East of Suez Market Update 24 Nov 2025

Prices in East of Suez ports have moved in mixed directions, and VLSFO and LSMGO availability is good in key Taiwanese ports.

IMAGE: Aerial view Zhoushan City, Zhejiang Province. Getty Images

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

• VLSFO prices up in Zhoushan ($7/mt), and down in Fujairah ($3/mt) and Singapore ($1/mt)
• LSMGO prices up in Singapore ($6/mt) and Fujairah ($3/mt), and down in Zhoushan ($7/mt)
• HSFO prices up in Singapore ($4/mt), Zhoushan ($2/mt) and Fujairah ($1/mt)
• B30-VLSFO at a $257/mt premium over VLSFO in Singapore
• B30-VLSFO at a $275/mt premium over VLSFO in Singapore

Zhoushan’s VLSFO price has risen by $7/mt over the weekend, while prices in Fujairah and Singapore have moved within a narrow range. Zhoushan now holds VLSFO premiums of $20/mt over Fujairah and $18/mt over Singapore.

Bunker demand in Zhoushan remains muted, and suppliers are indicating lead times around early December for all grades. Last week, recommended lead times were about 4–6 days. However, bad weather is forecast in Zhoushan tomorrow, which could disrupt bunkering operations.

At Taiwan’s ports of Keelung, Taichung, Hualien and Kaohsiung, VLSFO and LSMGO typically remain available within two days, unchanged from last week.

Brent

The front-month ICE Brent contract has declined by $0.36/bbl on the day from Friday, to trade at $62.20/bbl at 17.00 SGT (09.00 GMT) today.

Upward pressure:

Oil prices have found some support on the back of “significant uncertainty” over the impact of recently imposed sanctions on Russian oil producers Rosneft and Lukoil, according to market analysts.

Last month, Washington increased pressure on Russia by imposing major sanctions on the two oil companies in an effort to reduce the country’s oil revenues.

Rosneft and Lukoil together produce more than 5 million b/d of crude, accounting for around 50% of Russia’s total oil output, according to analysts.

“Both sanctions [on Rosneft and Lukoil] and continued Ukrainian drone attacks on Russian refiners have led to plenty of supply worries [in the market],” two analysts from ING Bank said.

Downward pressure:

Brent crude’s price has come under renewed downward pressure amid ongoing peace talks to end the conflict in Ukraine.

The US administration has claimed that progress has been made in the 28-point plan that could potentially bring an end to the Russia-Ukraine war, which is in its third year now, according to a Reuters report.

“Ongoing talks to reach a Russia-Ukraine peace deal are weighing on the market,” ING Bank’s analysts said.

US President Donald Trump has set a Thursday deadline for Ukrainian counterpart Volodymyr Zelensky to accept the peace deal, while US Secretary of State Marco Rubio said it could be extended further, Reuters reported.

“Developments related to a potential peace agreement are important for the oil market,” ING Bank’s analysts added.

By Tuhin Roy and Aparupa Mazumder

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