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All refiners in South Korea were actively offering the product in the delivered market since August, local traders said.

Water levels at Kaub were measured at 47 cm as of 1109 GMT Aug. 11, with levels at Koblenz even lower at 40 cm, German Waterways authority WSV data showed.

The stocks were at their lowest since July 2019, when they had touched 16.916 million barrels.

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Processing at bigger refineries will depend on the early start of autumn maintenance at some plants. Their planned sales of diesel and gasoline and diesel on the St. Petersburg's exchange have been lower than July, indicating an earlier start to some partial works. Others, however, will increase fuel oil sales, indicating higher processing rates.

On Aug. 11, the IEA hiked its 2022 oil demand growth estimate by 380,000 b/d to 2.1 million b/d, citing "soaring" oil use in power generation and gas-to-oil switching in industry as a result of surging gas prices.

Hapag-Lloyd expects global container volume growth to slow to 2% this year, from 7% in 2021, the company said citing Seabury and Container Trade Statistics figures.

The refinery had been expected to start ULSD production in May and exports in June as it was reducing exports of high sulfur vacuum gasoil, traders said.

Engen previously sought 40,000 mt of 10 ppm sulfur winter-specification gasoil from Singapore/Malaysia loading over Aug. 19-21, or the Persian Gulf/India with loading over Aug. 23-25, S&P Global Commodity Insights reported earlier. The results of the tender could not be confirmed.

On the supply side, the US continued to be Spain's principal LNG supplier with 8.5 TWh delivered in July -- a more than threefold increase on year -- with Nigeria the second-largest, delivering 5.9 TWh.

Refinery throughputs rose 1.1 million barrels/day on the month to 81.5 million b/d in July and are expected to gain another 350,000 b/d in August and reach 81.8 million b/d.

Earlier in the day, the IEA published a revised 2022 oil demand growth estimate, hiking the projection by 380,000 b/d to 2.1 million b/d thanks to what it called "soaring" oil use in power generation and gas-to-oil switching in industry as a result of surging gas prices.

Traders have been bracing for the introduction of the European Union's fifth sanctions package, which encompasses products such as coal with CN code 2707, and which traders believe also applies to 3.5%S FO due to its high aromatic content, which exceeds 50%. According to traders, this prevents the import of Russian products falling under the 2707 CN code into the EU after Aug. 10.