- Fuel oil stocks in storage at the Middle Eastern hub of Fujairah slipped by 11% this week, reports Global Platts and Fujairah Oil Industry Zone.
- Heavy distillate and residue inventories dropped to 13.556 million barrels, down from the previous week’s three-month high.
According to data from the Fujairah Oil Industry Zone and price reporting agency Global Platts, fuel oil stocks in storage at the Middle Eastern hub of Fujairah slipped by 11% this week, reports Ship&Bunker.
Drop in heavy distillates
Heavy distillate and residue inventories dropped to 13.556 million barrels by March 2, down from the previous week’s three-month high, reported Platts on March 4.
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.
VLSFO pricing
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.
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Source: Ship&Bunker
