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

IMAGE: An ocean-going freighter berth at port of Ningbo. Getty Images

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

• VLSFO prices down in Zhoushan ($8/mt), Fujairah ($7/mt) and Singapore ($5/mt)
• LSMGO prices up in Zhoushan ($16/mt) and Singapore ($1/mt), and down in Fujairah ($1/mt)
• HSFO prices up in Zhoushan ($5/mt), and down in Fujairah ($5/mt) and Singapore ($4/mt)
• B24-VLSFO at a $211/mt premium over VLSFO in Singapore
• B24-VLSFO at a $241/mt premium over VLSFO in Fujairah

VLSFO benchmarks in East of Suez ports have fallen by $5–8/mt in the past day. Zhoushan’s VLSFO price is $15/mt higher than Fujairah’s and at parity with Singapore’s benchmark.

In contrast, Zhoushan’s LSMGO price has risen by $16/mt, while prices in Singapore and Fujairah have held steady. Zhoushan’s LSMGO is $35/mt above Singapore’s and $37/mt below Fujairah’s.

In Zhoushan, LSMGO delivery times have improved to 3–5 days from the previous 4–6 days. However, bunker deliveries at the Tiaozhoumen and Xiazhimen outer anchorages have been suspended since the weekend due to rough weather, according to a source. Most suppliers are uncertain when full bunker operations will resume, as conditions may worsen with Typhoon Podul approaching, according to a source.

Fujairah continues to face tight prompt bunker availability for all fuel grades despite relatively low demand, with lead times holding steady at 5–7 days.

Brent

The front-month ICE Brent contract has gained by $0.26/bbl on the day, to trade at $66.54/bbl at 17.00 SGT (09.00 GMT).

Upward pressure:

US President Donald Trump has extended the tariff deadline with Beijing to 10 November, delaying the implementation of triple-digit duties on Chinese imports as US retailers gear up for the year-end holiday season.

The move has boosted optimism that the two largest oil consumers might reach a deal and avoid a near-total trade freeze.

Market analysts warn that high tariffs could dampen global economic growth, eroding oil demand and putting downward pressure on prices.

“Tariffs stay locked where they are until November, a welcome pause after August’s slugfest of reciprocal hikes,” remarked SPI Asset Management managing partner Stephen Innes.

Downward pressure:

Brent crude has felt some downward pressure as the oil market awaits details from the meeting of President Trump and his Russian counterpart Vladimir Putin.

The two leaders are scheduled to meet in Alaska on Friday to explore the possibility of reaching a peace agreement in the Ukraine conflict.

However, Ukrainian President Volodymyr Zelenskyy has yet to receive an official invitation to the summit.

“Any peace deal between Russia and Ukraine would end the risk of disruption to Russian oil that has been hovering over the market,” ANZ Bank’s senior commodity strategist Daniel Hynes remarked.

By Tuhin Roy and Aparupa Mazumder

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