Most prices in East of Suez ports have moved up, and bunker demand is low in Zhoushan.

IMAGE: Aerial view of Zhoushan, Zhejiang, China. Getty Images

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

• VLSFO prices up in Zhoushan ($10/mt) and Singapore ($3/mt), and down in Fujairah ($4/mt)
• LSMGO prices up in Zhoushan ($12/mt), Singapore and Fujairah ($4/mt)
• HSFO prices up in Fujairah, Zhoushan ($2/mt) and Singapore ($1/mt)
• B30-VLSFO at a $240/mt premium over VLSFO in Singapore
• B30-VLSFO at a $259/mt premium over VLSFO in Fujairah

Zhoushan’s VLSFO price has increased by $10/mt over the past day. The port’s VLSFO now holds a premium of $34/mt over Fujairah and $27/mt over Singapore.

The VLSFO gain has outpaced that of HSFO, widening Zhoushan’s Hi5 spread by $8/mt to $77/mt. This spread remains higher than Singapore’s ($65/mt) but below Fujairah’s ($81/mt).

Bunker demand in Zhoushan continues to be subdued, with most suppliers recommending lead times of 6–8 days for VLSFO — slightly up from 5–7 days last week. HSFO lead times have also lengthened from about four days to 6–8 days, while LSMGO lead times remain steady at 2–4 days.

Fuel availability across northern China is mixed. Dalian and Qingdao have sufficient VLSFO and LSMGO supplies, though HSFO remains tight in Qingdao. In Shanghai, both VLSFO and HSFO supplies are limited, while LSMGO availability is relatively stable. Further south, conditions vary: VLSFO and LSMGO stocks are low in Fuzhou, VLSFO supply is adequate in Xiamen, but LSMGO remains tight.

Brent

The front-month ICE Brent contract has gained by $0.13/bbl on the day, to trade at $64.66/bbl at 17.00 SGT (09.00 GMT).

Upward pressure:

Brent’s price has gained some support following the meeting between US President Donald Trump and Chinese President Xi Jinping. The two leaders convened in South Korea yesterday to discuss ways to ease trade tensions and bolster economic cooperation between the two nations.

Market participants are now assessing the impact of this meeting.

Earlier this week, US Treasury Secretary Scott Bessent said that US and Chinese negotiators had reached a positive framework, removing the immediate need of a 100% tariff escalation on Chinese imports.

“There was also hope that China would agree to purchases of US oil & gas as part of a broader US-China deal,” remarked ANZ Bank’s senior commodity strategist Daniel Hynes. 

Downward pressure:

The OPEC+ alliance is set to hold a virtual meeting on Sunday to decide on production quotas for December. Market participants anticipate the group will approve another supply hike of 137,000 b/d, potentially exerting further downward pressure on Brent’s price.

“OPEC+ is scheduled to meet this weekend, with the expectation that the group will agree on an output hike for December,” two analysts from ING Bank said.

The uncertainty surrounding sanctions on Russian energy exports may support OPEC’s decision to raise output, according to market analysts.

“The move [OPEC’s production hike for December] will only reinforce the bearish outlook for the market, adding to the substantial surplus expected through 2026,” ING Bank’s analysts added.

By Tuhin Roy and Aparupa Mazumder

Please get in touch with comments or additional info to news@engine.online