World News
Fujairah Fuel Oil Stocks Drop to Seven-Week Low
Wednesday April 29, 2020
Fuel oil stocks at the Middle Eastern hub of Fujairah have dropped to their lowest level in seven weeks, according to the Fujairah Oil Industry Zone and price reporting agency S&P Global Platts.
Heavy distillate and residue inventories sank by 4% in the week to Monday to 13.063 million barrels, the lowest level since March 9, Platts reported Wednesday.
The category includes both high- and low-sulfur bunker fuels as well as fuel oil used for industry and power generation.
Bunker demand at Fujairah may be increasing because of a tightening market in Singapore, where the fallout from Hin Leong's troubles has reduced the number of suppliers currently offering in the spot market.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 556.50 | 9.00 | 685.00 | 6.50 |
| Fujairah | 548.00 | 7.50 | 750.00 | 3.00 |
| Rotterdam | 506.00 | 6.00 | 665.00 | 11.00 |
| Houston | 552.50 | 0.50 | 682.00 | 4.00 |
| Global 20 Ports Average | 583.50 | 4.00 | 762.50 | 2.50 |
| Global 4 Ports Average | 546.50 | 4.50 | 697.50 | 2.50 |
| Global Average Bunker Price | 632.50 | 2.00 | 811.00 | 1.50 |
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