EMEA News
Fujairah Fuel Oil Stocks Slip From Three-Month High
Fuel oil stocks in storage at the Middle Eastern hub of Fujairah slipped by 11% this week, according to data from the Fujairah Oil Industry Zone and price reporting agency S&P Global Platts.
Heavy distillate and residue inventories dropped to 13.556 million barrels by Monday, down from the previous week's three-month high, Platts reported Wednesday.
The storage category includes both high- and low-sulfur bunker fuels, as well as fuel oil used for power generation.
Bunker demand climbed over the week at Fujairah, Platts reported.
But any rise in consumption in the Middle East may be held back by disadvantageous prices for very low sulfur fuel oil (VLSFO) at Fujairah, which are now at a small premium to Singapore's levels, according to Ship & Bunker pricing.
