East of Suez Market Update 17 Oct 2025

Prices in East of Suez ports have slumped, and availability of all grades is good in Hong Kong.

IMAGE: Container ship and working crane bridge with Hong Kong skyline in the background. Getty Images

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

• VLSFO prices down in Zhoushan ($15/mt), Fujairah ($11/mt) and Singapore ($8/mt)
• LSMGO prices down in Singapore ($19/mt), Fujairah ($17/mt) and Zhoushan ($15/mt)
• HSFO prices down in Zhoushan ($13/mt), Singapore ($12/mt) and Fujairah ($9/mt)
• B30-VLSFO at a $236/mt premium over VLSFO in Singapore
• B30-VLSFO at a $243/mt premium over VLSFO in Fujairah

VLSFO prices across the three major Asian bunker ports have dropped by $8–15/mt over the past day, following two days of relative stability. Zhoushan's VLSFO has recorded the sharpest fall but continues to trade at notable premiums of $19/mt over Fujairah and $18/mt over Singapore.

Zhoushan’s HSFO price has also seen the steepest decline among the three ports, falling by $13/mt. Despite this, it holds premiums of $47/mt over Singapore and $42/mt over Fujairah.

Fuel availability in Zhoushan has improved amid subdued bunker demand, cutting VLSFO lead times from 10–12 days last week to 5–7 days now. HSFO and LSMGO lead times have also shortened significantly, from 10–12 days to 3–5 days.

In Hong Kong, lead times for all fuel grades remain stable at around seven days. 

Brent

The front-month ICE Brent contract has dropped by $1.93/bbl on the day, to trade at $60.37/bbl at 17.00 SGT (09.00 GMT).

Upward pressure:

The UK has announced fresh sanctions on Russia’s energy industry this week. This news has added some upward pressure on Brent crude’s price.

London has imposed sanctions on Russia’s two largest oil companies – Lukoil and Rosneft, as well as 44 shadow fleet vessels.

Both companies “together export 3.1 million barrels of oil per day,” UK’s Foreign, Commonwealth & Development Office said in a statement.

Rosneft alone is responsible for 6% of global and nearly half of all Russian oil production, according to the statement.

“Pressure has been building on Russia’s energy sector in a bid to curb petrodollars to the Kremlin and its ability to finance its war with Ukraine,” remarked ANZ Bank’s senior commodity strategist Daniel Hynes.

Downward pressure:

The US Energy Information Administration (EIA) reported a decline in US crude stocks yesterday. This has moved Brent’s price lower, according to analysts.

Commercial US crude oil inventories have gained by 3.5 million bbls to 424 million bbls for the week ending 10 October, according to data from the EIA.

A rise in US crude stocks typically indicates lower demand for oil and can put some downward pressure on Brent's price.

“Oil prices were approaching a third consecutive weekly decline… following a bearish US oil inventory report,” two analysts from ING Bank said.

By Tuhin Roy and Aparupa Mazumder

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