Bunker prices at Fujairah climbed over the week. File Image / Pixabay
Fuel oil stocks at the Middle Eastern hub of Fujairah have dropped to the lowest level in almost two years, according to data from the Fujairah Oil Industry Zone and price reporting agency S&P Global Platts.
Heavy distillate and residue stocks sank by 8.7% to 8.166 million barrels in the week to Monday, Platts reported Wednesday, the lowest since February 2019.
The level is 52% down from the record 17.168 million barrels set in June, Platts said.
The storage category includes both high- and low-sulfur bunker fuels, as well as fuel oil used in industry and for power generation.
VLSFO prices at Fujairah jumped by $20/mt to $367/mt in the week to Monday, according to Ship & Bunker pricing.