Most prices in East of Suez ports have moved down, and prompt VLSFO availability is tight in Zhoushan.

IMAGE: Gantry cranes and container ships in Ningbo-Zhoushan. ZJ Seaport

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

• VLSFO prices unchanged in Zhoushan, and down in Fujairah ($4/mt) and Singapore ($3/mt)
• LSMGO prices down in Singapore ($14/mt), Zhoushan ($11/mt) and Fujairah ($2/mt)
• HSFO prices down in Zhoushan ($6/mt), Singapore and Fujairah ($4/mt)
• B24-VLSFO at a $180/mt premium over VLSFO in Singapore
• B24-VLSFO at a $248/mt premium over VLSFO in Fujairah

VLSFO benchmarks across the three main Asian bunker hubs stayed largely stable over the weekend, with no significant fluctuations. Zhoushan’s VLSFO price is at a premium of $27/mt to Fujairah and $16/mt to Singapore.

Despite weak demand, VLSFO lead times in Zhoushan have risen to 6–10 days from 5–8 days last week, as several suppliers face low inventories and delayed replenishment cargoes. HSFO lead times have also increased, now requiring 4–7 days compared with 3–5 days last week.

In contrast, LSMGO lead times have improved to 2–4 days, down from 3–5 days earlier.

In Taiwan, lead times remain steady at around two days for both VLSFO and LSMGO at Taichung, Hualien, Keelung, and Kaohsiung.

Brent

The front-month ICE Brent contract has declined by $0.30/bbl on the day from Friday, to trade at $65.89/bbl at 17.00 SGT (09.00 GMT).

Upward pressure:

Brent crude’s price has found little support after stern remarks from a US spokesperson, heightening supply-related concerns.

White House trade adviser Peter Navarro said India’s imports of Russian crude were effectively financing Moscow’s war in Ukraine and should be halted, Reuters reports.

India currently faces a 50% tariff on all exports to the US because of its continued purchases of Russian crude oil.

Notably, China – the world’s second-largest oil consumer – and India remain the two leading buyers of Russian oil.

Downward pressure:

Brent crude’s price has moved lower over the weekend amid reduced concerns over tighter sanctions against Russia following the Alaska summit.

On Friday, US and Russian Presidents Donald Trump and Vladimir Putin met to discuss the prospects of a US-brokered ceasefire deal between Russia and Ukraine.

“It’s unsurprising to see oil trading lower this morning following the Trump-Putin summit in Alaska,” two analysts from ING Bank said.

While the talks failed to secure an immediate ceasefire, “the tone and the absence of “severe consequences” for the lack of a truce, reduce, or at least delay, the risks of stricter sanctions,” the analysts said.

By Tuhin Roy and Aparupa Mazumder

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