Fuel oil stocks in Fujairah are dropping. File Image / Pixabay
Fuel oil stocks at the Middle Eastern hub of Fujairah have dropped to the lowest level in 15 weeks, according to data from the Fujairah Oil Industry Zone and price reporting agency S&P Global Platts.
Heavy distillate and residue inventories at the port dropped by 2.7% to 13.795 million barrels in the week to Monday, Platts reported Wednesday, the lowest level since April 27.
The category includes both high- and low-sulfur bunker fuels, as well as fuel oil used in industry and for power generation.
Very low sulfur fuel oil prices at Fujairah were little changed over the week to Monday, according to Ship & Bunker pricing, losing $4.50/mt to $344/mt. Prices have not moved much since hitting a four-month high of $351.50/mt on July 23.