Fujairah, the UAE emirate that is strategically located outside the Strait of Hormuz, is poised to benefit from the growing appetite of oil market players to store crude oil and products in a contango market. Storage companies in Fujairah are planning to nearly double capacity by 2020.
The contango market, where prompt prices are lower than prices for delivery further in the future, is driving investment in the sector and has already seen a surge in US oil stocks to historic highs. (CONTINUED - 1035 WORDS)
