More product is being kept in tanks in Fujairah while demand remains stunted. File Image / PIxabay
Fuel oil stocks at the Middle Eastern hub of Fujairah have climbed to a record high over the past week, according to data from the Fujairah Oil Industry Zone and price reporting agency S&P Global Platts.
Heavy distillate and residue stocks jumped by 10% in the week to Monday to reach a record 16.453 million barrels, Platts reported Wednesday.
The last record was 15.445 million barrels, set on April 6, 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.
Very low sulfur fuel oil prices at Fujairah gained $14.50/mt to $237.50/mt in the week to Monday, according to Ship & Bunker pricing.