EMEA News
Fujairah Fuel Oil Stocks Drop to Four-Month Low on Improved Bunker Demand
Fuel oil stocks stored at the Middle Eastern hub of Fujairah have dropped to the lowest level since April, according to data from the Fujairah Oil Industry Zone and price reporting agency S&P Global Platts.
Heavy distillate and residue stockpiles at the port sank by 14% to 13.318 million barrels in the week to Monday, Platts reported Wednesday. The category includes both high- and low-sulfur bunker fuels, as well as fuel oil used in power generation and industry.
There are signs of higher bunker demand in the region with an easing-off in OPEC production cuts resulting in more tanker shipments.
Power generation demand was also high with peak electricity use for air conditioning, Platts reported.
Very low sulfur fuel oil prices at Fujairah gained $5/mt to $342.50/mt in the week to Monday, according to Ship & Bunker pricing.
