East of Suez Market Update 12 Feb

Most prices at East of Suez ports have been rangebound, and VLSFO supply is tight in Zhoushan.

IMAGE: Ships and cranes at the port of Dalian, China. Getty Images

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

• VLSFO prices up in Zhoushan ($2/mt), unchanged in Singapore, and down in Fujairah ($2/mt)
• LSMGO prices up in Zhoushan ($2/mt), unchanged in Fujairah, and down in Singapore ($4/mt)
• HSFO prices up in Zhoushan ($9/mt), unchanged in Singapore, and down in Fujairah ($1/mt)
• B30-VLSFO prices up in Fujairah ($1/mt) and down in Singapore ($5/mt)

VLSFO prices across the three major Asian bunker hubs have remained largely unchanged over the past day. Zhoushan’s VLSFO is currently trading at premiums of $38/mt over Fujairah and $25/mt over Singapore.

In Zhoushan, VLSFO supply has tightened despite subdued demand, with several suppliers now indicating lead times of around 7–10 days, compared to roughly five days last week.

Across northern China, bunker availability remains mixed. Dalian and Qingdao have sufficient supplies of both VLSFO and LSMGO, although HSFO continues to be tight in Qingdao. In Shanghai, availability of VLSFO and HSFO is limited, while LSMGO supply remains steady.

Further south, supply constraints persist. Both VLSFO and LSMGO are tight in Fuzhou, and delivery options for the two grades remain restricted in Yangpu and Guangzhou.

Brent

The front-month ICE Brent contract has gained by $0.17/bbl on the day, to trade at $69.77/bbl at 17.00 SGT (09.00 GMT) today.

Upward pressure:

The ongoing Middle Eastern supply uncertainty has supported Brent’s price this week, with market analysts laser focused on any development in talks between Tehran and Washington.

“Lingering uncertainty over Iran continues to buoy the market,” two analysts from ING Bank noted.

In its latest monthly market report, the Saudi Arabia-led OPEC group maintains its global oil demand growth projection for 2026 at 1.4 million b/d to average 106.52 million b/d for the year.

“These [OPEC] numbers remain above most other demand growth forecasts,” ING Bank analysts said.

Global oil consumption in 2027 is expected to grow by about 1.3 million b/d, to average 107.9 million b/d.

Downward pressure:

Brent crude’s price has felt some downward pressure after the US Energy Information Administration (EIA) reported a big rise in US crude stocks.

Commercial US crude oil inventories have increased by 8.5 million bbls to 428.8 million bbls for the week ending 6 February, according to data from the EIA.

The surge in crude stocks was “the largest increase since January 2025,” ING Bank’s analysts added.

A rise in US crude stocks can indicate lower demand for oil and put some downward pressure Brent's price, market analysts say.

By Tuhin Roy and Aparupa Mazumder

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