East of Suez Market Update 18 Nov 2025

Bunker benchmarks in East of Suez ports have moved in mixed directions, and prompt availability is tight across all grades in Fujairah.

IMAGE: Harbour craft in front of an oil tanker in Fujairah. Port of Fujairah

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

• VLSFO prices up in Singapore ($3/mt), Fujairah ($2/mt), and down in Zhoushan ($3/mt)
• LSMGO prices up in Fujairah ($10/mt), Singapore ($5/mt), and down in Zhoushan ($3/mt)
• HSFO prices up in Zhoushan ($10/mt), and down in Fujairah ($14/mt) and Singapore ($2/mt)
• B30-VLSFO at a $242/mt premium over VLSFO in Singapore
• B30-VLSFO at a $264/mt premium over VLSFO in Fujairah

Prices across the main Asian bunker hubs have remained broadly steady for the second day in a row. Fujairah's VLSFO price continues to trade at a discount of $28/mt to Zhoushan and $7/mt to Singapore.

Its VLSFO price has barely moved over the past day, while two lower-priced HSFO stems—both within a narrow $4/mt range—have contributed to pull Fujairah’s HSFO benchmark down by $14/mt. Thes price moves have widened the port's Hi5 spread by $16/mt to $114/mt. This keeps Fujairah’s Hi5 spread well above both Singapore and Zhoushan, which are at $85/mt.

Prompt supply in Fujairah remains tight across all grades, with suppliers still struggling with low inventories and loading delays, even though demand is muted. Lead times of 5–7 days are advised, and conditions are similar in the nearby Khor Fakkan port.

In Basrah, VLSFO and LSMGO remain easy to source, while HSFO continues to be in short supply.

Brent

The front-month ICE Brent contract has remained unchanged on the day, to trade at $63.89/bbl at 17.00 SGT (09.00 GMT) today.

Upward pressure:

Geopolitical escalations have continued to add upward pressure on Brent crude’s price this week.

The Russian army hit a loaded liquefied petroleum gas (LPG) tanker near the port of Izmail in Ukraine last night. The drone has struck Turkey-flagged LPG tanker MT Orinda, Turkey’s General Directorate of Maritime Affairs said on social media platform X (formerly Twitter).

This strike follows last week’s significant Ukrainian drone attack that damaged an oil depot and a vessel at the Black Sea port of Novorossiysk.

“Geopolitical risks continue to hang over the oil market,” remarked ANZ Bank’s senior commodity strategist Daniel Hynes.

Besides, crude oil exports from Sudan were disrupted after a series of attacks hit energy facilities in the country, Bloomberg reported. These facilities serve “as a conduit for crude from landlocked South Sudan,” according to Hynes.

Downward pressure:

Brent’s price gains have been capped after loadings at the Novorossiysk port resumed over the weekend.

The Novorossiysk port, in the Black Sea, handles approximately 2.2 million b/d of oil exports, including Kazakhstan crude from the Caspian Pipeline Consortium (CPC) terminal, according to two analysts from ING Bank.

Oil prices fell as the impact of the strike on Russia’s Novorossiysk oil terminal was less severe than initially feared, market analysts said.

“Two tankers have subsequently moored at the [Novorossiysk] port, indicating operational activity,” Hynes said.

By Tuhin Roy and Aparupa Mazumder

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