East Of Suez Market Update 

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Prices in three major Asian ports have moved up, and prompt availability of all bunker grades remains good in Zhoushan.

VLSFO prices up in Zhoushan ($10/mt), Singapore and Fujairah ($5/mt),LSMGO prices up in Fujairah ($16/mt), Zhoushan ($10/mt) and Singapore ($8/mt) ,HSFO prices up in Zhoushan ($12/mt), Singapore ($9/mt) and Fujairah ($6/mt).

Prompt availability remains good

Prompt availability of all bunker grades remains good in Zhoushan amid lower demand. Most suppliers can supply grades with short lead times of 2–5 days – largely unchanged from last week.

Meanwhile, prompt LSMGO is readily available in Omani ports, including Sohar, Salalah, Muscat, and Duqm.

Brent

The front-month ICE Brent contract gained $1.37/bbl on the day, to trade at $86.57/bbl at 17.00 SGT (09.00 GMT).

Upward pressure:

Escalating tensions in the Middle East continue to support Brent price gains. The failure of a ceasefire agreement between Israel and Hamas has again raised concerns about possible oil flow disruptions in the region.

The oil market is eagerly awaiting the outcomes of the upcoming OPEC+ Joint Monitoring Ministerial Committee (JMMC) meeting scheduled for next week, where discussions on extending supply cuts for the remainder of the year are on the agenda.

Downward pressure:

US commercial crude oil inventories rose by 3.17 million bbls to 448 million for the week ending 22 March, according to US Energy Information Administration (EIA) data released yesterday. The stock build was much smaller than the 9.3 million bbls build predicted by the American Petroleum Institute (API).

The gasoline stocks also rose by 1.30 million bbls to 232 million bbls, signalling lower demand in the US.

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Source: Engine.online