East of Suez Market Update 21 Nov 2025

Prices in East of Suez ports have moved down, and availability of all grades is good in Zhoushan.

IMAGE: The Port of Darwin in the Northern Territory, Australia. Getty Images

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

• VLSFO prices down in Zhoushan ($21/mt), Singapore ($16/mt) and Fujairah ($12/mt)
• LSMGO prices down in Zhoushan ($17/mt), Fujairah ($16/mt) and Singapore ($13/mt)
• HSFO prices down in Singapore ($15/mt), Zhoushan ($10/mt) and Fujairah ($7/mt)
• B30-VLSFO at a $251/mt premium over VLSFO in Singapore
• B30-VLSFO at a $268/mt premium over VLSFO in Fujairah

VLSFO benchmarks across three major Asian bunker hubs have fallen in the past day, with Zhoushan recording the biggest drop. Even with the decline, Zhoushan continues to hold premiums of $10/mt over both Singapore and Fujairah.

Bunkering activity in the port remains quiet, and suppliers are still recommending 4–6 days of lead time for VLSFO and LSMGO. HSFO now requires a slightly longer notice of 5–7 days, up from last week’s 4–6 days.

In Indonesia, VLSFO supply remains steady in Jakarta, Surabaya, Balikpapan and Cigading, with lead times of 3–5 days. LSMGO follows similar guidance in Jakarta, Benoa, Surabaya and Batam. HSFO availability is also good in Jakarta, Surabaya and Balikpapan, a trader said.

Further south, the Australian Bureau of Meteorology has issued a cyclone warning for Darwin as Tropical Cyclone Fina approaches the Northern Territory coast.

Bunkering in Darwin could face short-term disruptions. The cyclone season runs from November to April and occasional interruptions are expected, a source noted.

Brent

The front-month ICE Brent contract has fallen $1.37/bbl lower on the day, to trade at $62.56/bbl at 17.00 SGT (09.00 GMT) today.

Upward pressure:

The latest weekly figures from the US Energy Information Administration (EIA) have offered some support to Brent.

The EIA data showed commercial crude inventories falling by 3.4 million bbls to 424 million for the week ending 14 November. A US crude stock draw typically indicates higher demand.

“[US] Refiners also increased run rates, leading to stronger crude oil inputs,” two analysts from ING Bank said.

Downward pressure:

Brent crude has come under renewed downward pressure following reports that Ukrainian President Volodymyr Zelensky has agreed to coordinate with Washington on a peace plan.

The US Army Secretary Dan Driscoll met President Zelensky yesterday, to discuss Washington’s new 28-point peace framework.

Yesterday was also the day when US sanctions on Russian oil companies Rosneft and Lukoil officially took effect.

Oil market analysts say these developments could eventually pave the way for easing sanctions on Russian crude, which could add more barrels to an already oversupplied market.

“Crude futures were under a stronger downward momentum early Friday after settling marginally lower as the US-led diplomatic push on Ukraine gathered pace,” Vanda Insights’ founder Vandana Hari said.

By Tuhin Roy and Aparupa Mazumder

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