Prices in East of Suez ports have moved up, and availability of all grades remain good in Zhoushan.

IMAGE: Aerial view Zhoushan City, Zhejiang Province. Getty Images

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

• VLSFO prices up in Singapore, Fujairah ($15/mt) and Zhoushan ($11/mt)
• LSMGO prices up in Fujairah ($41/mt), Zhoushan ($18/mt) and Singapore ($15/mt)
• HSFO prices up in Fujairah ($15/mt), Zhoushan ($13/mt) and Singapore ($12/mt)
• B24-VLSFO at a $183/mt premium over VLSFO in Singapore

VLSFO prices across East of Suez ports have increased by $11–15/mt over the weekend. Zhoushan's VLSFO price is at premiums of $19/mt and $13/mt over Fujairah and Singapore, respectively.

VLSFO supply in Zhoushan remains stable amid subdued demand, with most suppliers advising lead times of around six days—nearly unchanged from last week.

HSFO also requires lead times of about six days, similar to the 5–7 days seen last week. LSMGO lead times are likewise around six days, showing little change from the previous week.

In Taiwan, lead times at Kaohsiung and Taichung are about 3–4 days for both VLSFO and LSMGO. At other major ports like Hualien and Keelung, lead times are shorter, at around two days.

Brent

The front-month ICE Brent contract has gained $2.17/bbl on the day from Friday, to trade at $70.88/bbl at 17.00 SGT (09.00 GMT).

Upward pressure:

Brent crude’s price has risen sharply amid growing speculations of further US sanctions on Russian crude oil, potentially disrupting global supply flows.

US President Donald Trump said yesterday that he will send air defense missiles to Ukraine, Reuters reports. He is expected to make a “major statement” on Russia later today, the report adds.

“The [oil] market appears focused on uncertainty around President Trump’s scheduled 'major statement' related to Russia,” two analysts from ING Bank note.

Last week, a bipartisan sanctions bill targeting Russia’s energy sector had advanced in the US Congress, Reuters adds. The bill now needs backing from Trump.

“This could dramatically shift the oil outlook if sanctions target Russian energy,” ING Bank analysts add.

Meanwhile, diplomats from the European Union (EU) are close to finalising another package of sanctions against Moscow, reducing price cap on Russian crude oil, the news agency reports citing four EU sources following a meeting yesterday.

Downward pressure:

Brent’s rally lost steam after the Paris-based International Energy Agency (IEA) revised its 2025 global oil demand outlook downward again.

The IEA now expects global oil demand to grow by 700,000 b/d in 2025, slightly lower than its previous estimate.

Oil demand growth is expected to hit its lowest rate since 2009, “with the exception of the 2020 Covid year,” according to the IEA. It attributes slow demand growth to lacklustre demand in emerging market economies.

By Tuhin Roy and Aparupa Mazumder

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