt), Fujairah ($5/mt) and Zhoushan ($4/mt)
• LSMGO prices down in Fujairah and Zhoushan ($5/mt) and Singapore ($2/mt)
• HSFO prices down in Fujairah and Zhoushan ($5/mt) and Singapore ($3/mt)
• B24-VLSFO at a $177/mt premium over VLSFO in Singapore
• B24-VLSFO at a $204/mt premium over VLSFO in Fujairah

Singapore’s VLSFO price has dropped by $8/mt — the steepest decline among the three major Asian bunker ports. A lower-priced 500–1,500 mt VLSFO stem fixed in the port has contributed to pull the benchmark down. Despite the decrease, Singapore’s VLSFO still holds a $9/mt premium over Fujairah but stands at a $13/mt discount to Zhoushan.

VLSFO lead times in Singapore remain inconsistent despite weak demand. Some suppliers quote six days, while others advise booking up to two weeks in advance — a slight improvement from last week’s 5–21-day range. LSMGO lead times now range between 2–8 days, compared to 4–6 days last week. HSFO lead times have risen to 9–14 days, up from 7–12 days previously.

Meanwhile, in Australia, shipping operations are gradually returning to normal across New South Wales ports as the impact of the “bomb cyclone” subsides.

The Port of Newcastle has resumed normal operations, while vessel movements have also stabilized at Port Kembla. At Sydney and Port Botany, improved weather conditions have allowed pilotage services to resume. Vessel movements are being managed on a case-by-case basis and are proceeding as scheduled, according to GAC Hot Port News.

Despite the extreme weather, bunker operations at these ports remained unaffected.

Brent

The front-month ICE Brent contract has moved $0.35/bbl lower on the day, to trade at $68.28/bbl at 17.00 SGT (09.00 GMT) today.

Upward pressure:

The US has announced fresh sanctions on Iranian oil exports, once again reiterating the Trump administration’s stance on driving the OPEC nation’s oil and petroleum products flow to zero. This news has supported Brent’s price today.

The sanctions include oil companies and Iran’s alleged shadow fleet vessels that help export crude oil produced in the oil-rich country.

“Crippling Iran’s oil industry, its top source of revenue, has been a key goal of the Trump administration’s 'maximum pressure' strategy,” said ANZ Bank’s senior commodity strategist Daniel Hynes.

Notably, the effectiveness of these sanctions has been questioned, as China continues to buy Iranian oil, Hynes added.

Downward pressure:

Trading activity is subdued today, as US markets are closed for the Independence Day holiday.

Brent’s price has edged lower after Iran reaffirmed its commitment to nuclear non-proliferation treaty, Reuters reports.

“Tensions surrounding the Iran nuclear issue appeared to ease,” remarked VANDA Insights’ Vandana Hari.

Tehran’s commitment to nuclear non-proliferation comes as it prepares to restart nuclear talks with Washington, Axios reports. US Middle East envoy, Steven Witkoff, plans to meet with Iran’s foreign minister, Abbas Araghchi, in Oslo next week, the report adds.

“Crude oil prices fell amid reports of US-Iran nuclear talks,” Hynes said.

By Tuhin Roy and Aparupa Mazumder

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