Fuel oil consumption is rising in Fujairah. File Image / Pixabay
Fuel oil stocks at the Middle Eastern hub of Fujairah sank by 9% in the week to Monday, according to data from the Fujairah Oil Industry Zone and price reporting agency S&P Global Platts.
Heavy distillate and residue stocks in Fujairah dropped by 9% to 15.001 million barrels, Platts reported Wednesday.
The storage category includes both high- and low-sulfur bunker fuels, as well as fuel oil used for power generation and in industry.
Very low sulfur fuel oil prices at Fujairah gained $21/mt on the week to $282.50/mt, according to Ship & Bunker pricing, moving from a discount to Singapore's level of $10.50/mt to a premium of $3/mt.