Fujairah: Bunker Stocks Edge Down at Year end
Fujrairah bunker fuel: falling stocks. File Image / Pixabay.
Heavy distillates used as fuel for marine bunkers and power generation in the United Arab Emirates port of Fujairah, dropped 3.3% over the week ended 26 December to 10.113 million barrels, the lowest since 13 June, according to S&P Global Commodity Insights.
Barges have been refueling their tanks for shipping fuel, contributing to the drop in heavy distillates stocks, the report said citing market sources said.
Stockpiles may keep falling as bunker inquiries have increased for deliveries for late December and early January, traders were reported as saying.
Barge refueling is also expected to continue over the coming days as suppliers want to clear a backlog of orders accumulated in the past few weeks for deliveries for the rest of December, local bunker suppliers said according to the report. Steady demand and supply of low sulfur fuel oil was also noted, it added.