Most prices in East of Suez ports have moved up, and availability of all grades is good in Sri Lankan ports of Colombo and Hambantota.

IMAGE: Panoramic view of the shipyard and dock of the Port of Colombo, Sri Lanka. Getty Images

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

• VLSFO prices up in Fujairah ($5/mt) and Singapore ($4/mt), and down in Zhoushan ($7/mt)
• LSMGO prices up in Singapore ($9/mt), Fujairah ($7/mt) and Zhoushan ($1/mt)
• HSFO prices up in Singapore ($4/mt), Fujairah and Zhoushan ($3/mt)
• B24-VLSFO at a $245/mt premium over VLSFO in Singapore
• B24-VLSFO at a $267/mt premium over VLSFO in Fujairah

Fujairah and Singapore’s VLSFO prices have edged higher over the past day, while Zhoushan’s benchmark has slipped slightly. Despite the dip, Zhoushan continues to command firm premiums of $25/mt over Fujairah and $24/mt over Singapore.

Bunker demand in Zhoushan remains weak, with recommended lead times of around 10–12 days across all fuel grades.

Overall fuel availability is reported to be normal, but demand across Chinese ports is expected to remain subdued this week due to the Golden Week holidays. Most suppliers are currently focused on fulfilling pre-booked stems, and new bookings for delivery before 10 October are not being accepted, according to a source.

In Sri Lanka, bunker supply continues to be steady in both Colombo and Hambantota, although one supplier has extended lead times to around five days for all grades — slightly longer than last week.

Brent

The front-month ICE Brent contract has gained by $0.71/bbl on the day, to trade at $66.01/bbl at 17.00 SGT (09.00 GMT).

Upward pressure:

Brent crude has gained upward momentum after the US Energy Information Administration (EIA) slightly raised its 2025 global oil demand growth forecast.

The US energy agency previously projected oil demand to grow by 900,000 b/d this year. It now forecasts demand growth at 1.1 million b/d in both 2025 and 2026, to average around 104 million b/d and 105 million b/d, respectively.

Most of the demand growth will be driven by non-OECD countries including China and India, the US agency said.

The EIA’s modest upward revision “may be prompting some bargain-hunting buying [in the oil market],” remarked VANDA Insights’ founder Vandana Hari.

Downward pressure:

Brent’s rally has been capped after the American Petroleum Institute (API) reported a 2.8 million-bbl surge in US crude stocks in the week ending 3 October, higher than analysts' expectations of a 2.3 million-bbl build.

A rise in US crude stocks typically signals weaker demand for oil and can exert downward pressure on Brent's price.

By Tuhin Roy and Aparupa Mazumder

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