EMEA News
Fujairah: Fuel oil Stocks Fall as Demand Picks up
Stocks of bunker fuel and other refined oil products are falling in the United Arab Emirates' bunkering hub of Fujairah.
According the FEDCom/Platts Fujairah Inventory Data, heavy distillates and residues including bunker fuel fell by 14% to 14.09 million barrels, the biggest weekly drop since December 2, and the lowest stocks have been since April 27, price reporting agency SP Global Platts said.
Demand for fuel oil is strongest from the power generation sector as demand in the Middle East region is reaching its seasonal peak.
Middle distillates, which includes marine gasoil, saw stocks drop by 9% in the latest week to 3.941 million barrels, the report said.
Across the refined oil products sector stocks spiked as demand fell away under the impact of the coronavirus pandemic.
