EMEA News
Fujairah Sees Improved Bunker Demand
Demand for bunker fuel this week in Fujairah has been improving after several weeks of being seen as lackluster, FEDCOM and S&P Global Platts report.
"Fujairah 380 CST delivered bunkers were assessed at a premium of $2.50-$3.00/mt over Singapore this past week, having been at a discount for most of the previous month. The first month/second month time spread for Arab Gulf 180 CST HSFO swaps was pegged at a backwardation of 35 cents/mt," the report said.
Fujairah's stocks of heavy distillates and residues, meanwhile, fell 1.348 million barrels, or 11.2%, week on week to a 12- week low at 10.711 million barrels. Stock levels remained close to totals seen in recent weeks.
The draw was attributed mainly to a number of fuel oil shipments to Pakistan, with local sources suggesting the shipments accounted for up to half the recent volume departing from Fujairah.
Pakistan State Oil has seven cargoes of 180 CST high-sulfur fuel oil of 65,000 mt each tendered for August loading from Fujairah, according to the report, with another five tendered for September.
