Stocks of fuel oil at the Middle Eastern hub of Fujairah have risen to record levels, according to data from the Fujairah Oil Industry Zone and price reporting agency S&P Global Platts.
Heavy distillate and residue stocks gained 7% to 15.445 million barrels in the week to Monday, Platts reported Wednesday, the highest level since the data started to be compiled in January 2017.
The category includes both high- and low-sulfur bunker fuels, as well as fuel oil used for power generation.
Very low sulfur fuel oil prices at Fujairah were little changed over the week, according to Ship & Bunker pricing, gaining just 50¢/mt to $276.50/mt by Monday.
