East of Suez Market Update 11 Nov 2025

Bunker benchmarks in East of Suez ports have moved in mixed directions, while VLSFO and LSMGO availability is good at Malaysia’s Port Klang.

IMAGE: Cargo terminal at the Port of Singapore. Getty Images

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

• VLSFO prices up in Singapore ($2/mt), Fujairah ($1/mt), and unchanged in Zhoushan
• LSMGO prices up in Zhoushan ($9/mt), Singapore ($4/mt) and Fujairah ($3/mt)
• HSFO prices up in Singapore and Fujairah ($3/mt), and down in Zhoushan ($5/mt)
• B30-VLSFO at a $251/mt premium over VLSFO in Singapore
• B30-VLSFO at a $267/mt premium over VLSFO in Fujairah

VLSFO benchmarks across the three major Asian bunker ports have remained largely steady for the second straight day. Singapore’s VLSFO holds a $7/mt premium over Fujairah but trades at a $14/mt discount to Zhoushan.

Delivery times for VLSFO in Singapore now vary widely among suppliers — some can fulfill orders within three days, while others require up to 12 days. Last week, most suppliers were quoting lead times of 5–10 days.

HSFO supply has tightened slightly, with lead times extending from 5–10 days last week to 7–12 days now. In contrast, LSMGO availability has improved, with current lead times of 3–10 days, compared with 5–17 days last week.

At Malaysia’s Port Klang, both VLSFO and LSMGO remain readily available, and prompt deliveries are possible for smaller volumes, although HSFO supply continues to be limited.

Brent

The front-month ICE Brent contract has inched $0.03/bbl higher on the day, to trade at $63.98/bbl at 17.00 SGT (09.00 GMT) today.

Upward pressure:

Oil prices have gained support amid concerns over potential supply disruptions in the global market.

Russian oil company Lukoil has declared force majeure at its 400,000 b/d West Qurna-2 oilfield in Iraq, following sanctions imposed by the US and the UK, Reuters reported, citing sources.

In October, the US Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned Rosneft and Lukoil, along with 34 of their subsidiaries.

Rosneft and Lukoil are Russia’s two largest oil producers, accounting for around 50% of the country’s total oil production.

Following Washington’s move, Iraq has stopped all cash and crude payments to Lukoil, Reuters added. 

“The announcement by the US of sanctions on two Russian oil producers has created more supply uncertainty in the oil market,” remarked ING Bank’s head of commodities strategy Warren Patterson.

Downward pressure:

Brent’s price gains have been limited due to lingering concerns over an oversupplied market this year and into early 2026.

OPEC+ producers have agreed to collectively increase their production by another 137,000 b/d in December.

“The glut of oil triggered by rising OPEC supply has seen investors become increasingly bearish in recent weeks,” ANZ Bank’s senior commodity strategist Daniel Hynes said.

By Tuhin Roy and Aparupa Mazumder

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