Fujairah’s LSMGO premium over Singapore widens by around $180/mt since September

Fujairah’s LSMGO price stood around $430/mt above Singapore’s this week, up from around $250/mt at the start of September.

Fujairah’s LSMGO monthly average reached around $1,720/mt in October, the highest since November 2021. The port’s premium over Singapore was around $460/mt on 19 October.

Supplies of LSMGO and HSFO at the UAE port remain limited, and vessel traffic through the Strait of Hormuz remains disrupted amid US-Iran tensions, a regional source said. Fujairah’s fuel oil stocks averaged 9% lower in October so far than across September, Fujairah Oil Industry Zone (FOIZ) and S&P Global data showed. Middle distillate stocks fell 27,000 bbls, to 2.40 million bbls.

A market source said Fujairah is vulnerable to sudden shifts in availability due to reduced barge capacity, despite muted demand amidst reginal escalations and vessel attacks.

This story was originally published by Hellenic Shipping News. Read the full story at Hellenic Shipping News →