Fuel oil stocks at the Middle Eastern hub declined this week. Image Credit: File Image / Pixabay
High and low sulfur fuel oil stocks at Fujairah slipped from a ten-week high this week, according to data from the Fujairah Oil Industry Zone and price reporting agency S&P Global Platts, in what may be an indicator that bunker demand at the Middle Eastern hub is recovering.
Heavy distillate and residue stocks, including both high and low sulfur bunker fuels as well as fuel oil for power generation, dropped by 7.6% to 11.88 million barels in the week to Monday, Platts reported Wednesday.
In the previous week the inventories jumped by 23% to 12.862 million barrels, a 10-week high.
Bunker demand at the port declined at the start of the year with tensions between the US and Iran causing some shipowners to avoid the area, followed by low activity during the Lunar New Year holidays.