Fuel oil exports from Fujairah in the UAE slumped to an 18-month low in May, weighed down by plentiful supplies held in floating storage and contango in Singapore, according to cargo-tracking data from Kpler. Receive daily email alerts, subscriber notes & personalize your experience. Register Now Exports of fuel oil, used for bunkering and for power generation, dropped to 78,600 b/d in May from 102,000 b/d in April, Kpler data showed. The drop helped send all heavy distillates shipments from Fujairah to a record low of 87,300 b/d from 130,000 b/d in April. “Steep contango in the Singapore fuel oil swaps market throughout May was the most significant driver of historically low fuel oil exports from Fujairah,” […]