East of Suez Market Update 13 Oct

Most prices in East of Suez ports have moved lower, and VLSFO availability in Fujairah has improved.

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

• VLSFO prices down in Zhoushan ($26/mt), Fujairah ($20/mt) and Singapore ($9/mt)
• LSMGO prices down in Zhoushan ($92/mt), Fujairah ($63/mt) and Singapore ($43/mt)
• HSFO prices up in Zhoushan ($5/mt), and down in Singapore ($8/mt) and Fujairah ($3/mt)

Fujairah’s VLSFO price has fallen by $20/mt. It now stands at a $74/mt premium over Singapore and a $55/mt premium over Zhoushan.

Fujairah’s Hi5 spread has narrowed from $266/mt to $249/mt, but remains well above Singapore’s $80/mt and Zhoushan’s $27/mt.

Today’s fall follows a rise in Fujairah’s VLSFO daily average prices. Last week’s average of $982/mt was $38/mt higher than the previous week's average price. October’s average so far of $971/mt is $33/mt above September’s average and more than double the $460/mt average in October 2025.

VLSFO availability in Fujairah has improved, even as US-Iran tensions continue to disrupt vessel traffic through the Strait of Hormuz, according to a regional source. Supplies of LSMGO and HSFO remain limited.

In Saudi Arabia, bunker demand has “dropped a bit”. VLSFO and LSMGO supplies at Jeddah remain stable.

Brent

The front-month ICE Brent contract has lost by $0.62/bbl on the day, to trade at $105.02/bbl at 17.00 SGT (09.00 GMT) today.

Upward pressure:

Brent crude’s price has remained well supported amid ongoing risks to oil supplies from the Persian Gulf.

“Tensions in the Middle East have been rising in recent weeks as Iran intensifies attacks on tankers in the Persian Gulf,” ANZ Bank’s senior commodity strategist Daniel Hynes said.

Repeated attacks by Yemen-based Houthi militants on critical sites in Saudi Arabia, including energy infrastructure, and continued threats to oil flows through the Strait of Hormuz have put further upward pressure on oil prices.

“At least 17 vessels have been attacked since the 28 September. This is raising concerns in the shipping industry that risks taken to transit the strait are becoming too high,” Hynes said.

Downward pressure:

Money managers and hedge funds have reduced their net-long bets on ICE Brent futures in the week to 6 October – putting some downward pressure on Brent’s price.

Speculators sold a little over 3,000 lots as of 6 October, decreasing net-long positions in Brent futures to a little over 201,000 lots.

When speculators reduce net-long positions, oil prices tend to decline. Conversely, when they boost these positions, prices typically rise, leading to a cycle where their actions can influence oil prices and the market.  

By Tuhin Roy and Aparupa Mazumder

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