Prices in East of Suez ports have moved in mixed directions, and bunker demand is low in Zhoushan.

IMAGE: View on the Port of Xiamen, China with a ship and cranes. Getty Images

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

• VLSFO prices up in Fujairah ($1/mt), unchanged in Singapore and down in Zhoushan ($4/mt)
• LSMGO prices up in Fujairah ($19/mt) and Singapore ($1/mt), and down in Zhoushan ($3/mt)
• HSFO prices up in Zhoushan ($12/mt), and down in Singapore ($3/mt) and Fujairah ($1/mt)
• B30-VLSFO at a $248/mt premium over VLSFO in Singapore
• B30-VLSFO at a $254/mt premium over VLSFO in Fujairah

VLSFO prices across the three major Asian bunker hubs have remained largely rangebound over the past day, showing no major fluctuations. Zhoushan’s VLSFO premiums over Singapore and Fujairah stand at $28/mt and $26/mt, respectively.

In contrast, the port’s HSFO price has risen sharply since the previous session, narrowing its Hi5 spread by $16/mt to $47/mt. This spread is lower than that of Singapore ($63/mt) and Fujairah ($58/mt).

VLSFO availability in Zhoushan has improved amid subdued bunker demand, shortening lead times from 10–12 days last week to 5–7 days now. HSFO and LSMGO lead times have also decreased from 10–12 days to just 3–5 days.

Fuel availability across northern China remains uneven. Dalian and Qingdao have adequate VLSFO and LSMGO, though HSFO supply remains tight in Qingdao. Tianjin continues to face shortages across all fuel grades. Further south, conditions vary: Fuzhou is seeing limited VLSFO and LSMGO; Xiamen has sufficient VLSFO but scarce LSMGO; and Yangpu and Guangzhou are experiencing restricted delivery options for both grades.

Brent

The front-month ICE Brent contract has gained by $0.36/bbl on the day, to trade at $62.31/bbl at 17.00 SGT (09.00 GMT).

Upward pressure:

Brent crude’s price has rebounded amid signs of easing trade tensions between the world's two largest oil consumers – the US and China.

US President Donald Trump is set to meet his Chinese counterpart, Xi Jinping, in South Korea later this month, Reuters reported, citing US Treasury Secretary Scott Bessent.

Both countries are expected to work towards easing tensions following recent tariff threats and export controls, the report added.

“Trump struck a conciliatory tone towards China on Sunday, after threatening to apply an additional 100% of tariffs,” ANZ Bank’s senior commodity strategist Daniel Hynes said.

Downward pressure:

Brent has remained under pressure after the International Energy Agency (IEA) cut its global oil demand growth forecast again.

The Paris-based agency now expects oil demand to increase by 700,000 b/d in 2025 and 2026, about 40,000 b/d lower than its previous estimate – and well below projected oil production levels, the IEA said.

“Sentiment wasn’t helped by warnings of a record surplus in the oil market,” Hynes said.

Additionally, global oil supply rose in September to a record 108 million b/d, up by a massive 5.6 million b/d compared with the same period last year, the IEA noted.

The agency projects global oil supply to grow by 3 million b/d to average 106.1 million b/d in 2025 and rise by another 2.4 million b/d in 2026.

“The projected surplus is up roughly 18% from last month’s estimate, as the OPEC+ alliance continues to revive output,” he added.

By Tuhin Roy and Aparupa Mazumder

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