EMEA News
Fujairah Fuel Oil Stocks Climb to Record High
Fuel oil stocks at the Middle Eastern hub of Fujairah jumped to a record high in the week to Monday, according to data from the Fujairah Oil Industry Zone and price reporting agency S&P Global Platts.
Heavy distillate and residue stocks climbed to 17.168 million barrels by Monday, Platts reported Wednesday, from 16.1 million barrels a week earlier.
The category includes both high- and low-sulfur bunker fuels, as well as fuel oil used for power generation and in industry.
Earlier this week Platts reported fuel oil exports from the UAE port had dropped to an 18-month low in May.
Very low sulfur fuel oil prices at Fujairah jumped by $31/mt to $322/mt in the week to Monday, according to Ship & Bunker pricing, reaching the highest level since March 13.
