Prices in East of Suez ports have moved in mixed directions, and availability of all grades is tight in South Korean ports.

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

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

• VLSFO prices up in Fujairah ($4/mt) and Zhoushan ($2/mt), and down in Singapore ($2/mt)
• LSMGO prices up in Zhoushan ($12/mt), Singapore ($7/mt) and Fujairah ($1/mt)
• HSFO prices up in Zhoushan ($12/mt), unchanged in Singapore, and down in Fujairah ($8/mt)
• B30-VLSFO at a $244/mt premium over VLSFO in Singapore
• B30-VLSFO at a $241/mt premium over VLSFO in Fujairah

LSMGO prices across the three major Asian bunker ports have gained for a second consecutive day. Zhoushan’s LSMGO price has recorded the highest gain.

Zhoushan’s LSMGO benchmark has drawn support from a 150-500 mt VSLFO stem fixed at $664/mt for prompt delivery today.

Prompt availability in Zhoushan has improved slightly amid muted bunker demand as well as bad weather conditions, a source said. HSFO and LSMGO lead times are around four days now.

As for South Korean ports, bunker fuel supply across all fuel grades continues to be extremely tight.

In Malaysia’s Port Klang, prompt availability for VLSFO and LSMGO remains good for small parcels.

Brent

The front-month ICE Brent contract has inched $0.03/bbl higher on the day, to trade at $61.13/bbl at 17.00 SGT (09.00 GMT) today.

Upward pressure:

Geopolitical conflicts have put upward pressure on Brent crude this week, after two big Russian oil companies were sanctioned by the UK.

This comes as tensions take a toll following US President Donald Trump’s latest remarks on the war. Trump has urged Ukrainian President Volodymyr Zelensky to accept Russia’s terms in a tense meeting on Friday, Reuters reported, citing two people briefed on the discussion.

This major shift in stance by the US at such a critical juncture could prompt retaliatory moves from its European allies, including the EU and the UK, which may respond by imposing additional sanctions on Russian energy exports.

“We see Trump far more inclined to push for a rapprochement, however superficial, than to escalate the fight,” VANDA Insights’ founder Vandana Hari remarked. “The tail risk is a failed push that triggers fierce retaliating and a resurgent supply risk premium,” she added.

Downward pressure:

Brent crude’s price gains were capped amid growing market focus on signs of oversupply.

A Bloomberg report citing data from tanker tracking firm Vortexa showed more than 1 billion bbls of oil are in transit, adding some bearish sentiment to the market.

This is notably the highest level since 2020, the report added.

“Crude oil edged lower amid mounting evidence that the long-awaited surplus is finally starting to emerge,” ANZ Bank’s senior commodity strategist Daniel Hynes said.

By Aparupa Mazumder

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