November 2025 Bunker Fuel Market Insights

November proved to be a dynamic and transitional month for the global bunker fuel markets, shaped by shifting crude fundamentals, tightening regional supplies, and evolving geopolitical risks. Across major hubs — Singapore, Fujairah, Rotterdam, and Houston — buyers navigated a market marked by mixed demand signals, price fluctuations, and selective tightness in key products.

Below is Agastya Global Corporation’s consolidated market view for November.

1. Crude Oil Influence: Prices Softened, But Volatility Remained High

Global crude benchmarks (Brent and WTI) traded lower through most of November on:

· Concerns about global economic slowdown

· Higher-than-expected U.S. inventories

· A softer demand outlook from China

Brent oscillated in a $78–84 range, creating a generally softer pricing environment for refined products, including VLSFO and MGO. However, intermittent geopolitical tensions in the Middle East continued to inject volatility into freight and bunker markets.

2. Singapore: Stable Demand with Mild Tightness in VLSFO

Singapore — the world’s top bunkering hub — experienced:

· Steady inquiries from regional liners and tramp owners

· Mild tightness in VLSFO early in the month due to blending component constraints

· Balanced demand for HSFO from scrubber-fitted tonnage

Indicative November trends included:

· VLSFO premiums widened briefly as blenders dealt with viscosity and sulfur adjustments

· HSFO remained competitive, supported by strong refinery output in Asia

· MGO pricing softened, tracking gasoil cracks

Delivery lead times generally ranged from 3–6 days, depending on supplier and barge availability.

3. Fujairah: Price Support from Regional Tensions

The Fujairah bunker market saw a slightly firmer tone in November driven by:

· Ongoing geopolitical sensitivities in the Red Sea and Gulf

· Increased regional freight movements

· Periodic barge congestion

VLSFO and HSFO both experienced intermittent upward pressure, though fundamentals stayed balanced overall.

4. Rotterdam & European Ports: Softer Sentiment, Weak Demand

Europe entered a colder season with subdued industrial output, which in turn kept:

· Gasoil cracks under pressure

· MGO demand soft across West European ports

· VLSFO availability ample

Rotterdam in particular saw competitive pricing, making it attractive for transatlantic runs.

5. Americas: Houston Mixed; Panama Stable

In the Americas:

· Houston experienced mixed sentiment due to refinery maintenance and shifting LSFO yields

· Panama Canal transits dipped, affecting bunker demand but keeping pricing relatively steady

Suppliers generally maintained comfortable inventories, leading to stable delivery windows.

6. Freight Markets: Red Sea Disruptions Continued to Affect Rerouting

The lingering insecurity in the Red Sea corridor kept multiple operators rerouting via the Cape of Good Hope, contributing to:

· Higher bunker consumption for long-haul voyages

· Increased demand for VLSFO in Singapore and South Africa

· Elevated freight rates across several tanker and container segments

This structural shift continued to shape bunker demand patterns globally.

7. Outlook for December & Q1 2026

Agastya Global Corporation expects the following themes moving into December and early 2026:

1.    VLSFO demand to remain steady across Asia, supported by sustained shipping activity.

2.    HSFO to stay attractive for scrubber-fitted vessels, especially if crude prices firm.

3.    MGO volatility to continue in line with gasoil crack movements.

4.    Supply fundamentals stable, though geopolitical risks could introduce sudden price swings.

Owners, operators, and charterers are advised to maintain close dialogue with trusted suppliers and brokers to secure competitive pricing and timely deliveries.

Agastya Global's Perspective

At Agastya Global Corporation, our view of November’s bunker market is shaped by the evolving supply dynamics across Asia and the growing importance of reliable partners in volatile conditions. With Singapore maintaining its position as the world’s most liquid bunker hub, we continue to observe stable demand for VLSFO, increased interest in HSFO from scrubber-equipped fleets, and a more cautious tone from operators in Europe and the Americas.

Global rerouting through the Cape of Good Hope has underscored the need for efficient coordination, timely pricing, and dependable delivery partners—areas where Agastya Global remains committed to supporting shipowners, operators, and charterers.

We expect steady demand entering December and early 2026, with opportunities for competitive procurement and strong supply-side support from our network in Singapore.