EMEA News
Fujairah VLSFO Rises to Premium to Singapore for First Time in Seven Weeks
Very low sulfur fuel oil (VLSFO) prices at Fujairah have risen to a premium to Singapore's levels for the first time in seven weeks.
Fujairah VLSFO has been at a premium to Singapore since Monday, according to Ship & Bunker pricing, the first premium seen since August 4.
Fuel oil stocks at Fujairah have dropped to the lowest level since August 2019, according to data from the Fujairah Oil Industry Zone and price reporting agency S&P Global Platts, as demand at the Middle Eastern hub improves.
Heavy distillate and residue stocks sank by 20% to 10.058 million barrels in the week to Monday, the sharpest weekly decline in almost two years, Platts reported Wednesday.
The storage category includes both high- and low-sulfur bunker fuels, as well as fuel oil used in power generation and industry.
