East of Suez Market Update 23 Oct 2025
Bunker prices in East of Suez ports have tracked Brent’s upward move, and LSMGO availability is tight in Fujairah.
IMAGE: Aerial view of Saudi Arabian port of Jeddah with cargo ships and dry docks. Getty Images
Changes on the day, to 17.00 SGT (09.00 GMT) today:
- VLSFO prices up in Zhoushan ($27/mt), Singapore ($19/mt) and Fujairah ($13/mt)
- LSMGO prices up in Fujairah ($35/mt), Singapore ($33/mt) and Zhoushan ($28/mt)
- HSFO prices up in Zhoushan ($21/mt), Fujairah ($12/mt) and Singapore ($11/mt)
LSMGO recorded the strongest gains among the three fuel grades in the previous session. Across the three key Asian bunkering hubs, Fujairah posted the sharpest rise, with LSMGO continuing to trade at premiums of $63/mt and $70/mt over Zhoushan and Singapore, respectively.
LSMGO continues to be tight for prompt deliveries in Fujairah. The situation is expected to remain the same through the week, a source said.
Meanwhile, at the neighbouring port of Jeddah in Saudi Arabia, LSMGO can be delivered promptly, while VLSFO availability remains slightly tight.
Brent
The front-month ICE Brent contract has gained by $3.20/bbl on the day, to trade at $65.59/bbl at 17.00 SGT (09.00 GMT) today.
Upward pressure:
Brent crude’s price has moved higher amid escalating tensions between the West and Russia.
The US Treasury Department has sanctioned two of Russia’s biggest oil companies – Rosneft and Lukoil.
Rosneft and Lukoil “produce more than 5m b/d [5 million b/d] of oil,” remarked ING Bank’s head of commodities strategy Warren Patterson. “Clearly, the concern for the market is oil flows from Russia,” he said.
Meanwhile, the European Union has adopted the 19th package of economic sanctions against Russia, targeting another 118 vessels from, bringing the total to more than 560.
These vessels “form part of Russia’s shadow fleet and reportedly two independent Chinese oil refineries,” Patterson added.
Downward pressure:
Oversupply concerns continue to be a key factor limiting Brent’s upward momentum.
More than 1 billion bbls of oil are in transit at the moment, data from tanker tracking firm Vortexa showed earlier, adding some bearish sentiment to the market.
This rise marks the highest level reached since 2020 – during the COVID-19 era, a Bloomberg report said.
Meanwhile, OPEC+ countries have continued to raise output ahead of their planned schedules.
Earlier this month, eight members of the group agreed to collectively increase their production by another 137,000 b/d in November.
By Aparupa Mazumder
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