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.
