Data has revealed that marine fuel sales at the Port of Fujairah reached their highest levels in three months in July.
According to figures from the Fujairah Oil Industry Zone (FOTIZ), published by S&P Global Commodity Insights, the total sales volume for July amounted to 640,715 cubic meters, marking a 13.8% increase compared to June.
The growth was primarily driven by a surge in high-sulfur marine fuel sales, which hit their highest level since January 2024, reaching 205,597 cubic meters in July, up 28.4% from the previous month.
The widening price differential between low-sulfur fuel oil and high-sulfur fuel oil may have contributed to the increased demand for high-sulfur fuel in July.
Data from the London Exchanges indicated that the price premium for the nearest contract, which represents the premium of low-sulfur fuel oil over high-sulfur fuel oil, reached its highest level in six months, exceeding $95 per ton around mid-July.
Additionally, sales of low-sulfur marine fuel, including low-sulfur fuel oils and marine gas oils, saw an increase of 8.0%, totaling 435,118 cubic meters.